The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-10-25
REACTION N STOCKS
Profit Taking Is a Feature of
the Days Business.
UNSTEADY AT THE CLOSE
Neither Side Displays Partic-
ular AggressiveneSs.

New York. Oct. 24-The stock market
was distinctly reactionary today in spite
of some strong points Profit-taking was
on a very large scale. Sales on this ae>
count were quite well absorbed and Gre
ated no sign OF decentralization in prices.
When the fact of proht-taking became
obvious some of the room traders turned
bears and sold the market moderately
The bear faction was not aggressive how
ever and made no great inroads upon
values. Neither were the bulls inclined
to resume their campaing for the advance
after having taken their profits, and the
markets were INCLINED to drag during the
latter part of the day. Some attempt was
made to infuse strength into the market
In the last hour by bidding up Union IA
cifc and Baltimore and Ohio preferred.
Business induced some slight covering by
shorts but so far as a general resump-
ton OF the advance was concerned, the
attempt was abortfve. Prices were very
unsteady at the close and in many cases
wre pursuing a downward course. The
active realizing in the first hour was
wuch helped by notable accession of
outside demand, which was attracted by
yesterdays sharp rise following week OF
stubborn resistance to all attempts al
driving prices downward. This demand
and continued manipulation by a section
of the bull party served 10 wipe out pretty
generally the opening decline and bring
the market back to about last nights
level Having reached that point the
downward course began and, with the
exception of some irregular fluctuations,
the market continued heavy below last
nights level for the rest OF the day. Spe-
cial points of weakness in the early deal
ings were Sugar, American Tobacco Malt
ing preferred, Anaconda, Pullman and
Brooklyn Transit Aggressive strength
was shown all day by United States
Leather, which was taken in enormous
lots and rose at one time to p ga. The
closing was a point below that New
York Central after a small fractional
advance met very heavy offerings on the
announcement OF an additional stock
issue Of $1,000. 600 The stock moved
somewhat irregularly during the day
within a range of a point below last
nights level The London market re-
fiected some depression upon this market
and the undertone there was distinctly
weak on the uneasiness regarding the pO-
sition of the British troops in Natal The
suggestion fthe chancellor Of the eX-
chequer that a tax on South African gold
mines might be looktd to to help defray
the expenses of the war was apparently
not relished by the spectators In. the
mine market London's sales in this mar
ket were upwards of 10000 shares. The
general weakness OF copper mine shares
had a depressing influence on specula-
ton. The weakness of Anaconda on the
exchange was supplemented by a break
in Amalgamated Copper In the outside
and by weakness in Boston. The hard
ening tendency of money was a discour-
aging factor for the bulls Most OF the
days call loans were made above 6 per
cent and the rate rose to per cent late
in the day. Bankers generally asked
per cent for time loans and were dlsin-
cined to put out their funds for the
longer periods. Rather less money was
shipped to the interior today but the out
go, while diminished. stir continues. The
sub-treasury Is also absorbing funds
Closing prices of stocks were as follows: