The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-13
STOCKS AND BONDS
BEARS REMAIN IN CONTROL OF
THE SHARE MARKET,

All Signs Fail and the Bears Aggressive
ness Shows Not the Vanishing Away
Predicted But an Access of Effective
ness-spsuish War Scarecrow is Brought
Out Upon the Arrival OF the News From
Madrid Regarding SPANS Reply to the
Woodford Note. aud Prices are Driven
Down-CIosing Prices About Lowest.
New York, Oct. 12.-Much parade was
made yesterday Of the alleged conversion
of some Of the leading bear operators on
the exchange 10 the bull side OF the mar
ket. Today's developments proved that
t1ere Is very large and aggressive con-
tingeni still left in the market. The op-
Grafton known in Wall street psrlance
as testing the market had for several
Gays faoled cause any marked move
rnent in either direction. That is 70 saw.
snort selling by the bears mad failed 70
induce any large liquidation and pur-
chases by the bulls mad equally failed to
invite any large followers. Skilled OBJ
servers had arrived at the conclusion
that the marke: was due for period Of
duiiness, barring the development OF
some markedly significant news The
hardening Of prices last night and the
further advance This morning looked like
a termination OF the bear campaign. Yet
IN the two final hours Of the market the
bears succeeded in working sharper de-
cline throughout the whole Jig: than has
been accomplished on any one day OF
their campaign. They had no new
event which could influence the values
Of stock 70 aid them and no report OF
any CESSATION in the improvement Of the
earning power Of properties the shares in
which are dealt in on the exchange The
nominal motive Of the selling was the
fear that our relations with Spain were
in danger Of rupture as an overgroWth
OF the policy which General Woodford
was ordered to pursue at Madrid. The
dispatch from Madrid to the Associated
Press, carrying the semi-official an
nouncement of the substance OF Spaln's
reply, il was feared, would force Presi-
dent Mckinley to take action that
would lead 70 a declaration OF war Ap-
prehension on this point became so
acute that large amounts Of long stock
were were offered and numerous stop
loss orders were uncovered, which gave
success 70 the bears. Several Intellectual
attempts were made to stem the decline,
but rallies were only momentary and
fresh heavy offers kept the liquidation to
the close OF the day. Last prices were
in many cases the lowest, and the tone
OF the market a. the last was feveriSh.
The losses of the day extend all the way
from fraction 10 over four points, the
range in the leading active stocks being
from to points. Chicago Gas and
the grangers were most heavily dealt in
and showed the sharpest declines.
The total sales Of stocks today were
4S3, 500 shares.
BONDS.
The bond market showed increased
activity and shared in the weakness OF
the stock market. though to a less ex-
tent. Total sales s2,45O.OOO.
United States new tours were adj
vanced Is per cent bid. New fou-s reg
istered 126 ga, coupon 127; tours register
ed 112 3S. coupon 113 3-S; twos SS 10;
fives registered and coupon lis 3-s; Pa
cific skies of '9S 1O2 IA.
FOREIGN STOCK MARKETS.
London, Oct 12.-The market for
American securities varied but little al
day, owing 10 inactivity Of operators.
The close was steady and the demand
generally light.
New York, Oct. 12.-The Eeven!ng
Posts London financial cablegram says:
The stock markets were quiet today,
attention being absorbed with the COM
mencement of the settlement, which re-
veals only a moderate account. with fair
~ light contangoes, those on americans
being usually 1-2 per cent.
There was a better tone On Ameri-
cans but the only pronounced rise wac
in Canadian Pacific and Norfolk and
Western, both Of which were largely
bought The close was at the best. In
the other markets the only feature was
the continued boom in West Australian
mines.
New York was bidding keenly for bar
gold in the open market today at about
rs II I'D. More ca gles will probably
leave the Bank OF England before long.
Today's Withdrawals Of gold from the
bank is for Germany, which is also a
strong buyer OF gold.
The Paris bourse was dull and sens.-
tive. The Berlin market was dull. being
generally adversely affected by the I'M
perial Bank OF Germany declining 20
discount a certain kind os paper former
~ discounted. II means some curtail-
neut Of the credit system and assists
the monetary scrinsency in Germany"
London. Oct. 12.-The amount OF bul-
ion Withdrawn from the Bank OF Eng
and on balance today was 100000
pounds
LOANS AND EXCHANGE.
New York. Oct. 12.-Money on call
steady a. 21-223 per cent: last ban 3 !
per cent; closed 1893 per cent; prime |
mercantile paper Las per cent. Sterl- |
ng exchange firmer with actual business |
IN bankers bills az s4.s4 - for demand, |
and at 81. S2I4 S21-4 for sixty days: !
posted rates s4s2 I-2G4 So - and s4S5
"A. Sc -: commercial bills $3.50 ia |
81 Silver certificates So 1-2957 IL |
,en-s: bar silver 557-s cents; Mexican |
Dollars 43 II cents.
TREASURY STATEMENT.
Washington, Oct 12.-Today's state |
nent OF the condition OF the treasury !
shows: Available cash balance s2l3. i65.-
80; gold reserve slis757.5