The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-03
STOCKS AND BONDS
FRIDAYS STRENGTH IN SHARES
KEEPS OVER NIGHT.

FRIDAYS STRENGTH IN SHARES
KEEPS OVER NIGHT.
Continues Prom Opening to Close Save Fo,
One documentary Pause-Day's Net G Ain,
Range From One to Three Point. and
the Close Finds the Advance in Full
Tide-Review of the Week. Showing
How the Bulls Worked tho Market
The Bank Statement and in Connection
Herewith, the Abundance of Gold
New York, Oct. 1.-The marked STRENGTH
IN sticks which developed in the late trad
ing yesterday was resumed this morning in
fui force and continued with only one mo-
mentary pause, from the opening until the
close of the short session. The buving WAS
eager and the covering Of short contracts
put out during the two weeks reaction in
the market appeared TO be urgent. There
was every indication that the leaders of
the former bull campaign were buyers on
a large scale. The stocks that have shown
the sharpest declines recently were fore
most in the recovery. Prices Of Americans
were advanced in London before the open
ing hour. and arbitrage brokers bought
Tor London account. The stocks which
were favorites in the London buying were
those that have recently suffered most Sc
Verely from liquidation of foreign holders
rejecting marked change in foreign SEN
timent. The various trade reviews publish
ed this morning all reported continued
Improvement in trade and industry and
the additional statements Of railway earn
ings showing increase, contributed to the
desire 10 buy. An additional fall in the
rate OF sterling exchange of &c for demand
bllis, 10 Si4Si1, made it evident that adj
ditionai gold imports cannot be long de-
iayed. and probably helped the market.
though gold is so plentiful at this center
at present that some OF the banks are set
ting their daily balances at the clearing
house in that metal The weekly state
ment OF the clearing house banks was also
interpreted favorably. The statement clear
iy reflected the pains the banks have been
at to phevent any further heavy shrinkage
IN their surplus reserves. The Withdrawals
OF deposits, 5000. 800. is partially offset by
a contraction in loans of $780,, Co., making
total contraction for two weeks of 81
go. 030 The Withdrawals of deposits find
an additional reflection in the decrease in !
legal tenders of 81, 442,3 800 which was off |
set by net increase Of Sf95, 500 in specie. so |
that the actual decrease in cash was only |
about $2,0o0000. The more profitable rates |
for money have induced an increase in /
circulation of S321, 600. There Is no tfoub.
that withdrawals of deposits would have |
been much larger had 1t not been for a |
falling in the demand for currency ship /
ments to the south due to the Interference |
of the movement of the cotton crop due |
TO the yellow fever guarantees The de-
crease TO the south has been offset by de-
mand from the eastern and middle states
to meet October requirements for pay (
,nents Of taxes. Today's net gains IN prices |
of stocks ran from l to 5 per cent, the |
advance being in full tide when the market |
closed.
The total sales of stocks today were 222,-
roc shares.
THE WEEKS REVIEW.
The stock market has been highly tech
neal and professional in its character all |
week, and the reaction which was the
featufe of the week before continued up
10 late on Friday. The bears have been
masters OF the situation. and there has
been no aggressive effect in opposition to
heir successful attempt TO beat down
prices until today. The continued buying
interest which was so potent force dur
1g the prolonged period of the rise which
eliminated two weeks ago had apparently
eeased operations and the brokers who had
,ome to be recognized the instruments OF
his important interest occupied a passive
attitude. apparently content to see the re-
seton take its course. Gossip has been
BUSY with the question of identity of the
powerful pool which led the bull market
With so much dash and confidence. and |
'yndic3tes of bankers and of powerful cor
lorat:ons have been mentioned as identi-
fed with the movement. But whatever
heir Identity, the fact s now obvious that /
before any evidence was allowed 10 ap-
bear that they had ceased to buy, and
while the smaller opera tors and the specu-
alive public were still following their ap-
1arent leadership. they had liquidated a
arge amount Of their purchases and rael
zed their profits. With no change IN the
general favorable outlook for business and
With continued increase in the earnings for
stocks, this operation left conditions ripe
Or a technical reaction. Il had not only
aised prices above the level of their legit-
mate actual value. but il had passed them
nto hands that were weaker ana less la
lie TO hold against a decline. Having liGu'-
lated their holdings, these important Inter
SITS were ready 10 buy again and their
es.re was, for the time being, 10 see lower
.r:ces. This left unprotected. the specula-
i've holders of stocks had bad time OF
for TWO weeks. Prices have declined
Imply because more people wanted 20 sell
han 10 buy, or sellers were more anxious !
han buyers. No favorable incident SEEM
d 10 check the decline. August statements
II showed enormous increase in net earn
ngs. The resignation Of the Conservative
panish ministers and the likelihood OF q
liberal succession was accepted as tend
7g 20 ameEorate the relations between
pain and the United States concerning
uba But the market sold of sharply on I
ne announcement OF these events. 7
Today's sharp advances have gone far )
, reduce the Let declines for the week. {
"a IN some cases have wiped them out :
,;ireIy. The whole character OF the spec {
,ation showed marked change. the trad !
u on the advance being animated and !
,orts covering heavily.