The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-08-28
BEARS BEATEN BACK
Acting on the Assumption of
Reaction Due.
WEEK HAS DEMONSTRATED
Increased Interest in fhe
Market From Outside.

New York, Aug. 2s-The bears manifest
ed considerable confidence that reac-
ton IL the prices Of stocks was due TO-
day. and they sold at the opening advance
and carried prices at one time material
ly below last nights close. They had on
their side a disposition by many holders
TO take profits. But the demand was so
considerable as to absorb all offerings
at the decline and the bears were forced
to cover quite heavily. lifting prices
sharply above the lowest and in many
cases above last night The drop in Sugar
at the opening was an unsettling factor
and a determined drive against Peoples
Gas finally knocked off ~ from the price
of that stock. 1t was evident also that
! there was an abundant supply of stocks
| of the grangers and of Northern Pacific
| to be had on any considerable advance
in prices. The opening high prices were
partly manipulated for purposes of realiz-
ing, prices Of Americans having been adj
vanced in London by cabled orders from
! New York A number Of prominent stocks
showed vigorous resistance to the declin-
ing market and were potent factors in
| erecting the rally. Most conspicuous of
these was Union Pacific. The common rose
| rs per cent on demand and sold down
nearly a point on the reaction. The re-
covery carried 1t up an extreme rs. The
preferred stock was firm above last
nights figures Denver and Rio Grande
preferred showed continued strength, as
did Southern railway preferred, Erie first
preferred, Norfolk and Western preferred
and the Wabash securities. The heavy de-
crease in surplus reserve of the banks
was unsettling influence In the late
trading. The closing was somewhat ir-
regular. some stocks showing effects of
renewed buying while others suffered from
continued profit-taklng.
The total sales Of stocks today were
2S7, 900 shares.
Railway bonds were active today, and !
closed rather feverish at reactions in the
speculative issues.
The stock market has gone through an |
extra process of liquidation of profits du- |
ring the week and has demonstrated such |
a firm basis of strength as to have re-
covered the re-entry into stocks Of many |
of the influential financial interests who |
had sold out to the public after having /
manipulated the rise to the extreme point .
they considered possible. But the weeks .
events have shown that outside specula-
tons were waiting to take stocks at any
marked recession in prices. 1t also show
ed that the proflt-taking had resulted
in the actual digestion Of large amounts
of dividend-paying stocks and bonds and
the consequent reduction of the floating
supply in the market. The active return
in interest and dividends make these at
tractive investments while money cintin-
ues cheap.
Today's bank statement shows that the
amount of the increase in loans has been
account. 1t has, in fact, been diverted to
the United States treasury. and there
have not been sufficient government bonds
available for the banks to offer security
to maintain the government money on
deposit. The result is a loss Of cash
amounting to s959O.s00 although New
York banks have not had net receipts in
the interior currency movement during
the week. The consequence is q decline
in the surplus OF s., 1850, even after a
reduction in reserve requirements of ST.
194S5O. If the demand from the interior
for moving crops should arise 10 normal
surplus reserves would have
to be promptly replenished from some
source. There is. however, a likelihood
that interior demand will prove lighter
than usual, owing to abundant interior re- :
serves. The fall in sterling exchange ,
makes 1t evident also that the money :
market would find relief in gold imports !
without necessitating any great conrac-
ton Of credit.
United States seconds have advanced 4
per cent, the old tours registered have
declined y per cent, the new tours Z per
cent, and the threes, when issued, 81 per ;
cent in the bid price United States were
quoted today as follows: New fours, reg
stered and coupon, 127; tours, Ill: coupon.
l11h; seconds, 9s; fives registered and D
coupon, 112; Pacific skies of '99, 102A. =,
SPANISH FOURs. &
Madrid, Aug. 27.-Spanish fours closed ;
today at $3.50.
Paris Aug. 27.-Spanish fours closed at >
1.50.
Berlin, Aug 27-The boerse today was
irregular and absorbed in preparations
or the settlement. Spanish tours were p
EASIER on Paris advices. American rail-
way securities and Canadian Pacifics L
we're IN good demand.
WEEKS REVIEW IN STOCKS.
New York. Aug. 27.-An extensive pro
,ess OF profft-taking and digestion of .
tocks has been going on IN Wall street A
It some expense to prices, though the n
after part of the week shows substantial Q
ecoveries. It became evident on Monday
hat the powerful bull clique which had .,
onger supporting prices. The outside
peculative demand absorbed offerings for y
. time, but when the rise OF prices was r.
cen 10 have paused, the commission u
ouses began TO have orders from out
ide sources to sell. The late bull leaders.
aving sold out their stocks. looked or
With complacency at the decline. But =
became evident that while some out
ide spectators were selling TO take
rofts. others were waiting 20 buy stocks
{ any material reaction. Moreover. the -.
nerings did not gain greatly in vol !
me at the lower range OF prices There -
Violently had been an actual digestion =
( a large amount OF dvidend-payinz =
.ocks. which had been sold by specu- -,
stors. but which were not <or sale by -
resent holders The evidence thus given l.
{ public confidence in the value Of securi- =
es has encouraged the 7e-en;ry OF power
Il monied combinations into stocks The >
lore active speculation has turned 70 the =.
,wer priced stocks, notably the Pac.fcs -
lclud.ng Atchison preferred. which en-
VS. the benefit OF increased earnings !"
5 well as the promise OF a termination
{ the rate war with the Canadian Pa
nc. The great iron ore and s,eei com
nation awakened activity and strength
che securities OF companies in that =
ade and a number Of other industrial &
ncks moved widely on special traSs
Money has hardened with -
lie interior demand 20 move ina crops. =
Il sterling exchange has fallen with :
-onise OF early gold imports. -
LOANS AND EXCHANGE. -
New York. Aus. Z7-Mo7ey on cal p
m. 2G2iz per cent: last loan. per cent.
-iu1e mercantile paper. SAT- Per cent -