The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-10-14
BEARS ARE HUFFED
By the Confident Absorption of
Offerings.
GOOD ADVANCES MADE
Good Investment Demand for
GiIt-Edged Stocks.

New York. Oct. 13-The advance in
prices in today's stock market was even
more significant of the improved tone Of
speculative sentiment than that Of yes
terday- One reason this was true was
that quite a large short interest was elm
! mated from the market by yesterdays
| advance. Another factor that might have
/ been utilized by the bears was the know!-
I edge Of pending political complications in
! the deeper financial currents. Not only
as this indicated by the heaYiress OF
J securities. q fail OF 5-l6 IN British cous5ls
/ and Of 10 confines in French rentes. but
| by the excited condition OF the foreign
! wheat markets. The opening in Wall
Street brought orders to- sell 1900
/ squares Or upward OF stock for London
/ account. The bears did, in fact. avail
/ themselves Of this opening to make a
( drive against Tobacco. Sugar and North
ern Pacific, but the confident manner in
which all offerings. both for London and
I for the short account. were ABSORBED took
| all the assurance out OF them and their
I only aggressive move during the re-
mainder OF the day was a drive against
Tobacco. The bears have counted much
on the damaging effects of the war in
the sugar refining industry. the conflict
I
divergence OF ideas among the powers Of
Northern Pacific preferred over the oues-
ton Of dividend on the common stock,
TO check any advance in the market on
account Of many favorable returns Of
railroad earnings and the generally pros
porous outlook for business. The move
men; OF prices in securities gave warning
of compromises and adjustments, and
took away the main stay Of the bear
move.n ent. The process of covering of
short contracts therefore proceeded on a
large scale and large financial interests
offered aggressive support 10 the prices
Of properties in which they were interest
ed. A significant feature Of the days
trading was the investment demand for
small lots of gilt-edged stocks. There
were conspicuous movements OF this sort
in st. Paul preferred, Pullman. Great
Northern prferred, Manitoba, Albany and
Susquehanna, st. Paul and Omaha pre-
ferred and Pennsylvania. The advance
in Pullman, Manitoba and Great North
ern preferred extended from Slk 10 AZ per
cent, and Manitoba closed with a bid of
~ per cent higher than last night. This
buying is a natural concomitant of the
growing ease in the money market. Call
loans were made at per cent today and
there is q constant increase in the sup
ply Of money offering both for time loans
and mercantile paper. Short sterling was
slightly firmer in tone in response TO the
advances in the Bank of England rates.
A small engagement of gold for import
was without influence on sentiment. To-
day net gains equal a point for many.
stocks.
Total sales of stocks today were $685.
200 shares.
The demand for high-grade bonds was
a reflection of the growing abundance of
surplus capital. Total sales were S.
Oe5 600.
United States threes. the old tours reg
istered and the new threes advanced Is in
the bid prices. The threes coupon sold at
1854 the highest yet