The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-10-09
BEARS hGA|N ACI|VE
Leading Stocks Are Off One
to Three Points.
GOLD IMPORTS IMMINENT
Statement of the Causes
Tend to This End.
GOLD IMPORTS IMM4NEN I

New York, Oct. s.-Trading on the
stock exchange To-Day was marked by
a revival of a considerable bear party.
whose activities were aggressive aaG per
sisJent. The efforts to depress pr.ces
were contested by the speculative holders
of long stock, VINO were successful last
week IN lifting prices in spite Of the va
rIous Untavora6ie factors which deyel-
oped in the situation. The conf c ing
forces at work were reelected n fever
ish and irregular movement IF prlc s.
The marked depletion OF banking re-
serves revealed by the Saturday bank
statement had the effect OF Tn citing
speculative opinion There was con-
stAnt va Ia ZION bet cen apprehension
over construction OF money supply and
the prospect OF relief by Imports OF
gold. The conviction became pretty well
settled as the day progressed that gold
would move from London towards New
IlYork this week. The market for foreign
exchange fell feverishly by successive
stages throughout the day and demand
sterling closed a full cent in the pound
below Fridays level. which was the last
day of active business IN the exchange
market. This price Is within sna
fraction of the level generally agreed
upon as offering a prom, on Imports or
gold at the present price OF gold ana
rate for money in London, and is proc
ably within the limit that would allow
the special transactions which generally
precede a gold movement in a stragglinS
fashion. owing TO the temporary album
dance OF money in London on account
OF government financial operations and
receipts Of gold from Ind in payment
for silver. discount rates continue 10
fail lower and offer no resistance TO the
pressure for gold. The small movement
of gold from London 10 Berlin today
was in response 10 the transfers OF SER
ling from New York TO Berlin which
have progressed IN connection with pay
ment of subscriptions TO the German
loan. A member Of the German loan syn
dicste broadly intimated today that re-
quirements for exchange in payment of
subscriptions to the loan were about sat
isfied, and expressed the opinion that tbs
same was true IN connection with tire
British loan. Without this future demand
to support the exchange market, the
food of cotton bills which continues 20
appear IN the market inSures move
ment htheF of gold which only a sharp
advance in foreign discount rates will
serve to check Such a contest for gold
as would thus be precpitated. even II
II resulted IN favor OF New AOfh, IIAS NJ
not DE an altogether resssuring ciroum-
stance for spectators. as the forcing OF
liquidation IN foreign markets might
have Il reflex action here. Hence the
unsettlement of the speculative mind to-
day, In spite of the prospect of gold i'm
ports. There was also an appreciable
narrowing of the money supply offering
In New York. The prevailing rate held
at per cent for call loans and ran I'D
TO 3l5 per cent during the afternoon, but
the higher rate brought out an abundant
supply to ell the small remaining re-
quirement and the rate ran off to ~ per
cent The interior movement Of cur
rency continues undated and the de-
posts at the ,sub-treasury alone today
for transfer TO the interior foot UP three
quarters Of a million dollars. With the
exception OF a period of strength in the
Iron and Steel stocks, led by Tennessee
Coal and Colorado Fuel. the reactionary
tendency was predominant. and the lead
ing stocks were off from one 10 thee
points. With the late break In call money
and the fall in exchange. to about the
gold point, prices rallied somewhat, but
the market closed feyerish and Irregular
Closing prices of stocks were as follows: