The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-11-10
MARKET SLOWS DOWN
After an Opening of Consid-
cradle Activity.
LONDON is MARKING UP
Prices in observation-disclosures
in SaIisbury's Speech.

New York, Nov. s.-The market was
very active and decidedly irregular dur
exchange. and at one time the list took
on quite uniform evidences OF strength
and even buoyancy. But by 1880 the de-
man for securities seemed satisfied and
the market fell into dizziness and a some
what reactionary tendency, which con-
tinued to the close. London. in spite OF
dizziness and heaviness of the general
market there has confidently marked up
prices OF Americans yesterday and today.
wnile the New York exchange was not
in session. The British Interpretation OF
the American elections, always more or
less obscure and .confusel. probably
prompted them &c do this. The opening
here did not fully respond, prices show
ing below the London parity. The inter-
national arbitrage brokers seized THIS OPP
portunity 10 cover sales made At a higher
level in London. A number OF The inter-
nationals sagsed quite sharply after the
opening, notably ST. Paul, New York Cen
tral and the Pacifcs. TIE buying for
London account was the turning factor
in rallying the stocks and carrying the
whole market to a higher level. Even
Sugar, which opened down over a point
scored tfun recovery. The commission
houses were busy with buying and selling
orders. and large operators actively bid
up their favorites. With the cessation OF
the London buying about noon and with
a renewed break in Sugar, which had
proved a heavy load 20 carry all morning
prices began 20 drop off, the decline in
the railroads running all the way from a
fraction to ~ per cent. In the market
leaders among the railroads, however had
little effect produced either by the above
factors or by the late weakness in Man
haitian, which fell 27s. Sugar continued
its downward course TO the extent of .
TO points. the announcement of the cut
in the production caused the weakness and
the bears were active, judging from the
nigh loaning rate of stock. The decline
in the stocks of the Manhattan was asso-
cated with the stockholders meetings. al
though the yearly statement of earnings,
showing 4.16 per cent earned for the stock,
was better than Wall Street expected.
The stiffening of the call money rate
in the last hour to 2lz per cent. and for
small amounts to per cent, had its effect
in the late reaction and was a reminder
in the decrease of cash shown in Sat
urday's bank statement. Today's active
market was a good demand for money on
call There was some consideration of the
possibilities surrounding the lord mayors
banquet in London tonight and the In
crease in the German bank rate from
toss per cent in their probable effect upon
che foreign market. In the railroad list,
however the closing was generally strong
at net gains which reached a point in
some cases.
Total sales OF stocks today were 49e, 700
shares.
BONDS.
The bond market continued active and
strong, and the four per cent issued add
ed TO the notably active list were the
Louisville Unified bonds and the Kansas
and Texas, ST. Louis and San Francisco
and Denver and Rio Grande issues. A
number of the speculative bonds, includ-
ing the AtchLson adjustments, the Oregon
Short Line income issues and the Texas
and Pacific seconds, were also active and
strong. Total sales S5.715.OO0.
United States tours, the Old tours reg
is1ered. and the threes coupon, advanced
i, while the twos decline = and the fives
coupon X per cent in the bid price.
FOREIGN STOCK MARKETS.
New York. Nov. 9.-Evening Posts
London financial cabegram:
The stock market here opened good
on the better political outlook; relapsed
on the rise OF the German bank rate. but
finally closed good. The premier's speech
a; the lord mayors banquet tonight has
been freely discussed in anticipation but
the stock exchange expectation Is either
that no important announcement VIII be
made or else that ii viii be a generally
favorable speech. The settlement shows
a small account. and although money was
comparatively nigh. contagoes were mod
crate because Of shortness IN The sup
ply OF stocks. COntangoes on Americans
were about cents. Americans were
strong on the reported results OF the eiec-
tons. There was buying for the Eng
nsh account and for the continent. The
activity in the Paris hou-se was checked.
Paris, Nov. s.-There was but little ami
nation on the bourse today. business be-
=
bank rate al Berlin. Prices opened firm.
operators bein Z favo-sbly impressed with
the withdrawal Of The Fashoda interpret
la.ion in the chamber OF deputies. and
also by the firmuess OF the markets
abroad. 1t being generally believed that
the speech OF the Marquis OF Salisbury al
the lord mayors banquet t0nig VIII be
couched in reassurinE terms. Prices
were strong most OF the day. Spanish
fours advancing owing 20 favorable -
por: OF exchange The feature of the
days transactions was a sharp rise in
Rio Tintos. due to the advance in the
price OF copper and the covering o. the
bears. But toward ths close OF ths mar
ket there was a material decline IN rentes
which brought about a general reaction,
some OF the operators attribating this .
the probable advance Of rates Of discount
OF RE Bank OF England and OF the Bank
OF France
Berlin. Nov. She increase OF -ae
German banks discount rate from 70 q.
per cent did not nave any influence on
bou7se transactions today. as II had been
anticipated. International and American