The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-22
STOCKS AND BONDS
IT Is THE LONG-EXPFOrED THAT
HAPPENS TO STOCKS.

keactionarv Spirit at Last Se!zes the Mar
ket and the Inevitable Decline Ensues
Advances Scoring the Widest Declines
and the Close Is at About the Lowest OF
the Day-MarLine Up of Cali Loan Rates
Proves the Last straw-Bonds Follow
Stocks-Loudon Weaker.
expected and foretold, and what the
pull operators in the stock market have
Fainly sought to avert, came to pass to-
lay. The reactionary spirit took hold Of
The market, and heavy decline result
ed in the level Of prices Throughout the
whole list. The rate Of the decline in
different stocks will seem at first glance
out OF proportion, but a more careful
scrutiny will reveal that the highest
losses are in those stocks that have I'M
delgone the most marked advances.
That the movement of the market to-
day is natural and inevitable develop
ment in business and industry, is OBJ
vious. A sustained upward course OF
prices has been unchecked until il has
reached an unrea sonable valuation. The
conviction has been gathering strength
that beyond this limit reaction was i'm
minent. Manipulation by powerful f.
nancial interests is one thing that had
deferred it. Another thing has been the
continued plethora and cheapneSs of
money, inviting the continued specula-
ton. In the natural and orderly course
Of things, il was to be expected that the
expansion Of business would absorb Idle
Bank statements for two weeks past
have reflected the certainty that such a
rise in the price Of money was ap-
preaching. The marking up OF call
Joan rates yesterday, and their continu-
ance at high level today crystallized
into certainty the impression in many
minds that prices OF stocks were excess
sively high and as a consequence the
demand 10 buy fell below the offerings
70 sell. There was a spasmodic and in
effectual effort shortly after the OPEN
ing on the part Of the bull contingent to
check the decline but It was apparent
~ abandoned and the market was left
to itself until the heavy liquidation
should exhaust itself. This seemed to
have come TO pass at about O'Clock,
when the market became dull at de-
cline ranging from points upward. The
cessation Of heavy realizing offers en-
Outraged some renewed buying and a
rally extending TO over point in many
shares ensued, but the market sold Off
again before the close 10 the lowest
point of the day.
There is reason to believe that the rise
OF the call money rate was not entirely
free from manipula ton. There were evil
dences Of concerted action to the mark
ing up Of the rates. II was noticeable
the sharp stiffening Of the money rate
did not result in as great fall in the
rate Of exchange as might be expected
and the discount rate in London was
rather easier, which was not TO be ex-
pected in face Of any real stringency in
our money market. There was an in
vitation TO manipulate the money mar
ket in the report which has given cur
rency that one OF the heaviest bull op-
orators was under some pressure in cdt-
rying heavy line Of stocks. There was
disposition, also to make much OF re-
ports Of an ultimatum from our govern
ment TO thar Of Spain on the Cuban
question. Many commission houses
have been advising their customers TO
sell and their offerings came upon the
market. Some effect was produced in
stocks Of trans-continental lines by At
torney General McKenna's opinion
against the validity of the discriminat-
ing duties against foreign goods import
ed through contiguous countries. That
there was heavy selling for short ac-
count also was quite evident, and stand
ing orders 10 sell stop loss on a decline
were uncovered in large numbers. Some
covering of shorts al the decline helped
the rally. Such are the factors in tn.
days market for stocks. The local gas
stocks were conspicuous sufferers, Con-
eohdated Gas losing 5 1-2 yer cent, and
Brooklyn Union 3-4 per emf. The
measure of the liquidation is found in
The enormous total of the days sales,
which reached 10000 shares.
The total sales Of stocks today were
e10 coo shares.
BONDS.
Dealings in railroad bonds were heavy,
the par value OF the sales reaching So
925, 900, pricesdeclining in sympathy with
the weakness of the stock market.
United States Old tours registered were
Is per cent lower bid and the new tours
were IA per cent lower. New fours reg
lstel ed and coupon 125 IA; fives register
Ell ard coupon ia IA; tours registered
IL S-4, coupon 113 ID; twos registered
PS; Pacific skies Of '9S, 1O2
FOREIGN STOCK MARKETS.
New York. Sept. 21-The Evening
Posts London financial cablegram says:
There was a weaker tone In the stock
markets today, Americans leading in the
decline. Tney opened under the parity.
The Cuban situation is not liked here,
and it is believed that New York ha.
overdons the rise for the moment. Cable
dispatches We're also printed from New
York limiting a curtailment in banking
lions, etc. Prices Of Ameri-
cans rallied when the New York quota
tons were first cabled, but the close was
fat at the lowest. Still. there is a dis
position, on the whole, 70 buy on any
material reaction. Mines were dull.
The Paris and Berlin markets were
dull"
LOANS AND EXCHANGE
New York, Sept. 2l.-Money on call |
per cent; prime mercantile |
paper 4G4 1-2 per cent. Sterling ex-
change heavy with actual business in |
bankers bill az s4.S4 S-4G4.S5 for de-
nand and 81. So ga for sixty days; post |
I'd rates 81. So l-2I4S4 end S4S5l-2a |
g .. al "a