The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-10-07
MOVEMENT BOPNARD
In the Stock Market Except
in the Last Hour.
LONDON STARTS THE RISE
Money Rates DecIine--Better
Bank Statement Expected.

! New York, Oct s-With the exception
| Of some proft-taking sales in the last
/ hour Of today's market, the movement Of
prices was upward almost without inter
| ruption. The demand was not large at
| any time, but the supply OF stocks prov
| ed small, even at the higher prices, ex-
cept in few cases, notably Southern
Pacific, which met large offerings. The
late break was led by Brooklyn Transit
which was pressed down under flood of
offerings to 81, an extreme decline of
S. Proht-taking, which was induced
by this weakness, was most conspicuous
in Sugar and Tobacco, which lost nearly
points each of the extreme advance.
The initial impulse to the rise came from
London, where the easier money con-
ditions and a hope in the peaceful set
tlement of the Trsnsvaal difficulty in
duced large covering by the bears In all
departments. London bought stocks here
TO the extent of upwards Of 1900 shares
and showed special desire for Louisville
which led the active railroad list with
a net advance of 3-3c after an extreme
rise of points. The maximum rate for
call money was 8 per cent today, against
IL per cent yesterday and 20 per cent the
day before. The rate fell to per cent
in the late dealings. This progressive de-
cline In the money rate was an important
element in the strength OF stocks and has
awakened expectations of a good bank
statement tomorrow The expectation
seems to be based on the fact that the
banks are known to have received 81
100000 in gold on account OF portoffice re-
ceipts from Cuba, and drafts from the
San Francisco mint on account of the
Klondike gold deposited there. The gold
engaged last week IN London also figures
in the expectations Of spectators, though
1t will not be received until tomorrow and
will not figure in tomorrow's bank state
ment As matter of fact, the New
Yorks banks have lost on the interior
movement, so far as known movements
are concerned, about 100000 Opera |
tons at the sub-treasury indicate a fur |
Their loss by the banks OF s., S61, 900. AL |
lowing for the 2,OOo 600 gold received. the |
net loss in cash to the banks seems to |
be upwards of So, 800, 600. The result may |
be complicated by the effect of money /
spent here by visitors to the Dewey cele- |
bration, which is an unknown quantity. |
The easier rates for money are largely |
due to offerings on account of the out
side banks, which will be of no advan- |
tage to the New York banks in their /
weekly showing. The relaxation In Lon
don discount rates resulted in decline |
in sterling exchange at Paris and Berlin. /
In strong contrast was the sharp advance /
in the sterling exchange rate here. This |
is said to be due to covering by exchange
bankers, who have sold bills in anticipa
ton of large outward movement of cot
ton and grain. The chartering of "a
large number Of vessels by the British
government to transport troops and the
resulting rise in rates for shipping, awak-
ened a fear that shipments Of merchan-
disc may be hampered
Chasing Of follow.