The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-16
STOCKS AND BONDS
BEARS HAVE NOT I'll MARKEi
QUITE TO THEMSELVES.
During the Morning IL Belongs to Them
ter Enough Resistance to Set Them
Covering Heavily, and the Close is
Within Fractional Distance Of Til urs-
days CIose-Chicago Gas, Sugar and
Tobacco The Centers of Bear Attack
Bonds Go With Stocks

Bonds 20 with StockS.
New York, Oct. 15.-Today's market was
4 contest between professional traders, as
has been the case each day this week. The
| bears were again successful during the
morning, but they encountered resistance
az the lower level and were forced to cover
heavily before the close OF the day. so
that the prices were brought back 10 with
in fractional limits either way OF last
nights close. Chicago aGs continued 10
absorb q very large share OF attention and
il was in this stock that the bears suffer-
ed keen reverse. They succeeded in
forcing don the price at one time rs per
cent, but the inside support for the stock
was very strong and the advance drove
the bears 10 cover. the stock closing with
q net gain OF q. per cent. Sugar. also.
which was raided down 32s per cent during
the morning, showed considerable resist
ance. recovering at one time 20 within
less than a point OF last nights close. To-
bacco, which sold ex-d.v.dend Of per
cent, declined at one time points. These
three stocks were made the objects OF the
bears most urgent attacks. and they work
ed a sympathetic decline IL the general
list which extended from a fraction to 2
points the specialties and the southwest
ern railroad stocks leading the decline. The
recovery in Chicago Gas was due 10 re-
ports of a working agreement with the
new competition threatened. Some favor
able effect as exercised on prices by the
postponement OF the hearing before the su-
preme court in the Joint Traffic association
until next January. Although the dec!s-
ion of the court in the case of the Trans
Missouri Freight association has been re-
garded as foreshadowing an adverse de-
cis;on In the Joint Traffic association case.
much has been made OF the tendency of
the decision as an influence on the recent
bear market, and its postponement gave
a sense of relief. Arbitrage brokers were
quite vigorous buyers for London account
and took about 5000 shares of various
stocks on balance. This also was a ia
vorable influence. A hardening tendency
in the exchange market was attributed to
the demand for remittance by tomorrow's
mail steamer, but some disappointment
was nevertheless felt by Dealers in stocks
that no engagement of gold for import
was made. This was partially offset by the
sentimental effect of the actual arrival
anu deposit III l1lt assay Oilite anu III tic
clearing house vaults of further consign-
ments of the gold shipped from England
last week. Money continued easy in tone
and Il is believed that tomorrow's bank
statement will reflect a falling off in the
demand in this center for funds Aside
from the cases specified and those of
Susquehanna and Western preferred and
Norfolk and Western preferred. which lost
q NAT 81 N
The decline IN Norfolk and Western pre-
ferred was due to realizing on the declar-
alton of l per cent dividend on the pre-
ferred stock.
BONDS.
Bonds moved in sympathy with stocks
and showed weakness throughout. Total
sales. sl.5J0.000.
United States bonds were unchanged.
New fours registered. ex-interest 125Ts
coupon. III: tours. registered, 1I2ia; cou-
pom. u5i2; twos. 91l2; fiyes, registered, ex-
interest, 1li1s; fives, coupon, 1152s, Pacific
skies OF '9S. 1O24.
REVIEW o F'THE WEEK.
New York. Oct. 15.-Bradstreets finan-
cial review of the stock market tomorrow
will say:
The liquidation. bear pressure and de-
cine of prices continued in the early part
of the present week the market present
ing every evidence, both of manipulation
by the shorts and OF the closing out OF
weak holdings. The situation, however
underwent a sudden charge, owing largely
to the appearance of rains at the west.
breaking the severe drought which has
been experienced for nearly six weeks.
Some of the interests which had been ac-
tive on the bear side at once changed
their position and covered. Before this
happened. however. the market had one
very severe fit of bearishness. based on
allegations that western railroad rates
were becoming demoralized and that the
reply of the Spanish government 70 the
recent note OF our minister at Madrid was
unsatisfactory and likely 10 cause compli-
cations. Unfavorable decisions by the SUI
preme court in certain cases involving rail-
road interests were also talked OF as among
the possibilities and the unsettled condi-
tons surrounding the first municipal cleo
ton in Greater New York were also used
70 unsettle the public. The continued
break in Chicago Gas was the central in
c:dent OF the downward movement and
that stock led in the valley. though e
showed some uneasiness. At the decline
there was evidence not only OF covering
by the shorts, but of Accommodations of GER
tam stocks in the hands OF what the
street calls the big people" CQnmis-
sion houses, however are inactive. and
the public. having been shaken out. are
slow 10 return as buyers OF stocks The
fact that further gold imports are Ie-
layed by the artificial advance OF the Bank
OF England's price OF gold and the mark
ing up OF its discount rate 20 per cen:
has comparatively little influence. II Is
recognized that the persistent purchases
OF breadstuffs by foreigners must result II
lowering exchange rates 70 the gold po.n;
and ne transfer OF considerable specie in
this direction.
LOANS AND EXCHANGE.
New York. Oct. I5.-Money on call noni-
rally 21zG3 per cent; prime mercantile pa
per 4i.a5 per cent. Sterling exchange.
steady. with actual business in bankers
bills al s. sias for demand ar1 g f2.9fs2
fer sixty days Posted rates. 81 seizFif ssiz
al s5iz. Commercial bills $4s-- silver cer-
uacates 5s'.q5si.- Bar silver. -. Mex
lean dollars. a..
LOANS AND EXCHANGE
wash!n gton. Oct I5-T0!ay's statement;
Of the condition Of the treasury shows:
Available cash balance, 81. 90 SIS: god
reserve, Slolsilss.
SILVER AND GOLD
Washington. Oct. I5-Conne-c. bar
silver was quoted a, -. cents Pc ouuce
Il me local market today. Mexican dol
lars were az go. IN the london rnzrke:
ba- silye- was steady a. e 1-Is5: al ad-
vance OF 7-Isa- The steamship Csmpaaia
tomorrow XII AXE ogt 1900 ounces Of
silver. The shippers are Handy All Hz--
nan : & ". Ssiis7sa & CO. " Gugzta-
hem * Son. ard = lne-u7sn & Fo-shs 5y
NeE YORK Oct I5-Ths Bank Q. British
N7-;h America imported Ss"s0 IL god