The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-05
FEARS THE WORST
But, AS USUAL, THE WORST DOES
NOT CONE 10 PASS

Diamond Match ssns.tioa In Chicago Giyes
the street = jolt and 10 Expects Others
to Fellow. in the Way Of Business Fan
ures of the Concerns Intersssed. Trouble
From the Banks Using Collateral In
voived and other Dreadful Thin<.-Ap-
prehensions are Only Partially Realized
Stock and Bond Markets Lover.
New York. Aug. The failure OF
Moore Brothers % Chicago was com
plete surprise to Waz street. and was
at first supposed 70 include the collapse
Of the Diamond Match company OF Chi
caso and the New York Biscuit CON-
pany. which had been promoted by the
firm The sensational character OF the
closing the Chicago stock exchange led
( The financial community at large 10
expect the most startling disclosures
1t was feared that the New York banks
might be involved as holders OF collat-
erals. and that also wholesale iiquida-
ton in the grsngers and other shares
might result Lower London cables pre-
vioS,s 10 hte opening also created an IN
favorable impression Accordingly
there was a rush TO eel at the sound OF
the gong, and during the rst fifteen mir
uoes the market was demoralized under
liquidation. bear offerings and sales for
foreign account The situation was AK
grardt-d by expsc 1atsons of a sharp ad-
vance n rates for money and ccznner-
c4sl paper. In the time spsc.iei de-
cAneS were scored all along the Ens.
Win the grange-S the ravorite objects
or attack. Burlington dropped So per
cssrt. Chicago Gas -. per cent, sugar.
rs per cent, Rock Island ard Leather
preferred per cent. Northwest. 50. Paul
and tobacco Is per cent. Manhattan.
general electric. sugar preferred and
lead preferred Ia per cent. Louisville
and Nashville Is per cent and other
shares 20 a less extent. The selling
pressure abated later. and sharp raj
les occurred on q clearer understand
Ing OF the situation. Leading bankers
were hear df1om 70 the extent that the
New York Institutions were rot In
volved and Chicago dispatches were
received reporting that measures had
been taken 20 protect the stock % the
Diamond Match company and quoted
prcrninene capitalists as saying that
the trouble would be over within a
comparatively short time Neverthe-
less. it Was learned later that the New
York banks had called loans IN order 10
send money 10 Chicago. The result OF
OF this action. although the fact that II
had been taken did not become pubic.
was the withdrawal OF offers OF short
funds and the marking up OF rates 20 s
Per cent for all periods. Cal money
was advanced 20 ga per cent as rae
maximum figure. with the bulk % the
Transactions. however. at 2t1T3 per
cent A stirfening in commercial paper
rates also took place. lower quotations
than o72 Per cent for prime pa per being
the exception The market became ex-
tremely dun at the recovery. owing TO
the continued depressing effect OF the
railroad rate distur bsncaS disappoint-
ing traffic returns ard expectations Of
poor exhibits yet TO Be- published As
the day progressed. fractional varsa-
lions either way occurred frequently as
result OF trading operations. A fur
Their rise in actual and posted rates OF
sterling exchange failed 70 create a rip
Ule- The rallies had extended 10 2% per
cent IN Burlington Around l O'Clock
the adrcnce was checked and unde-.
| light offerings by the c--a-. together
with realizing sales. prices reacted -
near the initial low figures. S. Paul ex-
ceptiona0ly decining 10 g. per cent
Cleveland Lou3i-e and Wheeling pre-
ferned dropped per cent 70 81 par cent.
Around the closing hour Their was a gen
eral stiffening in prices, IN which sugar
touched 1921 per cent and several at
taLned the b>st prices OF the day. The
closing was irregular at net declines OF
l42 per cent in the leading shares.
The total sales % stock today were
1s5. 500 SHARES. including the folsowlrsy:
American Tobacco. $500: American
sugar. $500; Burlington and Quincy
-. 300: Chicago Gas. fl.1e0: Louisville
and NzshvsTle. 1880; Manhattan Con-
solidate1. 500: NO-rs1x eStern. 4fca:
Rock Island. $500; st. Paul. A.. 100. West
ern Union. $500.
The railway bond market was duh
with a saEginz tendency. TIE sales
were s47s. 90 Cleveland ard Dayton
firsts trust r~ceipts dropped per cent
Virginia Midland stamped per cent
Western Pacific flrstz 3 per cent. Bur-
linEto1 sinking fund fives 2lz per cen;
and Illinois Central fOJIrz % 1852 and 81
Louis Southwestern frsts = Per cent
Other important declines ranged % TO
II. per cent
Government bonds were dun BIZ. logrer
on sales Of $4,000. II silver certificates
g ods brought 50.
LOANS. BONDS AND CLEARIEGS-
New YORK. Aug 4-Noon. Money
on can. noninaRy Per cent: prime
mercantile paper. sizd7z per cent.
sterling exchaTSe. strong with actual
business IN bankers bslls az 81 80 81.
for demand. and Nss14ssft FOR sixty
days. silver certificates. ss& 1fsis: 10
saje.: bar silver. So. Mexican soEars
So: government bonds. steafy. new
fours registered, IL: COUPON. IL. hveS
registered. 10. coupon. 1igs f0uTs req =
tered. 1914: cogps0n- 1911: 1wrss rigs
ter-d. -: Pacific skies % -. 1901
PhslS5slphla. Pa. Aux f---Clessri1xz
81 as. 0e4: balances. ;l.3s7. al
baltimore. Nd. Aug. 4---C7e2rtnEs.
. rs 30: balances. s57I. ss7.
s3rfs So. balances. }ssf.s s1 N0oey gE
per cent New York .1caszze -
cents db@cOvn, bsd. = cats zssseIi
N~-.Vz5s. Term. Aug 4--Cisar1nszs.
1874 es2
New Orleans. La. Aug t--Csarzzs.
g. ~. sc
Amosns Of the Cold Rs.erv.
washinErol. Aug. 4-ToSay's state
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