The Wichita daily eagle., 1899-10-18
EFFORTS 10 ADVANCE
Stock Values Checked by the
Money Prospect.
PUBLIC FAILS TO APPEAR
Green" Industrials Show
Signs of Cold -ShouIdering.

New York, Oct. 17.-There was q short
lived demonstration by the bulls in the
stock market today but before trading
was suspended the early gains were
largely curtailed and in some cases more
than wiped out. The strength was at
tributed 10 various causes The reappear-
ance this week upon the floor Of the ex-
change of several operators who took
large part in last springs big bull mar
ket and who had been away on long sum
mer vacations. gave somethin9b bf filiip
to bulish sentiment. The quiet tone OF
the money market yesterday In the face
of the operations incident 10 the change
of old Central Pacific securities Tor new
ENCOURAGED some sentiment for a rise.
There were one or two stocks in the list
which were notably strong from indi-
viduaI causes which were rumored but
not authoFitatively disclosed, and which
helped TO sustain prices. Among these
were Pullman and Great Northern pre-
ferred, although the latter more than
lost the~early gains. The Baltimore and
Ohio stocks were conspicuously strong,
the common rising an extreme 81 and
the preferred 2. Laclade Gas continued
its advance and reached as high as 80
The Grangers. Louisville and Southern
Pacific, were quite well taken early in
the day, apparently by pool interests.
The public was not in evidence al any
time during the day Call money con-
tinued at per cent or below in spite of
the fact that many banks report their
cash below the legal reserve. But while
the money rate did not tighten. number
of industrial stocks, especially those class
ed as green" in Wall Street parlance,
showed signs of weakness, as might hap
pen IL they were subjected 10 discrimina-
ton by money lenders in the shifting OF
loans. The Glucose stocks were notably
affected the common dropping nearly
points and closing near the lowest. while
the preferred lost IL. The Iron and
Steel stocks as a group also weakened
simultaneously. Steel and Wire leading
with an extreme decline of 2 "a. Others
of the group suffered TO the extent of be-
tween l and points. This unsettled the
bull movement and wiped out pretty
much all the gains which had been es-
tablished. Prices struggled upward
again in the final dealings TO a level for
the most part slightly above last night
but the snap seemed taken out of the
movement There was a warning rally
in the rates for foreign exchange during
the day which was not unheeded. Sig
nails of distress were in evidence in the
German money markets and sterling ex-
change fell sharply at the continental
centers. including Paris. Discount rates
in London responded with an advance
and exchange rates here both on Paris
and London rose in sympathy. Add to
this fact that money is still going to the
interior in considerable volume, that gov
ernment payments through the sub
treasury are again falling off, promising
a renewed drain on the money market on
account of revenue receipts, and that ap-
plicatIons for anticipated payments for
government interest continue on a small
scale. and the outlook for easier money
is not promising. This consideration was
sufficient to give pause to the efforts TO
advance prices.
Closing prices Of stocks were as fol-
lows: