The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-08
SUPPORT Is MINUS
STOCK MARKETS WEAKNESS AS
IOHIsHES EVEN TIE BEARS.

ID the Weird and Ssos Low Records Go
Bsyoad the yeaezaeIaa Proclamation
Fiarr--Advaaee In Gail Money Rates.
and Loan Dfstsrbanees. Then Eaforcsd
selling Orders-rhs Weeks Review.
New York, Aug THE stock market
today was unusually active and dis
played q degree Of weakness that sur
prfsed even the most compromising
bears The declines were exceptionally
severe and enly the conservatism Of the
leaders OF The faction prevented open
Generalization. as the only support CIV
en- was by covering purchases. Liqui-
dalton was the order OF the day in all
classes OF stock exchange securities
and some OF the low records established
in the active fist were below the vene-
There was no special news to account
for the break. but an advance n call
money rates 10 an extreme 7 per cent,
/ following upon renewed disturbances
in loans by the banks, precipltated a
flood OF enforced selling orders and gave
/ the advocates OF tower prices a clear
]
! dicaticn Of unusual excitement On the
| floor q the xchange, but the complete ab
sence Of support was regarded unfavor-
ably significant OF the respondent feel
| ing generally prevailing. This condi-
| ton OF the Wa1 street mind was fur
! there evidenced by suggestions Of the
necessity of issuing clearing house Ger
ti6cates in order 70 protect collateral
from open sacrifice. The rumor IL re-
I ferred 10 as having exeTted decidedly
7 unfavora BILE influence IN the market and
was semi-oficIaily declared 10 be pre-
mature.
The market opened Irregular but soon
displayed q decided sagging tendency,
Ignoring sight fractional improvements
in the London market for American Sc
curities. These lessons IN the frst hour
were striking. few being sensational
shrinkege In the prices OF high grade
investment securities. Purchases OF
shorts resulted In partial recoveries %
1a2 per cent. but near midday the down.
ward movement was resumed on the
advance in money. The declines at the
lowest point were: Manhattan IA per
cent; New York. Lake Erie and west
ern s per cent; Burlington 81. per cent:
Morris and Essex 5H per cent; Consoi-
cent: Western Union 3h per cent; Con-
solidated Cos and Iac3zawanna 8 per
cent; Sugar AZ per cent, and ST. Paul
AZ per cent The excep tional weakness
IN Manhattan was ascr!bed to the de-
ctsion averse to the company, made by
the rapid transit commissioners. Late
in the day, the lorlgexpected and much
forcaSted statement OF operations for
the quarter ending lIne 80 came to hand.
An increased deficit OF $500 after div
idends cannot legitims tely be consider
ed ojustify all OF the recent bear
clamor. The selling pressure appeared
exhausted, so far as the general HIST
was concerned. at 1 O'Clock and. al
though concessions continued to he
made in spots. the tendency was mainly
10 rally. The movement was very few
erish and hinged entirely upon the COW
ering OF shorts. Burlington recovered
to IS per cent and Manhattan to sou
per cent. Lake Shore Jumped 3 per cent
TO 13S per cent, and other stocks 1a3 per
cent The extreme improvements were
not retained. tn closing was feverish
at net losses cf1aS per cent. the last in
Manhattan
Total sales Of stocks today were $685.
500 shares. including the following:
American Tobacco Is. 200; Atchison IL. 900
American Sugar L, LOO; Burlington and
Quincy $500; Chicago Gas 16, 100: Cen
trail Electric 300; Louisville and Mash.
vile $500; Manhattan 1920; Missouri
Pacific 800: Reading $500: Wabash
preferred 5000; Western Union IS 800:
Wheeling and Lake Erie 5.109. Southern
railroad preferred 400; New Jersey
Central $500.
The bond markets showed demoraN-
cation that was apparent in the stock
market, with the speculative issues
bearing theb runt OF the Liquidation
The losses, however, were the more ma
tertal in the lnigh-priced and less active
bonds Louisville and New ALBANY
consois were CONSPICUOUS for an ex-
ceptional advance OF per cent, to 50
per cent The sales were $1.1eo 90. The
principal declines were In the Union
Pacific sinking funds per cent: Man
haitian consoS "a per cent; St Pau.
Minnca polls and Milwaukee Eves per
cent: Wabash seconds sper cent: Kan
sas and Texas seconds, per cent; Third |
avenue frsts 81 per cent; Texas and !
Pacific fiTsts 21z per cent, and Atchison |
fours per cent.
Governments yielded tractionaIly al I
around on dealings Of s3s. 600
FOREIGN STOCK MARKET.
New York. Aug. s.-Evening Posts |
London financial csblegram: The stock |
markets today were idle and fat Amer |
leans ouened vel above the parity. and /
early in the day some blocks OF shares /
were bought by good houses FOR locking !
up. Then. on the heavy selling ia New 4
York. the market went 70 yseces. Il 4
rallied frac-ionaEy about O'Clock oily 4
70 ~ IL -.
est Railroad bonds are practically III
The only fzyorite points i
are bear sales Of fading stocks today 1
as q Profession agsins; unrnsrketable
securities held, and the fact that there \
s now scarcely any account apparently
open On the other hand. Il - feared
that owing TO the recent ease Of the
money, large blocks OF stocks may have
been parned and, u 50, further col
lapse = feared The Other markets
were mostly under the influences %
Americans. the effect being az the greer
because % The Iiuseed markets OF the
aoRidey season
The Paris bours> opened weak but
closed better
The Berlin market was steady 20 fra
REVIEW OF THE WEEK
New York. Aug. I.-Bradssr-ers Rs
view OF TIE New YORK stock market
tomorrow VIII say:
During Tire past week speculation n
the New York nsarks: has SHOWN re-
DsEed bearsa rea6snciez. eliminating
ID Friday N 4 severe I41s tat.on and
genera. demorai.zzsson q pr1ce-l The
failure Q. prominent chsc2So op~rs:0-s
md the cola 80 OF q foczl boom. win
ne closing q tse stock exchzzxe tier.
lad 10 immediate ccnn=csso1 vita Wan
Street 7syerrneless he scc4t%ns crsS-
.ed Ear ,eat friu-r NH pe rrare