The Wichita daily eagle., 1897-10-07

Gold Being so Plentiful
New York. Oct 6-The bulls malntaine,
a waiting attitude for the most par: il
today's market and the bears were sue
cessful in shaking out further stop-los!
orders and depressing the general level o
the market Z further sharp fraction. There
seems 10 be long stock 10 sell. and the bear:
! are thus encouraged 10 continue their ef
| forts. Where there is evidence Of realiz
! ing they apply pressure by short selling
and so precipitate the decline 10 a point
! where stop-loss orders are added 10 the
weight on the market. The consequence
( of this policy was some very sharp declines
| in special stock during the day. Sugar
| Chicago Gas, Manhattan, Bay State Gas
! and Changers being the objects OF mos;
! aggressive attacks. The lowest prices OF
! the day were made early in the nal hour.
! but the last half-hour OF the trading sa w
a steady hardening OF prices, which mate
rally reduced the net losses. All the fac
tors in the general situation indicated a
continued increase in actual values, and
there was no assiSnable cause for the de-
cline except the exaggerated level OF prices
recently attained. One OF the features OF
the day was the large buying in ePnnsyl-
van!a and sharp rise in the price OF stock.
The announcement of the withdrawal from
the Bank Of England of 100000 IL American
agies for shipment 10 New York had
only a momentsry effect in steady.u z
prices. This was the more notable, as the
movement g considered 20 be the begin
ming Of a steady import OF gold. Sterling
exchange sold at s4sii4 sDday, that pr,ce
being offered a sellers option for the rest
of the month. The ample supply of gold
at present in this country must be accept
ed as accounting for the small effect pro-
duced by the impeding gold movement. The
New York clearing house banks now hold
S32, ,366, 100 in specie, compared with S5 SOL
500 year ago. The rst lot of gold engaged
in Europe for import two weeks ago hae
arrived from Genoa. and been deposited TO
the account of importers. Although the
New York banks have lost in the last two
weeks s16, $3.50 of their deposits the specie
in the cash reserve has shown an actual
increase in the same time. The United
States treasury gold reserve has also been
increasing at the rate of a quarter of
million dollars per day for several days
past. The rates for money In the New
York market show no further tendency TO
harden. If ali these circumstances are
taken into account. it VIII not seem sur
prising that small Importance attaches 10
the movement of gold hither London was
a buyer ot rocEs .n ,aIs Mafkei .oday.
and statements OF railroad earnings all
continued to show increases Nevertheless.
the result OF the days irregular trading
is the showing of net losses extending
rn
out the Est
The total sale. of stocks today were 3a5.-
500 shares.
BONDS.
The dealings In bonds were somewhat
larger than those of yesterday, and prices
declined in sympathy with stocks. Total
sales were sl.Ss0000. Old United States
fours registered and new fours, both regis
tered and coupon, were advanced y per
cent bid today. There were sales Of the
old fours at 1l2di12la per cent and Of the
YES, coupon. at Us per cent. New fours
registered, 1854: coupon. 1851: fours. regis
tered, ll2; coupon. 1874; twos ss: fives
registered. and coupon. lis. Pacific skies
OF '9s, 1929.
FOREIGN STOCK MARKETS.
London. Oct. 6.---The market for Ameri-
can securities. after moderate fluctuations
weakened. with New York selling aiding
the downward movement. The close was
dull. The demand was moderate The
amount of bullion withdrawn from the
Bank of Englasd ON balance today was
10000 pounds.
New York, Oct. G-The Evening Posts
London financial cablegram says:
The stock markets were steady and
quiet today. West Australian mines are
predominating, with signs Of weakness.
Americans opened dull, but over the
parity. There was scarcely any selling
here and the absence from the market
of the Jews restricted arbitrage dealings.
Prices were steady at the close
The withdrawal of 10000 pounds In
gold from the Bank OF England for Ameri-
ca had little effect on the market for shares
where II IS argued that New York does
not want gold specially. but does desire
10 resell 10 London the shares recently
shipped from here.
The rmress in totay's London discount
market IS due 10 the gold shipments TO
New York.
'1rhe Paris bourse was dull, and the Ber-
lin market steady"
LOANS AND EXCHANGE.
New York. Oct. 5.-Money on call 2lkT3
per cent. Prime mercantile PAR. H.d5
per cent. Sterling exchange dull. BIZ;
steady. with actual business in bankers
b.ils at 81 SIS for demand and S4sp1 for
sixty days. Posted rates s. SEA 81. and
$50 Commercial bills Sls1: silver csrt!d
Gates 55Q56c. Bar silver % u-l6c. Mexican
dollars, 46c.
TREASURY STATEMENT.
Washington. Oct 6.-Today's statAne-.
OF the condition OF the treasury shows:
Available cash balance s2l2 3y7, SIS; gold re-
serve. sl4s. SSs, T76.
GRAIN AND PRODUCE MARkErS