The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-11-07
NET GAINS The RULE
Higher Wheat Cables and
Small Worlds Shipments
ADVANCE THE PRICE "a
Coarse Grains FolloW-ProVl-
sions Little Changed. i.
ADVANCE THE PRICE "a

New York. Nov. s.-The course OF the
stock market today effectually dissipated
the symptom of weakness which was en-
gendered BY the Saturday bank statement
The course Of prices was downward IN
the early dealings, but nearly all the de-
clines were recovered and some net gains
were established IN a considerable list
OF stocks. The downward course pro-
ceeded to the extent of l 10 : points in
number of the prominent industrials and
reached as much as a point in a number
of the railroads, including examples from
the Changers, Southwesterns. Southerns,
Coalers and Trunk Lines. Northwestern
dropped at one time ~. n the leading
industrials a level of prices was subse-
quently estab Eshed reaching generally a
point above Saturday. The railroad
group was not so resilient. but its down
ward course of the morning was very gen.
orally retraced. and fractional net gains
are the rule. In Southern Raciflc, the re-
cent large and organized buying was re-
sumed after the decline had reached =
and i; was advanced rs and closed there
The speculation in Leather continued on
on running sales of 3o.0O0 shares at the
opening, from Sc below to half above
Saturdays price. Subsequently the loss
Of Saturday was more than recovered
and the price lifted TO within a shade Of
IL There was heavy realizing in the
stock in the late dealings, but it was
firmly SUPPORTED at 10. The renewed sup
port by the speculative pol in Leather
had no small influence In dissipating the
fears Of q general break IN prices There
iwere many soothing explanations offered
Of the exhibit of a deficit In surplus re-
serves by Saturdays bank statement
The favorite explanation among specUla-
tors was that II was due to an error"
in the return Of a single bank, or rather
10 the rectification OF an error made IN
the previous weeks return. II was this
error, so it was said, which caused the
unduly favorable statement OF October
Is, and the allowance for it which made
the showing Of the deficit of last Sat
urday and upset the stock market. The
comfort found In this explanation was
somewhat disturbed by the rist In the
call money rate TO y per cent ond the
calling of loans by the banks. But the
conviction become general that Saturdays
bank statement was not a fair index OF
the actual condition of the banks. The
continued hardness of New York ex-
change at important interior points
aroused expectations that the movement
pf money is about to- turn in favor OF
New York The short contracts which
were put out in the morning were very
generally covered before the close, The
eve Of the lections was also the occasion
FOR covering OF some short contracts
which had, been put on the theory that
this years election might be the prelude
10 the unsettled business conditions which
are looked for in a presidential year. The
drop in themoney rate to per cent late
IN the day aceentuated the buying de-
nand for stocks. An incident OF the day
was a sale Of United States Milling at
L. compared with "a for the last preced-
ing sale some time since. Closing prices
of stocks were as follows: