The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-10-31
RISE N GILL MONEY
Proves an Obstacle to an Ad-
vance in Stocks.
CLOSE Is AT LOW POINT
With Prices Still Yielding TO
the Pressure.

New York, Oct S0.-Priees Of stocks
moved up in the early dealings today ac-
cording to the general anticipation, but
contrary to expectations, a serious obsta-
Gle TO the advance was met in the violent
rise in the rate OF call monew. The
rise in the rate of call money. The adj
vance did not extend far into the second
hour, when the market began to drift
downward and met no effectual check I'M
til the close, which was at about the
| low point and with prices still giving
way to pressure No serious net uses
are shown in the railroad lists. but the
earlier gains, which amounted TO a point
and upwards in many cases, were pretty
generally wiped out. The market opened
with strong and animated tone and
large volume of outside buying orders
tnvited by the unexpected strength Of the
Saturday bank statement. The demand
was particularly large for the Changers
and Southwesterns. and for some Of the
Southern railroad stocks. notably Louis
Vile, which was up ia at one time. This
stock resisted the later depression with
some success, but closed &c below the
best. Even the much-hammered industri-
ais had some share in the early strength.
Sugar rose an extreme points before
yielding to pressure, and the Iron and
Steel stocks had a short-lived period OF
vigor. Pressure promptly developed
against Steel and Wire and II was weak
for the rest of the day, affecting other
members Of the group by sympathy. Fed
eral Steel was exceptionally firm The
Leather stocks continued TO be largely
dealt in, zut the gain in the preferred
was entirely lost before the close. The
international Paper stocks were fiercely
attacked, the common being forced down
BIZ and the preferred points The lat
ter recovered points of its loss. Rumors
coming from Holland of the fall of La
dysmith were without much effect, as
London seemed disposed TO discredit
them. The September statement of ST.
Paul had discouraging effect on specu-
lators. showing as it did the large in
crease In gross earnings obliterated by the
heavy increase in operating expenses so
that the net earnings for the month were
over 900 900 less than in September Of last
year. The effect was especially marked
upon all the grain-carrying roads. The
days events In the call money market
showed that the extent OF the recuuera-
ton by New York banks was grossly ex-
aggerated in the first enthusiasm over the
Saturday statement. The rate opened al
per cent, and after dropping 70 7ls per
cent, rose violently in the late dealings
to 30 per cent. Bide were made for 40
per cent, but the closing transaction was
at 20 per cent. 1t was a striking demon
stration OF the unfit condition of the
money market to maintain an avtive spec
ulation. New York exchange fell sharply
at some southern and western points to-
day, although it was harder at Chicago
and at Boston. 1t Is evident that the de-
mands Of the interior are not vet ex-
hausted- The sub-treasury has absorbed
a considerable sum from the banks since
Friday and some extra demand Is coming
on the market for the November ] set
tlement. Wall Street opinion upon the
money outlook fell quickly from extreme
optimism down into the minus figures of
pessimism. Closing prices Of stocks were
as follows: