The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-09-28
Stocks and Bond S.


worthy prices Of stocks ere primarily due
TO the existence OF a large outstanding
short interest. Manipulation against the
shorts was also very obvious and IN the
hands Of strong and resourceful inter
ests. The bidding ups Of stocks carried
prices swiftly away from the bears in the
very crisis of their distress and there
was notable recalling Of stocks which
have been loaned TO the shorts on ad-
vantageous terms for a long time past
This could only be the result OF powerful
manipulation 10 force the shorts 70 buy
stocks to cover. But while these facts
were obviously true. the upward reaction
could hardly have been precipitated or
extended to the length it has. without
strong revulsion OF speculative sentiment
from the depression which has induced
the liquidation for some time past Al
most the entire credit for this revulsion
must be given TO the growing conviction,
strengthened by significant admissions
from authoritative sources, that active ne
gouations are going forward between the
anthracite coal operators and the miners.
and that basis Of settlement has been
formulated with good hopes Of success.
The violence Of the recovery in prices
on this development IS astonishing, con-
sidering the saml impression that has
been made on the price OF coal-carrying
railroads since the strike has been in
force and which has given the impress
sion that there as little short selling be-
ing done on account OF the strike. This
supposition wiz scarcely hold IN view Of
the large bear. account which was dis
solved by the conviction that strike set
tIement is iminent. But II must oe borne
in mind that when prices are once forcio-
NY diverted in given direction In Wall
Street, sentiment o nall points is made
% conform 20 the new order OF things.
The mercurial minds OF the SPECTATORS
in conformity with this rule, today threw
OF all their lowering apprehensions OF
the coming stringency OF the money
market. The downward plunge Of steC-
ling exchange OF full half cent IN the
pound for both actual and posted rates
helped 70 this result Commercial bills .
Of exchange for cotton are coming for !
ward in such force a sto relieve appreher +
sions a sto the ability OF the New York +
money market 70 meet It's future obliga- /
tons OF the German and British ex-
chequer loans without export Of gold /
The downward course Of the exchange is .
so violent as to give rise 20 some ex-
pectation that god viii move this way. I
That such a movement could be forced .
in case OF necessity It is very evident, /
and that it viii be, unless foreign money (
rates advance, IS very probable, II is be
ieved that German bankers have tried 1
TO secure a time loa non New York dur !
ing the past few days for several mil I
lions OF dollars. The effect is said TO /
have failed because Of the unwillingness /
Of the German bankers to pay the inter /
est ahead. Today's movement Of ex-
change is a significant rejoinder. The +
Bank OF England statement discloses
that that institution, while It has been
loaning literally 70 the open market with
one hand, mas conti1Ued- to borrow from
It with the other, thus indicating the
prospect OF further advancing the dis
count rate
The strength OF the stock market, FUR
Their growing in buoyancy, was continu-
Gus after an opening dip in prices. 10 the
chagrin OF the bears, who were driven to
cover last night on rurlor Of the coal
strike settlement which was not con-
frmed this morning. Theextreme ad-
vances in the coaIers ran Up 10 81 in
New Jersey Central and the leading spec
isltes, and local traction stocks recov-
cred from ? 10 : IL points. In the active
railroad list net gains OF l to points
with the closing active and strong at
about the top. closing prices being as
follows: