The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-10-12
CLOSE 10 SIAGNANI
Was Yesterdays Stock Mar
ket Save for Peoples Gas.
NO IMPORTANT CHANGES
In the General List, and the
Closing Dull.

New York, Oct. 1.-THE stock market
fell into condition approaching stag
nation during the latter hours OF the
trading. The undertone was heavy, the
driobling of selling orders find 1g no>Fup-
port whatever. The trading between the
| board room members made up the whole
| market and owing to the relative dull
ness of the general market the move
ment in Peoples Gas was made conspic-
uous. The pressure against the stock
was continued early in the day. but the
bears, who have sold the stock continu-
ously for some time past. became dis
quoted later in the day over the extent
of their commitments and a vague sus-
picion that the gas war in Chicago was
not unrelenting as made TO appear on ms
surface. The published report that the
Ogden company was buying its add
tional equipment from sources dominated
by interests friendly to the Peoples Gas
company was the cause. From sl9s as
the low point the stock forged steadily
upwards to $50, with symptoms OF in
creasing urgency in the buying demand
from the short interest. The close was
at the highest with a net gain OF Is.
Nothing could more strikingly demon
strate the inertness of the general mar
ket than it's utter failure to respond TO
this rather sensational movement. The
dullness at the close was unrelieved
and the days net changes were mixed
and entirely insignificant The money
market showed a rather reactionary ten
dency, 81 per cent representing the
maximum rate, compared with Per
cent yesterday Late in the day the
| rate ran down to Ia per cent, but 3
this came after the principal demand fad
been satisfied, II was not considered as
a fair index of the ruling rate. Deposits
at the sub-trs asury for transfer TO the
interior fell 10 below g. quarter Of
| million dollars. the movement to New
Orleans and ST. Louis being merely nom
inaL Foreign exchange also steaied this
| morning, but fell away again in the az
ternoon with the news that the price
of gold in london had been advanced an
| other half-penny an ounce for both e a
bars and American eagles The rise in
gold neutralized the action of the gov
ernors Of the Bank OF England In re-
| tanning the discount rate at per cent.
| The weekly return Of the bank also
shows that the failure to advance the
rate is probably a temporary pc Icy, hav-
ing consideration for the need of the
belief that the demand for gold from
New York does not need further resist
ance The conviction remains general
in Wall Street that considerable gold
Will come from Londan later in the fall;
that is, supposng the extraordinary
movement of cotton and the resulting
demand for currency from the interior
continues. Today's hull in the currency
movement is considered only temporary
and the days quiet market for cotton
| after yesterdays wide fall in price IS
| regarded as only coincidence, but these
| incidents are suggestive of the dominance
| of the cotton movement over the whole
money and nancial situation at present.
| Any considerable reaction in the price
! of cotton or any marked falling off In
the foreign demand, even at present
prices, would promptly alter the whole
| outlook in the international money mar
kets. Closing prices of stocks were as
| follows: