The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-23


Tending Strongly Upward-Fears Pre-
viously Induced by the Gardening Of
Money Rates Are soothed-GoId I'm
ports, and What They Signify.
New York, Sept. 22.-The result Of TO-
days transactions on the stock exchange
resulted in the recovery of a greater part
Of the losses sustained in yesterday S
sharp reaction, many stocks closing to-
night higher than Monday night. Dur
ing the early part of the day the market
was extremely irregular and uncertain
in tone, number of specialties continu-
ing 10 show marked weakness even after
the railroad list had recovered from lis
reactionary tendency. But by the second
hour Of trading the bears had practical
ly abandoned their efforts 20 work a re-
action, and the whole market was end
ing strongly upward. The manifest dis
position of London operators and Of COM
mission house customers 10 buy stocks
at a decline here afforded a support 20
the market that discouraged the bears
The nervousness over the hardening Of
the rates for money also largely subsid-
ed, as the shifting of loans developed
more accurately the true level of the
money market. The rates for call money
continued TO run as high as per cent,
but as fast as rates were marked up 10
per cen, there was abundant supply
offered as low as per cent. This was
not regarded as indicating a stringent
condition Of the market. The higher rate
was not felt 20 be justified by the condi-
ton of the market, and the failure of the
exchange market to respond win any
marked weakness TO The 4 per cent, ask
ing rate, went 20 confirm the sameview.
There was a marked reaction at one
time during the day due TO the sharp
profit-takingi Rock Island on the an
nouncement of the declaration of a / per
cent quarterly dividend. The recent
sharp rise in Rock Island was accom-
panied by some irresponsible rumors that
the dividend rate would be increased 10
. per cent. Some Of the sellers OF the
stock professed disappointment that the
$500 was Oh+s pCA SClll, iAlS
bears used this as material for a drive
against the market. But the strong re.
covery in Consolidated Gas and Brook
lyn Union, the former rising IL points
and the latter 6 "a per cent, tended to
steady the market. The reports of an
engagement or gold for export were
vague and not definitely confirmed until
he Rln ~ hn
current served 20 rally the whole market
strongly and bring prices to the best of
the day at the close, net gains in all Of
the actives tocks ranging from / 10 2
points. Foreign bankers are generally
agreed that there is no profit in the i'm
portation of gold at the ruling rates of
exchange here and Of gold abroad. and
ne banking house which has engaged
he gold for import intimates that they
have been enabled TO do so owing 10
somes pecial advantage secured, though |
I was affirmed that i, was made in the |
'egular course of exchange business. The |
engagement is not considered as indi- |
,aiing that a further movement OF gold |
viii Immediately follow without fur
..
most marked net gains during the day |
we're: Consolidated Gas, rs per cent: |
Brooklyn Union Gas, 53-4 per cent: |
Sugar, 4 1-3 per cent; preferred IA per |
,ent; Brooklyn Transit. 2S-S per cent: |
New Jersey Central SIS per cent; and !
Northwest, Omaha and Susque,lanna and |
Western preferred . IA per cent.
Tho -
"a 600 shares.
BONDS.
The bond market showed some falling
If in activity. but prices were strong ex-
ept in the Standard Rope issues OF
hese the skies lost 6 points and the i'll
ONES l IL per cent. The total sales
we're $780, 900.
Government bonds were firm: new
ours. registered and coupon. 125; fours.
II 5-S; coupon 113 1-2; twos Of '9S. 6v1
egistered, ia IA; conpon 11S IL; Pacific
iXes Of '9S, 102
FOREIGN STOCK MARKETS.
New York, Sept. 22.-The Evening
'ost's London financial cablegram says:
The stock markets were generally
ull today, in anticipation OF rise in
ne bank rate tomorrow.
Americans, however, rallied sharply
I the close on the news Of the withdraw
Of gold from the Bank Of England for
hipment 10 New York, and prices clos
d strong and al the best. There were
lores igns of English and continental
uying thsn since the upward move
lent commenced.
Foreign stocks were dull, notably
panish.
The Paris bourse was dull early on
he Spanish affairs. but closed better.
he Berlin market is steady
GOLD FOR IMPORT.
New York. Sept % Aspecial cable
ram from London % the Evening Post
avs:
Gold 10 the amount Of s2o0. 600 was
i;hdrawn from the Bank OF England TO-
ay for shipmen: 10 New York These
iipments are regarded as the result OF
lie more stringent money market in
ew York. which is now watched more
osely than Is ;he rate OF exchange
lore gold is expected 10 SO. bu; at pres
4; opinion here favors only a moderate
'tah all. Thot will depend. however.
necessity largely on the Course Of the
!arkets
New York. Sept. 22-The sum OF 81. COO
% was shipped 20 the National City
ank today from London and $3.50. 900
ON Berlin Both shipments are made
the National City bank by is Euro
can agents. the Deutsche bank OF Ber-
n and London. This is the first ship
lent o. gold 70 De imported this fall