The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-09-04
MONEY RULES STOCKS
Bear Campaign Starts on
Closer tendency Of Money.
SELLING PRESSURE ACUTE
Decline of | TO 8 Points Occurs
in Principal Stocks.

New YORK. Sept s-The reason for tbs
sudden reversal Of speculation opinion II
today's stock market 50 far IS events q
The day threw any light upon II was rath-
- obscured- The bear party which vas
obviously intiuidated OF last Friday BY
the good support offered 70 stocks By IN
side interests and disappointed at the fan
IRE CT the money market to stifFen on the
evening OF triple holiday were apparently
wiling to take chances on the short side
that they were afraid 70 venture upon for
the interval during which 10 market
would be available for them 70 close con
tracts IL Their renewed vtgor fl selling
stocks thus represented q renewal OF the
bear campaign based upon the closer
tendency OF the money usket which vas
interrupted By the holiday. The actual
condition II the money market contorned
pretty closely TO what was expected on
Friday and which the Saturday bank
statement served 70 confirm D. a1ticipa-
ton but the sterling exchange market
promptly responded TO the close coudi-
ton % the local money market n a way
work for the relief OF the market b.
drawing gold from abroad. N addition
there was an announcement OF the -
ceiDts OF $4,000 il Australian gold az
san Francisco for telegraphic transfer 20
New York and the expected receipt later
il the mouth OF 8. 80 coo 20 the same des-
tiaasion. II the prevailing sentiment OF
Friday the marking Up Of the money rate
which occurusd today would have BEEN
ignored. II Offset b. these counter effects.
The ruling rate for call loans today was
90 per cent None was made below
per cent and the rate ran up time 70
per cent Money was reported II abun-
dant supply IN London and the downward
course Of interest there was not affected
BY the drop IN New York exchange Il
tact conditions were decidedly raore
cheerful in London this morning ard The
prospects OF being called OF for gold ~
New York is apparently viewed with
equSniuity. Lon6on's higher rangs for
Americans had the effect OF opening this
market higher. but the opening prices
proved 20 Be the highest The action o.
the foreign exchanges has been 50 ano-
nzlous q late that distrust IS felt of
the present weakness as al Index OF
coming gold exports Large loans are
known 20 be making on foreign capital
here which involve the selling on long
exchange 70 be covered BY purchase q
sight exchange when the loans mature
II IS known that arrangements have also
been maintaining IN the Paris exchange
market for meeting future requirements
for the purchase OF American wheat. The
recent heavy export movement OF wheat
from here IS 70 some extent artificial. be-
ing stimulated BY decentralization OF ocean
fire. ght rates IS used BY the extremely
scanty demand for room 20 EXPORT mer-
chaldise These factors all have bear
Ing upon the future q the forelgn eN-
change market promising some support
AZ the period when exchange IS generally
the weakest. When traders perIived
large selling today by brokers generally
acting for interests which have consis- .
-ently supported the market through all
recent signs Of weakness. the selling
pressure became acute, causing declines
d 1 70 points among the principal ac- .
i've stocks. the Changers and Faci6cs .
eading Denver and RIO Grande Issues
showed extraordinary strength ard after
-eacting with the market show mex gains
II 3 points for The common and Is FOR the
preferred.
Railroad bonds weakened Total sales
par value. t252soo9
United States bonds we're unchanged CT .
he last call