The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-26
ulLNESS WIS DIE
And 1t Arrived Promptly on
Schedule Time.
NO STRENGTH ANYWHERE
Furry in Money Rates--Turn-
ing Point Not Yet Reached.

New York. Sept. 25.-Students OF stock
market circles have observed that a vio-
lent movement in either direction is GER
tain to overrun itself Thus the forced
liquidation Of the last few weeks has in
vited horde OF bear followers. When
the liquidation had spent its force, the
short contracts of the bears were left
uncovered and the demand from that
source worked sharp rally. In the nor
NAL course OF things period of dullness
was then due and it arrived on time
today. With money still tight. no new
speculative demand is 10 be expected
Immediately. On the other hand. specu-
lative accounts on the long side have
been pretty well shaken out and the
bears are rather chary of making ven
turesome incursions into grounds that
do not promise large returns. But stag
nation o demand means declining prices.
though the progress may be but slow.
The conviction is not strong that the
process of loan contraction is completed
entirely. A study of the detailed state
ment Of the clearing house banks re-
veals the fact that the surplus is made
up from the holdings of few of the
clearing house Institutions. while the ma
jority of them Sre still below their legal
reserves. There was a sharp reminder
of this condition of affairs in the last
hour Of the trading today. when call
loans were suddenly marked up to y
per cent. The quickness with which they
receded, however, 10 6 per cent fave the
higher rate the appearance Of being
manipulated. Borrowers sometimes hold
p ffuntil late In the day on a hope of
getting better terms. and they find offer
ings largely curtaiIed. while their neces-
stiles are still unsatshed. The rate was
down to 5 - per cent earlier in the day.
The furry in the last hour caused the
most active selling Of stocks OF the day
Those who reason that the point has
been turned towards easier money con-
ditions found little of the days occur
rences to encourage them. New York
exchange was heavy at practically all
important interior points and shipments
to the interior continued. The New York
sub-treasury also continues to absorb
funds from the banks. The large supply |
Of gold certificates now available, far
from improving conditions in New York, |
rather aggravates them. as it simply ia
cilitates the movement to the interior |
A firmer tone of sterling exchange pre- /
cluded hopes of an early gold movement !
Discounts in Berlin stiffened sharply and /
sterling exchange there fell fraction. /
Discounts in London responded with /
rise of a fraction. No marked strength !
was manifest in stocks al any time dur |
ing the day. in spite Of the bidding up
Of Brooklyn Transit and Leather pre- /
ferred. The speciaIties show the sharp 1
est losses. reaching between and 4 4
points IN number Of instances. In the 4
railroads the Changers were most affect
ed. but number of other railroad stocks
are down as much as a point
Bonds were not as weak as stocks, as
there were a number Of firm spots in the
market Total sales. par value S124O. 900.
United States 2's declined II and the old
IS registered advanced Is in the bid
price.