The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-10-16

! cliQues, some of them newly formed this
morning, aided the advance. The COM
mission houses reported that they had
large orders to buy from outside sources.
What proportion these various elements
mad in the aggregate OF the days trad
ing 1t is not possible even TO estimate;
but no merely technical conditions could
have resulted in so considerable rise In
prices and in such a widely distributed
strength. The true basis of the ad-
vance evidently was the change in the
money outlook and the promise held out
to the speculative spirit in the general
conditions. There has been steady
growth Of confidence in Wall Street for
some time past in the general outlook
for business. Il has been firmly he'd
that as soon as election uncertainties
were disposed of there would be a re-
newal of business activity up to the high
level Of the recent prosperous period.
On the other hand. the growing con-
struction OF the money supply left room
for doubt whether the intervening period
could be safely bridged without such a.
money stringency as would be disastrous
to speculative commitments. The con-
viction crystalllzed today that the dan
ger Of money stringency was mitigate1,
and the expected post election demand
for securities was discounted on very
large scale. Saturdays bank statement
demonstrated that a very large contrac-
ton of loans had been effected without
serious harm TO the stock market, thus
conserving the surplus reserve. The
gold engaged in Europe last week is
expected to arrive in time to show in
next Saturdays bank statement. The
Bank of Frances announcement through
the Associated Press Of a determination
to aich ,1,-t
stringency, and the expressed readiness
of the secretary OF the treasury to act
toward the same end, had a notable ef-
feet in Strengthening confidence. The
large additional engag ements of gold
announced this morning promise further
help to the local market, although the
receipt is deferred for several weeks.
This is due to the fact that the gold
comes from South Africa. The fact
was much dwelt on in speculative cir
cles as marking the resumption of the
output from the Transvaal mines, but
the exact source Of the supply and the
channels through which it is to come
were kept shrouded in mystery. The
fact that there were no deposits at the
sub~treasury today for transfer of cur
rency to the interior can hardly be with
out significance as indicating the future
interior demands for currency, the more
so as New York exchange at Chicago
rose to Is cents discount compared with
Q cents discount on Saturday. The hard
ening Of sterling exchange was due sim
ply to the purchase of bills against the
gold imports. The striking exhibit Of
the foreign trade for September shovel
conclusively the continued command for
the international exchanges. Not only
was there an increase in exports of near
ly S6,00o.o00 compared with last year,
but decrease Of over 81, 900 o00 in i'm
ports went further to enhance the trade
balance in our favor: SO that the excess
of exports over imports for the month
has run UP to over sas 900. As the IN
crease in cotton exports did not suffice
to Offset the decrease in breadstutfs the
increase in the total exports shows the
export trade in manufactured we'll main
tanned. The expected settlement of the
coal strike was also factor in the I'M
varying strength in the market and the
special strength in the group Of coa1ers
Realizing in stocks which had had Their
extreme advance early in the day made
the closing slightly irregular, but prices
generally were well maintained at the
top.
There was a decided growth of ac-
tivity IN bonds and some notable ad-
vances in prices. but there were wax
spots which made the market irregular
Total sales, par value, $1,9S0,OOo United
States bonds unchanged on the last call