The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-11-07

Height Of the Wave in .eptembsr.
New York, Nov. 6-There was some nat
ular tendency towards recovery in prices
at the opening today In view OF the heavy
and rather excessive declines OF yesterday
and of the active covering movement In
ter6ay. There had been a recovery In the
prices Of American IN London before the
opening here. The opening there showed
declines TO the New York parity. but the
level was sharply above the New York
level by the time the market opened here.
This encouraged purchasers here and d
number of stocks opened over a point
higher than last night The London mar
ket for American shares has grown so
narrow and the floating supply Of stocks
there is so small that prices there are
easily subject to manipulation for effect
on The opening trade here. There seemed
ground for suspicion that this morning S
rise in London was due to some such ef-
fort from this side. At all events. the r1ss
which was thus stimula ted here led to
quick taking of profits and to some fur
ther liquidation of long accounts. carrying
prices below last nights level. They hard
encd again and eased off finally, leavin g
fractional net gains In the majority of
cases. The decrease in surplus reserves
shcwn by the bank statement probably
induced some selling, though the change
was due in greater part to the heavy in
crease in deposits and the consequent rails
ing of the legal reserve limits. than to the
actual decrease in cash The large IL
crease OF loans IN face OF the heavy spec
ulative accounts that have been closed out
on the stock exchange during the week
probably has to do with the Union Pa
cifc sale.
The totals sales Of stocks today were
2o5, so shares.
THE WEEK REVIEWED.
The week has seen total loss Of conf
dence on the part of the bull operators.
who have been looking hopefully for the
turn in the tide IN reactin on the stock
exchange. On Friday there was heavy L.
quotation of long holdings and sharp de-
cIIses in prices and, so far as appearances
go, no buying support for stocks at any
concession, however violent. The osten-
sible motive was fear of war with Spain
on account of Cuba, intensified by the
call from the Chamber of Commerce for
increased force 10 man our coast defenses
and by the nature Of public utterances of
the United States ex-nrl:ster to Spain.
The depression took on rather an arr!
fetal ana feverish tone before the day
was over and absurdly sensational ru-
luors were put in circulation to keep prices
down while shorts covered. These incl
dents. coupled with toiay's recovery, are
Significant technical indications OF accu-
mutation Of a marked movement, just as
heavy buying, irregulat.on of roseate
views, sharp rises IN prices and the stir
ring up of dead stocks are the technical
conccmitants of the elimination OF sus-
talped rise. The declines on the week
have reached 10 points in Sugar, SIS points
In New Jersey Central. and 8 points or
over all through the active railroads and
industrial stocks. Sugars special weak
Ness has been due to the serious illness OF
the president of the company. The de-
cline of prices has continued now practi-
cally without interruption Of any impor-
lance since the second week IN September.