The Wichita daily eagle., 1896-07-21
HAS UPS AND DOWNS
STOCK MARKET ON THE EDGE OF
DECENTRALIZATION.

Business Large and Well Spread Out,
Sugar and 81. Paul Furnishing One
Fourth the Dealings-Bonds weak In
Sympathy With stoeks - Bond Issue
Runors-Gold Eneaeementa
New York. July 21IThe stock market
today broadened upon Decentralization
at times and the movement downward
was only relieved at intervals by cover
hour. when a rally from the low points
occurred The recovery was attended
by rumors just before the close. that a
conference Of bankers was being held
with view TO the protection OF the
treasury gold reserve from threatened
inroads. The volume of business was
large and trading was well distributed,
with Sugar and ST. Paul, however, figur-
ing for One-forth and about equally ac-
tive The market appeared to pc al
most entirely without support and the
Initial prices were weak on fairly large
dealings under the depressing influences
OF lower London quotations. Almost
coincident with the opening, predic-
tons OF large gold exports were made
by houses usually identified with inter-
national movements OF gold. The bear
traders used the unfavorabie influences
prevailing, effectively, and compelled
no little liquidation of long holdings.
he efforts OF the bears uncovered nu-
nerous stop orders early In the deal
ipgs. especially in the Southwestern
group. with Kansas and Texas prefer
red yielding en- exceptional 2% per cent,
O. - ~
trials were also favorable points of at
tack and London was a fairly liberal
seller Of the International shares The
selling pressure aIbated momentsrily on
covering purchases and buying for COM
mercfai account Upon a rapid sue
cession Of reports Of Withdrawals OF
gold for tomorrow, aggregating So 310.-
600, the selling was renewed and heavy
liquidationS became evident with the
grangerS the chief sufferers IN the rail-
roads, Rock Island losing per cent.
to "a per cent, and Leather preferred
leading the decline in the industrials
Weakness was also pronounced in the
railway bond market and dealings IL
government bonds were very heavy, also
on downward movement of prices.
About half past IL, covering purchases
and moderate evidence of support caus-
ed sharp recovery, In which the stocks
that had previously been the greatest
losserS enjoyed the largest Improvement
At the rally, the market became dull and
began TO prevail, followed by another
break. Around delivery hour, the mar
ket became semi-demoraiized and the
lowest prices Of the day were rachel.
tn following were among the more i'm
portant losssS: Leather. preferred, SIS
pr cent: Rock Island. AZ; Lake Erie
and Western. preferred, and Consoh-
dated Gas, 4; St Paul, 37s: Wheeling
and Lake Erie, preferred. and Chicago
Gas, 81: Burlington, 5is; Pacific Mail.
and 1eClede Gas. 8. Pullman advanced
i per cent on the dividende announce
ment, but later receded per cent, to 14I
per cent, and left off at l42 per cent
In the last quarter of the lcosing hour,
rallies occurred from the extreme low
point extending TO 2h per cent The
closing was stronf, but with leading
stocks showing net dealings Of Is per
cent
Total sales Of stock today were 412.-
400 shares. including the following:
American Tobacco. 81. 200; American Su-
gar. 600; burlington and Quincy. e74oO;
Chicago Gas. 10,s0O; DistIlling. 400:
Nashville, 1s, 100: Manhattan, 1000; Mis-
souri, Pacific 1O.e00; Northwestern. A.
90; Pacific Mail, 3.so0; Reading II 800;
Rock Island, 24.30o; st. Paul, 6O,700:
Tennessee Coal and Iron, 500: Western
Union, 10000; Wheeling and Lake Erie.
$500; Southern preferred, 1900; New
Jersey Central, 5000
The bond speculation today developed
acute weakness. in sympathy with the
stocks. which were most apparent in the
speculative issues and those having an
international market. Toward the close
a better tone developed but the recov-
cries from the low level were fractional.
except in a few instances. The sales |
were s1.311, 900. The more important de- |
clines were S1s per cent IN Union Pacific |
and Denver and Gulf firsts
Governments were active on a deciin- |
ing movement based ON renewed IiquI- |
dation- The sales aggregated SEA-, 800 |
Silver certificates advanced 20 6sS per |
cent on sales of 900.
FOREIGN STOCK AND MONEY.
New York. July 2oAThe Evening Post |
financial cablegram says: The feature |
today on the stock exchange was the /
hatiesS OF Americans. chiefly caused by |
heavy selling by operators IN the Kaffir |
market VINO bought heavily three weeks !
ego. This sudden selling IL a surnch /
due TO mfsapprehension by those men
as TO the condition OF the market az IL /
is 10 the course OF events in the United |
States Put in a nutshell. IL would !
seem that they hoped by purchasing
heavy lines OF certain American stocks
20 control the market In the same man
ner as they are accustomed 70 DO IN the
Kaffirs. They are finding their mistake
and are alarmed by the silver boa sters
and the r,1nors today that banks in the
United States are calkng In loans for
boarding The re<uie has been a rush
TO sell The MARKET VII be healthier
for this. Prices closed weak but tr.fe
above the worsh Kaifirs were better
on favorable reports from one Of the
deep levels mines. The only other
feature vas the strength in English rasis
but eyp tha. market closed weak on the
des-SessScn OF Americans. Cold IS IL
strong demand for the continent.
The Paris bourse was irregular and
uncertain II Is preparing fos Rus-
sian loan. probably on the 1sth Bills
on London sold heavily today and ex-
change has fallen 90 2s.ffis.
Ths Beri,nrn raker WIS steady and
firm
London. July zo.-Ciosi.g opnso,e FOR
money fl3 7-1s: account ii3lz: Cana
1ian Pacific sos.: Erie 1917: Erie firsts
preferred 5oiz; Illinois Central sois:
ordinary ISL; ST. Pau con-
non II; New York Cent-a, a91z. Penn
syivania "a: Reading s-s: Mexican
Central ICY fours s7iz: bar silver q IFS |
j: money +aE- The ratio OF discount
n TIE open marxe- for short bills ~zs
lis PEP cent. sur taree months bills !.
per cent
Lndon. July - ?. m-Gosd s.