The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-10-23
GOLD JUST P)(|RS N
But Speculation 0verruns
Even in Abundance.
RESULT, A SHARP CHECK
Snappy Market Partly Re-
taxed at Closing.

New York. Oct. 2z.-Todays furiously
active and buoyant speculation was
brought up with sharp turn in the final
hour OF trading by a furry in the rate
for call money which carried il up TO
per cent. This was accepted as an
admonition that the speculation was
overrunning the newly acquired resources
of the money market and very heavy
selling to realize profits Immediately set
in. In some of the stocks most affected
by the late selling the earlier gains were
entirely wiped out and the average lev-,l
was carried down considerably below he
best of the day. The effort OF the bulls
to retrieve their ground caused q very
unsettled tone. but the closing was on
the whole easy. with the buoyant snap
apparently taken out CT the market.
Notwithstanding this late setback there
were some very striking upward move
merts of prices, especia ! in the Steel
group. and the largest DAYS business IN
stocks since the earlier part of the year
was transacted at a level of prices well
above those Of Saturday. SPECTATORS
reveled in the revivifyins streams Of gold
which are pouring into New Yak moaey
market from many quarters OF the
from Europe brought the total receipts
of the gold engagement there for import
to over 100000 and Saturdays r oeiptS
of &&0,000 at San Francisco can b.
made Immediately available to the New
York money market by te.eg aphic trans
fer. The balance OF the total engage
ments in uEroDe, which Amounted 20
upwards of 100000 is fast following on
the heels of the shipments already re
"a - =
was there single dollar deposited at the
sub-treasury for transfere to the south
or west, which IS a conclusive demon-
stration OF the marked decline Of The
interior need for currency. Sterling ex-
change fell weakly back to near the gold
import point, and the continued down
ward tendency of interest rates in Loa-
don and erin seemed TO offer sc1uieS-
cence in the threatened further demands
for gold from New York. 1t Is impo {
ant to note that the weakness of ster-
ling exchange is largely due to the heavy
buying of stocks Tor London account,
which amounted, according to RELIABLE
estimates, to 5000 shares. EychaAge
made from this source. unlike that due,
to the cotton movement, does not In
volve a corresponding drain from New
York such as is required 10 move the
cotton crop. London't large buying VAS
reported to be due, IN degree, u spec
ulative covering OF calls for American
stocks, which London has sold quite
freely for some time past AM which
the current rise in prices forces that
II arket to provide itself with. The con-
sequence OF these various favo,ing fac
tors was what the brokers called the
best open market for stocks snce last
spring. This was taken advantage Of
from the outside TO realize on very
large scale, and the prof ,Ssional opera
tors became somewhat Inelsy as they
detected evidence OF inside selling Tn
squirt in tho call money rate was al
that was needed to precipitate the gem
eral selling movement. This develop
ment served as a reminder that il may
not be expedient TO lend all the newly
available money resources at once %
speculative purposes. The time money
market was dull today borrowers ex-
pecting lower rates and leaders holding
out for the higher rates, but bankers
looked for considerable add tional re-
quirements for loans to be met in tho
near future. Closing prices Of stocks to-
day were as follows: