The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-15
FIRM NEAR THE TOP
Closes the Stock Market, at
Substantial Net Gains,
GOLD EXPORTS IMMINENT
Effect of London's Situation
The January Interest

New York, Dec. 14-Expectztions Of \
further stress Of liquidation in the stock
markets were not disappointed this Morn
ing Heavy offerings were thrown upon
the market from the outset and the
brokers were very bold and determined
in Offering prices down. But it was
obvious that there was not so acute a
70 realize as was the case yesterday and
several developments over night helped
70 encourage 4 support OF prices. The
market, therefore, did not al any time
take on the extreme demosalization OF
yesterday, as was feared, and about mid
way OF the session, the bears had re-
Hnquished their position and were willing
10 roar you as gently as sucking
dove" The conflict Of speculative inter-
ests was a fierce one before the issue
was decided and prices moved both ways
al once In the opening market and never
long in one direction. The determined
support in Sugar was a notice 10 the
bears from the outset that they were not
10 have things eli their own way and
though they wiped out Sugars opening
rise in short order and made heavy in
roads at other points IN the industrial
list, and even forced ST. Paul a half-poinI
below yesterdays low level for the year,
the absorptive power OF the steady buy
ing demand proved too much for the re-
acJionists. Subsequent attacks were
made upon the Iron and Stee. stocks the
New York city speeia!ties. and, in fact,
upon every stock where any information
could be had OF q heavy account on the
long side, with the hope or wiping out
margins and forcing liquidation The
ar1far-a@
moderate, judging from the almost CON-
plete recoveTies which were caused in
nearly all eases when the shorts began 20
cover. II was noticeable. on the other
hand that the buying demand died away
at the higher level OF prices achieved.
This encouraged renewed efforts by the
bears up 70 the period Of the last re-
action, when they RETAINED from attaSk-
ing the market and the closing was firm
near the top level at substantial net
gains all through the list. The outlook
in the London money market continued
to offer the keynote 10 the speculative
situation. The failure 70 advance the Off
cial rate OF discount by the Bank Of Eng
land IN itself offered a suggestion OF re-
lief from yesterdays apprehension OF gold
export from here. though the belief con-
tinued during the morning that gold
would 20 out by Saturdays steamers. The
treasury departments offer 70 forego the
rebate hitherto demanded before antici-
pating the payment Of January 1st inter
est had sentimental effect IN strength
ening the market. The total amount
OF interest involved Is $4,000 and its
availability. II is believed would make
the withdrawal OF any gold for export
less feIt Then came the buoyant out
burst n the English market on the wide
" dfszauirufna ted rUrrn- Of the relief q
Ladysmith and an alleged capture Of
Beers This served 70 brighten the feel
ing IN London and occasioned heavy de-
nand for Americans. Orders were ca
bed 10 New York long after the usual
hours and I.oudon's total purchases for
the day were run up 10 5000 shaves-
Sterling exchange responded with drop
OF over nc IN the pound Additional god
was received here today by the branches
OF Canadian banks The relief thus a.
forded to fears of gold shipments was
the dominant factor in the late strength
Of the market Closing prices Of stocks (
ua~e az f1Ii0Tz-