The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-09-15
FEELS THE EFFECTS
STOCK MARKET WEAK FROM FRI
DAYS STAGGERING BLOW.

London Prices for American Securities
| Come Lower, as was Expected-There is
Nothing New Of Tangible Nature, but
| Vague Apprehension Is as Effective for
Weak Mafket-DOwnward Tendency
Relieved but Once in the Course of the
! Day and Then but Temporarily-keview
of the situation for the Week.
New York. Sept. 1.-THE stock mar
ket today opened weak. the unsettiing
influence of the previous day continu-
| ing operative. London prices for Ameri-
can securities, as had been expected,
came lower, the reported declines ex-
| tending to 81 per cent. There was no
| important news bearing upon the prices
| of stock exchange securities but the eX-
| pectation of something vaguely unfa-
vorable was felt by many of the traders.
| The downward tendency was not re-
| lieved until 11:15 when covering of the
| shorts temporarily stemmed the recess
sion. In the break Missouri Pacific
lost 81 per cent; Great Northern 31a
per cent; Sugar 23s per cent; Lead PA
| per cent and Cleveland, Cincinnati, Chi
cago and st. Louis, Denver Pacific,
Kansas and Texas preferred, Tennessee
Coal and New York Central each per
cent. Material declines also occurred
in a number of other stocks. The rally
extended from "a tc ~ per cent. the
last in Sugar, Tobacco and Missouri
lived, however, and in the last few min
utes another effective drive caused re-
cessions of 1s@lA per cent. Sugar MAX
ing the extreme loss. The market
closed weak.
The total sales of stock today were
4.500 shares, including American Su-
gar 44,400; Atchison 1900; Burlington
25.900; Chicago Gas $500; Distilling a.
zoo; Kansas and Texas preferred $500;
Louisville and Nashville 5000: Missouri
Pacific 16,100: Northwestern $500: Pa
cific Mail 300; Reading 10000; Rock
Island 10000; st. Paul 200; Tennessee
Coal and Iron $500; Wabash preferred
400; Western $500; Wheeling and
Lake Erie 300.
The developments Of the week, ordin-
airy in character until Friday, were over
Swallowed on that day by the uneXpect-
ed influence that Messre Lazard-Freres,
who had been considered one of the
most influential members of the great
syndicate, had been compelled to en-
gage s2,500,0OO in gold for shipment to
Europe by Saturdays steamer. The
street had taken the news of other en-
gagements by houses who had been pro-
minent exporters since the present out
movement began with comparative
equanimity, although they aggregated
s205O,0O0; making s4.200.000, for the
week. The Lizards heavy engage
Hent, however, created intense excite
ment and was improved effectively by
the professional bears in depressing the
prices. Liquidations by genuine own
ers and holders Of securities also i'm
mediately set in on a large scale as the
general influence was that the syndi-
cate had either reached the end of its
resources for the protection of the treas
ury gold reserve or had determined to
assume no further moral obligat ton on
this score. AS is we'll known, the legal
contract of the syndicate with the gov
eminent expired over two months since
AS the fidelity of the syndicate in full
filling its bond to the letter in the face
of apparently hopelessly adverse con-
ditions, had challenged the admiration
OF the financial world, so the apprehen-
sion caused by its apparent collapse
produced a semi-panicky condition. The
widest rumors were set going, that
wholesale exports of gold would now
begin, so as to rapidly diminish the
treasury gold reserve until the point
was reached where another large issue
OF government bonds would be impera-
tive to sustain the country's credit. 1t
was recalled that the subtreasury Off
Gals at New York, on the day immed-
lately previous to the last government
issue. had been reported as telegraphing
to Washington they could nto hold out
another twenty-four hours"
The reassuring statements made by
LaZard Freres, by Mr.. Morgan and the
influential members of the syndicate
have had only a partial effect in tran
QUILTING the Wall street community as
the serious conditions now confronting
the country are more clearly outlined
The most important Of these conditions
are the heavy obligations of the United
states TO Europe on account of balance
of trade against US, which has been
svelled by the heavy imports and to-
tally Inadequate movement of our eX-
ports to cancel the same. The slla p
shrinkage in the prices of our aGricul-
tural products. the comparative failure
of our winter wheat crop. the shortness
as well as the present heavy stocks of
that staple abroad. and the persistent
selling of our securities by Europe, con-
Stitute a grave problem. On the other
hand. conservatives, leaving the prob
ability of bond issue out of the ques-
ton, believe that under the auspic IS Of
the syndicate block of our securities
variously estimated al from 5000. 900 to
so, 900. 900 will be floated abroad which
viii make enough exchange, together
with the assistance of the syndicate
and the banks, to tide the situation over
until a supply of grain. cotton and other
bills has appeared large enough TO stem
the tide of gold exports to Europe
The other new developments have tenn
porarily been ignored as OF relative I'M
Importance to the foregoing conSidera-
tons.
The declining tendency of prices ev-
inced at the beginning of the week was
intensified toward the close and on
heavy dealings material net losses, as
compared with the previous week fl
mails. We're generally scored. The more
extreme declines Were in Burlington
and Rock Island each 6i5 per cent; Su-
gar 62s per cent: ST. Paul and Cleveland,
Cincinnati, Chicago and ST. Louis )
per cent; St. Paul and Cleveland. Gin
cinnatti. Chicago and St. Louis pre-
ferred 4 per cent; Lackawana and Ore
son Navigation iA per cent; Kansas
and Texas preferred AS per cent; ILL
nois Central AS per cent: Northwest,
New Jersey Central. Southwestern pre-
ferrej and Tennessee Coal per cent;
Louisville and Nashville 3ss per cent:
st. Paul and Duluth. General Electric,
Great Nnorthern preferred and Atohis-