The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-09
SURFACE is CALM
STOCK MARKET GIVES LITTLE OUT
WARD SIGN OF TROUBLE.

But During the Week There Has Been. to
All Intents and Purposes, q Panic, so
Far Prices are Concerned Week
Closes With the Weakness and Depres-
sion Accentuatsd BY the Weekly Bank
Ststement-Lssn Market has Been .
Main Feature of the Week, in Its lnfia-
ence Upon share Values
New York, Aug. S-The stock market
today was active and irregular, with q
fsverish tone prevailing throughout
Covering of shorts was practically the
sole element of support The only
new development bearing upon prices
was the bank statement, showing a de-
crease OF $3,slS.025 in surplus and a
falling of of s7.Sl9. $50 in deposits. The
exhibit exerted an unfavorable infiu-
ence, although, in the judgment OF con-
servatives. a less favorable showing had
been discounted. The opening was
weak and factionaIly lower, the more
noted losse being in Sugar and the in
. ternationals. The last mentioned We're
affected by weakness in the London
quotations and selling for foreign &C
count in this market There was, as
upon yesterday, a remarkable lack OF
open excitement and the uninitiated
observer might have been unaware That
the street was passing through sharp
crisis, except for the shrinkage IN val
ues. Extensive covering purchases
caused an Improvement tendency soon
after the initial dealings, prices moving
rhS<a toll h-nx ha l,-x
level. Sugar gained pa per cent; Chicago
Gas ~ per cent, the grangsrs 1a1ss
per cent, New Jersey Central and Wes-
tern Union IL per cent, Louisville and
Nashville rs per cent and Manhattan
l per ceat. The realizations and u
renewal by the bears resulted in a re
action, which was accelerated by the
unfavorable constructions placed upon
the banks statement The list, as q
rule, sagged TO the lowest point yet re
corded Manhattan making an ex-
IRENE break from the highest. of 3& per
cent, TO ~ per cent Sugar fell 41a per
cent. Sugar preferred per cent. and.
among the inactive stocks, Susquehana
and eWstern preferred ga per cent and
Lake Shore 8 per cent. The selling
pressure was uninterrupted 10 the close
which was weak with general material
net losses.
The total sales Of stocks today were
1885, 04 shares. including the following:
American Tobacco $500; Atchison 1890;
American Sugar $500; Burlington and
Quincy $500; Chicago Gas $500; Louis
vile and Nashville 1900; Manhattan
Consolidated 1900; Rock Island 1000; St
Paul 171o0: Western Union 10000; Sou
thern Railroad preferred 5000; silver
certificates 5000.
The developments OF the week viii
not be chronicled as among the least
striking in the history of Wall street.
The speculation was marked by a stea-
dy melting away in the values of stocks
and bonds, including those OF sterling
investment character. The depression
grew largely out of previously prevail
ing and still existing conditions, rath-
er than to any special new happenings
with the single exception OF a gradual
stringency nj the money and CONNER
cial paper markets. While panic pri-
css were recorded, there was not an
open sign Of embarrassment or OF excep-
tional excitement. Liquidation at
times was so violent that apparently
only the interposition OF the bear lead
ers prevented the market from going
to pieces. London, with unimportant
momentary exceptions, was a depres-
sing factor, selling comparatively large
blocks OF our international listed secur-
titles. \ The current disturbances in
rates, unfavorabie cotton and other
crop reports unsatisfactory railroad re-
turns, the prevailing commercial de-
preston and the failure OF Moore Bro
theirs of Chicago, all furnished texts for
the bears against the general list, while
some stocks, notably Manhattan, were
hammered on specific conscientious.
Early in the week the trading was al
most entirely professional bu. the clos
ing days were marked by an outpouring
OF long holdings. The first impetus to
the reactionary movement came from
the Moore failure ard attending the clos
ing of the Chicago stock exchange TIE
liquidation operations reached an acute
stage on an advance In call money
rates TO an extreme per cent coinci-
dent with frequent disturbance of loans
by the banks. especially In cases where
industrials and specialties as collater-
ais were considered too great. Large
sums OF money were shipped to the in
terror and especially 10 Chicago. In
some instances Wall street loans were
cancelled in order to furnish much need /
ed accommodations TO mercantile cli- |
ents. Time funds ruled at sharp per
cent on ali periods UP TO twelve months !
and even choice mercantile paper was /
slow OF sale at per cent and higher. |
The hardening in money rates worked I
to the advantage OF the exchange syn
dictate, and sterling loans TO large am
cunts Were made. The increased decla- !
ration OF bills against futures, together |
with marked failing of in demand, /
caused sagging tendency IN the ex- /
change market, with demand receding 1
to si.Sss.- An incident which sxerted /
q decidedly unfavorabie influence was !
a suggestion of the propriety OF issuing |
the clearing house certificates for which |
provision was made in the December |
panic. The report elected denisls of 1
the present necessity OF such cotton on |
the part of well informed financiers. /
Among the usually neglected stocks. II /
iinoi5 Steei and Morris and Essex head I
the cncessions, with losses OF IL and I3 /
per cent respectively. A special Un,a- .
voreble influence upon Manhattan was
the termination OF negotiations with ca. 4
company by the rapid transit commits !
siOnerA TIE aggregate sales were 81
1851
The bond market % the week display
ID 20 the fullest extent the generally I
unsatisfactory condition OF financial
Affairs In many Of che xiit-edged So
-Izrtties Il vas impossible 20 secure bids,
md sales were mate at important va
rsations from the previous transactions
TIE constant EQJ.dstions OF local and 4
foreign investment holdings. as wei as
large speculative lines. gave an ap-
oeararoe OF activity towards the close
which was IN marked contrast 20 the
recent leiAa-gy. The sales were 81
"a 90.