The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-11-04
OPENS NTH A RISE
But Heavy Realizing Starts
the Market Downward.
CLOSING PRICES LOWEST
UnfavorabIe Bank Statement
Is Apprehended.

New York, Nov. 3-The opening deal
ings in the stock market were very ari-
mated and the course OF prices was up
ward. Continued activity by the varicis
pools was apparent in the stocks which
have advanced within the last few days
Heavy realizing was in evidence AZ
very early period in the trading, and the
snap was soon taken out Of the upward
movement The volume OF the selling was
much reduced below the best prices, but
the demand also fell OF and. support
seemed TO be withdrawn from the manip-
ulated soecialties. The course Of prices
was generally downward for the rest OF
the day. One or two efforts were made
TO check the decline but without great
effect The bears made no great demon
stration until the final hour. when prices
touched the low point OF the day. Cover
ing BY the shorts rallied prices but they
were not well held and the closing was
rather heavy and dull The general level
Of prizes is lower on the day but there are
few exceptions. United States Leather
continued conspicuous figure in the
speculation and was rushed I'D Is points
TO 80 "a and closed 3-s below that The
preferred parted company with, its junior
after a rise OF nearly a point and was
decidedly weak for the rest OF the day,
declining an extreme 3-s and with
final rally OF SIS. Dealings in Southern
Pacific continued on a very large scale
but the stock at no time reached more
than 3-S above last nights level Sugar
dropped point. rallied and fell again
below last nights level. Manhattan, on
the contrary, rose over a point but fell
again to III and rallied but feebly. Stand
ard Rope opened up 3-s and then turned
downward an extreme ala Brooklyn
Transit also developed weakness early in
the day and went below SO at one time.
In the first few minutes of trading over
I100e shares of Chesapeake and Ohio
came on the market with only a slight
impression on the price. These examples
indicate the prevalent disposition 10 take
profits for the long account The major
ity of railroad stocks were singuiarly ne
elected with the exception Of some early !
demand for the southwesterns. which /
gave way in the late weakness. During |
the first two hours Of trading there were |
but two transactions recorded in St |
Paul. There was some selling for Lon /
don account but 1t was all absorbed dur I
ing the early period OF strength in this /
market. The reactionary tendency was /
due TO the growing apprehension OF an /
bank statement tomorrow. /
Money was not stringent but was firm
at 6 to per cent The banks have lost |
on sub-treasury operations some $2.6S1.o00. |
after allaying for receipts Of 5000. 90 IN !
gold and including $780, 600 deposited at /
the sub-treasury for transfer to the In I
terror. According to statements compiled /
by the leading banks they had made ship i
ment 10 the interior OF 100000 This /
would indicate a national loss to the
banks in cash OF over $500 The clear
ing house institutions have called loans /
on a large scale during the week so that 4
this loss in cash Is Offset, in part, az
least Last Saturdays statement was be-
lieved to have made a more favorable
showing than was warranted by ctual
condition Of the banks and the vagaries
Of the average system may throw some
OF the unfavorabIe factors over into
weak statement. Closing prices OF stocks
were as follows: