The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-28
MARKET HELD BACK
BY Tobacco, Despite Its Tend
ency to Advance.
HIGH PRICE FOR MONEY
Also Operates as a Setback
The Import Situation.
HIGH PRICE FOR MONEY

New York, Sept 27.-The stock market
fell a degree further towards stagnation
today, and the activity, such as it was,
showed an added tendency TO center in
the few speculative specialties. Tennes-
see coal was relatively much more prom
inent than for some time and registered
an extreme decline of IA points. Amer
lean Tobacco showed the continued eff
fects of the pressure to which it has re-
Gently been subjected, UP to the time of
the announcement of the declaration of
the regular dividends. The weakness in
these two stocks served to hold back the
market, which showed a tendency to adj
vance from an early period in the day.
Better advices from abroad made the OPP
ening higher and the announcement of an
additional engagement of $4,000 in i'm
port gold in London added TO ht econ
viction that the exchange situation ad-
mitted of regular import operations. The
continued high price for money in spite
of the gold announcement served as a
setback to the advance, as was the case
yesterday. But late in the day rumors
were industriously circulated of the ear
ly approach of gold imports on a large
scale. At the same. time the money rate
was quickly offered down by successive
stages to per cent, but before o'clock
call loans had been made az all the way
from y TO 20 per cent. 1t was said that
money could be had at lower rates on
some high grade railroad stocks, but the
higher range was that quoted on the
stock exchange. Even on the higher
grade Of collateral the margin required
was widened materially. Under cover Of
their requirement and Of what were call
ed commissions there was room for con-
siderable manipulation OF the quoted
rate This was true in the time loan
market. in which there was considerable
demand for short loans. as well as in
the call loans department. Very little is
doing in mercantile paper, but rates are
firm. Predictions of a favorable bank
statement tomorrow. upon which date
the clearing house institutions are to
make their weekly return. were a factor
in the frmness of the market To ouigo
10 the sub-treasury will be something
less than half million dollars. Ship
ments 70 the interior have continued on a
considerable scale. How far they have
been Offset by small sums here and
there attracted by the high money rate
cannot be clearly estimated. So far as
stock market operations go. there was
evidently a further contraction Of loans
The character of the statement win
largely depend on how far the demand
for accommodations in preparations for
October Ist settlements has set-off this
contraction. The movement Of prices in
the railroad list was very narrow. Atch-
fson preferred enjoyed a beisted demand
on account OF its August statement, and
Southern Pacific rose quite strongly late
in the day. The stringency Of the money
market resulted in decline in the sterI-
ing exchange rate in spite Of the further
advance in the private discount rate in
Londan. Closing prices of stocks we're
a. follows:
The bond market was without any spe-
cial feature but was inclined to firm
ness Total sales par value s. a5a 90.
United States s declined Is and old IS
coupon II in the bid prices.