The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-21
1T FOOLS HOLDERS
STOCK MARKET Is ANYTHING BUf
WHAT Is EXPECTED.

DECENTRALIZATION nfo Hard Hut 20 10
fer Leans, Niue Per Cest Being Paid
in More Than One Case Bosds De-
cline
New York. Aug. 90.-Today's stock
market disappointed the owners and
holders OF securities who pinned their
faith to decided Improvement in prices
as result OF the beginning Of the IT,
turn flow Of gold announced yesterday.
A further engagement for import TO this
country Of $3.50. Geo was made today and
there were unconfirmed rumors after
the close Of business. OF additional
heavy imports impending within a day
or two. II was announced that the
bank presidents whose conference was
reported yesterday had decided that con-
certed action to secure gold from E,u-
rope was not called for in the existing
circumstances AS usual in similar
conditions. the street was furnished with
considerable amount OF ingenious bu-
unauthoritacve data regarding the pros
pective Importation OF the yellow metal
In well informed circles the impression
for the express purpose OF affording
much needed financial relief TO the mer-
camille community. There was also q
conflict Of opinion among experts as to
whether the s2.ooo,0o engagement OF
Messns. LaZard Freres was or was not a
special transaction II is unques-
tionable that many business men have
recently found it difficult 10 secure mon
etary accommodation, as as evidenced
by the successive reports OF the curtail-
ment Of industrial activity. Although
not a matter OF record, nine per cent
was paid in several instances today for
money by merchants, and banking
houses reported applcat tons by custom
ers for money wherewith TO buy ex-
change. Conservative merchants be-
iieve. however. that most OF the weak
concerns have already been weeded out
Transactions in commercial paper were
reported at per cent, as against COM
mercias figures OF sqs2 per cent quoted
yesterday.
The market was only moderately act
i've and prices moved irregularly with
a persistent downward tendency. The
fluctuations were in many instances
quite marked. The traders were bear
!shly disposed on account Of the failure
OF the London market 10 respond TO
the improvement on the local exchange
yesterday. Reported further cutting Of
railroad rates. d, stiffening in exchange
figures and estimates of a heavy de-
crease in reserves OF the associated
banks on Saturday contributed 20 de-
press stocks. The opening was quiet
end irregularly weak. with the varia-
tons unimportant, aside from Missouri
Pacific, which advanced 4 per cent, and
Western Union. which Sold of q per
cent. The bulls on sugar soon made
a diversion in that stock, resulting in
an advance of L per cent and checked
the general reactionary tendency. Bur
linston and Manhattan rose rs per
cent each and the other shares gained
sharp fractions. The rise was stimula-
ted by the news OF a $500 gold en-
gagemert abroad by a prominent bank
ing house. Recessions followed on re-
alization, and decided dizziness succeed
ed. The bear traders were encouraged
by the speculative apathy IN the later
dealings and made an effective drive all
along the line. Their operations were
facilitated by an advance in exchange
to the basis OF s4.S51. for demand. 50
days bills ruling at sA.s41z4 4S41z-
Marked depressions occurred in the final
hour. Sugar lost 2is per cent and Bur
lington was sold ex-dividend and had
recovered the amount OF the disburse>
ment, reacted from 2Is per cent The
losses in the other shares ranged from
1Q1A per cent, particularly IN the gran
gers and Tobacco. The last mentioned
was affected by the reported institu-
ton OF a suit by competitor. The clos
ing was at the lowest at substantial net
losses throughout
- - 49,
1s7 ,s24 shares. including the following:
American Tobacco 1900: American
Sugar A., 800; Burlington and Quincy H.
500; Chicago Gas $500; Mania ttan s.70o:
Reading $500; Northwes. 400: St Paul
25.7oo; Western Union 500; Wheeling
and Lake Erie 500; silver certificates
1900.
Railroad bonds were irregular with
the fluctuations extremely wide IN many
issues The tendency OF prices toward
the close was downward. The sales
were S53s.oco. Louisville fves led the
decline with a loss OF ~ per cent and
Louisville and New Albany consoIs led
the advance with gain OF per cent.
Silver certificates were steady on deal
ings OF $4,000.
New York. Aug. 21-The conference
OF bankers headed by J. Edward Sim
mons and Frederick d. Tappen. to factl-
itate gold imports. was concluded today.
and the sta temsnt made that the finan-
cial situation did not justify concerted
action BY ne banks at present
New York Aug. 30.-The steamship.
NornsrnSa, leaving London today. car
ries $50. 900 in gold consigned To J. a-ad
W. Seligusan-
LOANS BONDS AND CLEARINGS.
New York. Aug e0.-N0On: Money
on cal nloninally. 3Gi Per cent; mer-
camille ao,ninally. 7a8 Per cent: ster-
Ing exchange. strong and higher with
actual business in bankers bills at
$4sSizG4s5 s.for demand and s44izd
asa. for sixty days. silver certificates
sales. 1900 az Ga: bar sZvsr. ST..
Mexican dollars. 5liz; government
bonds, STEADY; new foGrs registered, III:
coupon 49,; ives. coupon. i0sk: tours
registered. los; coupon, los. tEos reg
sste7ed. SLY: Pacific SKIES OF 81. 100
Philadelphia Pa. Aug. 20.-Clear1ss.
s.. s34 s74: balances. sf.10e.ssi
Baltimore. Nd. Aug. z9.-Cleartrgs,
81. III. rs: balances So. -.
81 LOUIS. No. Aug 39-Ceariner.
3. 05s.s7s; balances ss52ss+ Money
steady. SOS p-- cent for cal loe1s 7Gs
per cent for tine loans New YORK sK-
change 81 discount BID; % asked
Memphis. Tenn. Anx- 20-Csezrsnss.
:ess.5 balances. 81. Ssi-
New OTle&1s. La. Aug 9-Clsartnss.
81. e44.1sL
FOREIGN MARKETS
Liverpool. Aug z8-Thest-SDot firm;