The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-10-03
LAST PRICES LOWEST
Stocks Put in Nearly the
Whole Day Declining.
CALL MONEY GETS TO So
Loaning Resources of the
Banks Exhausted.

New York, Oct. 2.-The stock market
had to face this morning the aecumula ed
depression of three days trading IN 4
sagging market in London while the ex.
change was closed here The drop in
prices at the opening was wide one,
numerous railroad stocks showing a less
of point or over. and Tennessee Ccal
showing an extreme decline of pOirts.
The local traders were inclined 10 feel
that London was unduly depressed, es-
pecially with reference to American ce-
curities. and they started 20 bid p,,ces
up again. The first loan of me day was
made at per cent and this encau aged
an optimistic view of the money outlook.
The rally was shortzlived and the course
was quite consistently downward FOR the
rest OF the day. A sharp advance in the
coalers on the advance in price CT an
thracite was Intellectual to check the de-
cline. London sold not only during the
hrst hour but as long as offices there
were open for business LiGuida ZION
from that source reached between 40 1000
and $1,000 shares. The violent decline in
British consols had an important senti-
mental effect, although it was afterwards
explained that this was due to the cx-
pectation of a new issue. But the new
issue is as significant OF the practical GER
tainty Of war as any incident that has
thus far occurred, so that the explEna-
ton did not afford relief to the stock
market depression. The sharp rise IN Lon
don discount rates caused an advance OF
5-S Of cent in the actual rate for de-
mand sterling here and had an equally
marked effect on the sterling exchange
rate both at Berlin and Paris This de-
Velopment is equivalent TO notice tina
London is not prepared to part with more
gold to New York without making every
possible effort to prevent It. Long s.erl-
ing was weak on selling against sterling
loans. The local money rate quickly
moved upwards when the renewal of
loans loans carried over from last
Thursday began 10 influence the market.
The coal loan rate was carried up to II
per cent, while the money market was
still in full activity 1t was then rushed
up to 30 per cent, after which there were
violent fluctuations down to 10 per cent
and up again to 80 per cent, at which
rate the last loan of the day was made.
The closing was 50 bid and So asked None
of the expected relief to the money mar
ket was in sight today. The develop
ments in London lessened the proba-
bility Of further gold import and the con-
dition OF New York exchange at interior
points indicates a continuance of the de-
mand for funds from that source The
money left in the city by the visitors 10
the Dewey celebration was not in evil
dence in Wall street, though much had
been said of this prospect Of relief by the
speculative contingent. The sub-treas-
ury has gained nearly $500 900 from the
market since Friday. Money seemed to
be in supply at the higher rate from the
proceeds OF time loans made some time
ago, but the loaning resources of the
banks are evidently exhausted at pres
emit The decline in prices was made with
out any evidence of Generalization, but
last prices were the lowest. Net losses /
In the railroads are quite generally be- |
tween l and points and the selling was
well distributed through the list Among
the leading specialties losses ranged I
from 2 to "a the latter Sugar. Closing
prices were as follows: