The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-28

change Market
New York, Sept. 27-The stock market
today showed a very marked falling off
| in activity, the total Gales Of stocks
reaching only 10000 shares. The dim
inished activity was in part due 10 the
observance of the Jewish New Year holi-
| day by many brokers and operators.
1 But there was besides a disposition on
the part OF many largt interests which
| have recently been active in the market
| to stand aside for the time being and
| allow prices to take their own course.
| The professional element, which has now
very generally espouscd the belr side
was not active today, Prices rose after
rhe opening in sympathy with the quota
| tons received from London, and there
was buying also for London account
| here. Later some traders professed to
| be disappointed a the size OF the Au-
gust gross earnings Of Omaha, ana the
stock was sold down sharply. The de-
crease in the freight tonnage shipped
eastward from Chicago last week was
also used as an argument for depres-
sion of prices. Rock Island was one Of
the stocks under special pressure. The
| market receded below Saturdays close
under the influences, the decline in Rock
Island extending TO / IA per cent, but
only to fractional amounts in other
stocks. There was also a recession from
the best at the close, so that the eX-
treme advances during the day consid-
erably exceeded the net gain.
All the general news continued to IA
vor advancing prices. and free from
pressure the market advanced in the af-
ternoon to the highest point Of the day.
The money market continued to attract
the greatest share OF interest, as the
future course Of speculation is felt to
largely depend on the supplies OF money.
The tone Of the market was somewhat
easier today, but owing to the lack Of
animation in the stock market, there
was little demand. Shipments of cur
I rency 70 the interior continued in large
volume. and il is believed this demand
will not be exhausted for some time yet.
Several Of the leading banks Of London
already show their reserves reduced be-
low the % per cent limit and several
others have almost exhausted their sur
plus reserve. 1t is believed that a fur
ther contraction Of loans 70 a consider
able amount Will be necessary to pro-
vide against Withdrawals for use in the
interior. In booking for relief from
stringency, 10 imports OF gold. it is felt
that the comparative ease OF the Lon
don money market must be considered
as in some sort fictitious, the rate being
kept down with the purpose Of aiding
the Indian government in floating its
jeot. Russia and Austria continue an
active competition for gold, and there
is large balance in the Bank OF Eng
land which Japan has the power TO
withdraw. London. in fact, fears dear
money. and it is believed Withdrawals
of gold on a large scale for shipment 10
the United States will precipitate
sharp rise in the rates for money and
would thus induce the leaving of funds
there by American creditors unless the
increase in money rates here was sufii-
cient TO counteract this condition. The
foreclosure sale OF the Union Pacific and
the withdrawal OF $50. o00, 600 or $40 600
600 which il VIII neceSsitate. is a matter
money market situation. Under these
conditions it is believed there will not
De Immediately any such resumption %
activity in stock speculation as has
characterized the market for many
months past.
yoday's advances run from fraction
to over a point in the active shares. Con-
solii.ei Gas rising 1 Il per cent, and
Sugar 5 per cent; Minnesota and St.
Louis lost IA per cent and Baltimore
and Ohio a point.
The total sales OF stocks today were
S72.S50 shares.
Railway bonds declined early in SYM
pathy with stocks. bu; recovered later.
Total sales 100000.
United States four coupons % 1907 ad-
vanced Ia per cent bid. New fours reg
ular and coupon 135 L.: cours regular
Ill S-4. coupon i13 L.; tiveS regular and
coupon ia IL; Pacific skies 102.
New York, Sept. 27-The Eveneing
Posts London financial CO blegram says.
Tine stock market was idle here today.
pending the settlement. which begins
tomorrow. and the Hebrew holiday. The
tone. however. was steady. Americans
opened dull on the New York lead and
then rallied 10 over the parity on Ger
man bly.ng. Then New York sold this
afternoon. notably AtchiSon adjustment.
AMI prices were merely steady "a the
close. Big options fall due tomorrow On
Louisville. s. Paul AMI Others, s7d in
asmuch a. profits were secured some