The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-22
TONE MUCH QU|EIER
Liquidation Not in Evidence
in the Stock Market.
BIG DEMAND FROM SHORTS
Recovery in Prices Is General
and Substantial.

New York, Sept. 2-The tone OF the
dealing in stocks was much quieter today
than for some time past. No such press
ure of forced liquidation was observable
as yesterday and several preceding days.
As a result there was a very general
and substantial recovery in prices. There
was a large demand from the extensive
outstanding short interest and probably
this constituted principal element in the
recovery; but there was also a very good
absorption of some of the railroad stocks,
which had the appearance of coming frof
large interests who were satisfied TO take
on stocks at the present levSl. Brooklyn
Transit continued to comprise a large
proportion Of the dealings and the cessa-
ton of pressure against 1t and other men,
bers OF its group had an important in
fluence in the recovery in prices. A re-
vised Interpretation Of New York's new
franchise tax bill, which would bear less
heavily on corpora tions than has been es-
timated, found general acceptance among
spectators. The enormous selling for
some time past of Brooklyn Transit gave
color to some current rumors that the
control of the property had changed to
new and strong hands. These two infiu-
ences were effective in relieving the local
traction stocks from the fierce attacks TO
which they have been subjected for many
days past and removed from the situation
The bears made some effort to contest
the advance and they found vulnerable
spots in Peoples Gas, Sugar. Tobacco and
Tennessee Coal. But their success in af-
fecting the general market was very mod
crate and their efforts to cover in the
very stocks which they had attacked
helped on the late advance. In the rail-
road list aggressive buying first developed
in Southern Pacific. but an excellent de-
mand spread TO other points in the list,
notably the Changers, which are all up
from to 11-2 on the day. There were
notable movements in Pullman, which
rose rs, and Anaconda. which jumped
41-2 points in the late dealings on the
extra dividend declaration. The Chicago,
Indianapolis and Louisville stocks gained
21-2 and "a respectively. The Chicago
Great Western stocks showed rather sem
sational declines, but later rose above yes
terday's level, except for the deoentures,
which are off points. London was
seller in the early dealings owing to anx-
iety over tomorrow's meeting of the Brit
ish cabinet and thus aided the bears in
thoe early part of the day. A favorable
effeca was exercised by the reported pur-
chase in London of $4,000 Of gold in the
open market for shipment to New York
No trace could be found of the destination
Of this shipment and foreign exchange
houses maintained that gold could not yet
be imported at a profit. Sterling ex-
change dropped fraction nearer the gold
import point but is still we'll over one
cent above that level. The call loan rate
in New York dropped late in the day after
the days demand for money had been
practically all met. But the condition Of
the local money market was not mate
rally changed. A drop in New York ex-
change in Chicago indicated renewed
pressure from that source for funds. Sat
urday's bank statement is now expected
to show the New York banks In a some
what stronger position, owing TO the
weeks large contraction OF loans, bur
there has been no known replenishment
Of cash resources. and the future Of the
money market depends on the prospective
needs of the interior and the prospective
demand from the sub-treasury for revenue
payments Closing prices OF stocks were
as follows: