The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-20
PRICES bDMED DOWN
In the Last Half-Hour and the
Market Closes Selling
Al TER AN EARLY ADVANCE
Which Gave OeIuSiVe Promise
of Troubles Ended.

New York Sept. lAThe delicate ten
sion Of the speculative temper was well
illustrated by the course OF today's mar
ket, which seemed to be going prosper
ously on its way towards recupedarion
and recovery in prices until the last half
hour Of the trading. After that time
prices were bowled over in every dlrec-
ton, Ike set OF ten pins which had
been set up simply TO be knocked down
again. The selling movement was in full
force when the market closed and prices
tending rapidly downwards. Some OF the
earlier gains were held. though in other
prominent stocks the notable advances
achieved earlier in the day were COM
pletely wiped up. The market gave every
appearance of having thrown OF the in
cubus OF the money scare. The reports
from abroad were Of more concuiatory
attitude on the part OF President Kru-
ger and the decisions OF the French gov
eminent 20 pardon Dreyfus caused a rally
in foreign markets. There, as well as
here the short interest had been largely
over-extended and they found some diff
iculty in securing stocks 10 cover short
contracts Professional operators who
had secured stocks at yesterdays low lev
ell had turned bull and there was a fair
volume Of buying orders in commission !
houses this morning, attracted by yester- !
days late recovery in prices. Prices were /
marked high AZ the opening and trading |
was very active for a time. tdt on a des- /
cendiug scale. After prices had got back /
10 near yesterdays close a demand of a 4
substantial character developed for stan 4
dard railroad stocks. Some of the spec !
ialties notably the New York Traction !
stocks, which have suffered recent violent |
losses, were marked up rapidly Late in I.
the day very buoyant tone carried the /
coalers upward under the lead OF Lacka-
wanna, which advanced an extreme Il -
Many other specialties were up between /
and points and the active railroads very
generally showed gains OF from I to -
Such was the state of affairs when the
traders began TO take profits in the Coal
ers and Metropolitan Street railway Il /
did not take the bears long 10 wipe out
all Of the gains in Brooklyn Transit and
the course of prices turned quickly down
wards. The setting movement continued
actively TO the close. The advance in
prices was accompanied by professions
of confidence that the money market dif-
iculties had been passed. Call money
ruled a per cent and above during the
day. The banks are not losing quite as
heavily as last week either 70 the sub
treasury or TO the interior But the out
sufficient to make inroads upon the legal
reserve OF the bank 1t is known that
many loans which have been called have
been placed with other borrowers or have
resulted simply IN a shifting Of collateral
while the loan was marked up but left /
otherwise undisturbed. Reports found
currently that considerable money had
been placed in call loans for account Of
Canadian banks. One New York bsn.
took out additional circulation in Wash
ington TO the amount OF 10000 for which
notes had already been printed and made
available for circulation. Except in these
cases there is no evidence OF any actual
Of cash for the New York
market nor is any discernible IN the i'm
mediate future. Bankers express the op-
Inion that money will continue hard at S
per cent or above One OF the vagaries
Of the situation is that sterling exchange
held steady to firm today with buying for
London account OF over go shares q
stock while It dropped sharply yesterday
IN spite OF London's selling Of over 4a.gj
shares. Competent authorities do not 1oo,
Tor gold imports until much later IN the
fail Closing prices OF stocks today were
Is follows: