The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-12
BEARS FALL DOWN
PLENTY OF ARGUMENT EUF TIE
BULLS DISREGARD IT.

- ~.~-%
Exhibits, ssiRs.s.s Money Rates aad
the Governments Report. An 70 over
eems-Lsndon Comes In on tho Bsu
Side-W sakness In Sterling Exchanxa
TO Offset High Money R.tss-snysas
for Both Accounts Late In the ses.ioe
Advances the Market
New York. Aug 1.-THE course OF the
stock market clearly reflected the in-
PREVENTION OF aggressive bull leadership
and the temper a. the close OF business
was much more cheerful than for soEls
time past This theory was borne out
by Tie failure OF the determined Efforts
made by the bears to emphasize several
unfavo-able Developments. including
the suspension OF the Murray Hill bank,
the disappointing exhibit by the 81.
Paul for the first week OF August. a re-
currence OF stiff money rates and unsss-
isfactory governgnent crop statistical
London was inclined to the bull side.
owing to the snoothne.s with which
the fortnigady settlement has pro-
crossed in the American department,
end further weakness IN me exchange
market Offset the comparatively higa
rates for money. Confidence in early
9nicsole arrangement 81 rates between
rbe southern roads was also expressed
4 feature OF the operations was again
tie execution OF numerous email cash
Investment orders and. In addition To
the pool support. the market was
strengthened by the heavy covering
purchases by some OF the bear leaders,
VINO appreciated the change Ia the speS-
ulative conditions and turned abruptly.
Business was on a fairly large scale.
with sugar and 81. Paul leading and
was well distributed The market
opened strong and higher under Inn
proved Lonsion prices and moderately
extensive purchases by srbitrage houses
particularly Ia the low priced Internal
ttoBai shares. The gains extended 10
sharp fractions but the tendency
toward Improvement was soon checked
by a vigorous drive by the bears on the
announcement Of the suspension Of the
Murray Hin bank. For a time thu
contingent; retained the advantage and
offered stock Treely. In he resulting
declines. Northwest dropped % per
cent. 20 sst4 per cent; Manhattan Ia
per cent and Sugar IL per cent. Tae
depression was helped by rcallzatsons
but a the low point a new and power
ful element IN the speculation became
evident and all offerings were quickly
absorbed The unwieldy short inter
est Immediately took fright and. under
heavy buying for both accounts. prices
advanced ga per cent IA SugaS. ;he
stock touching zoos. per cent; North
west and Chicago Gas 4 per cent. To-
baCco per cent: Manhattan - per
cent and st. Paul. Rock Island and
Western Union - per cent. General
Electric had displayed considerable re-
f.Stance TO the early pressure. on the
rews OF an important legal decision IN
its favor. The Louisville and New Al
bany shares. common and preferred.
were unusually active IN the late deal
ings and were rather srratic. though
trendIng upward THE closing was
at highest prices Of the day.
New York. Aug. Ii.-The sales Of
stocks tOady were al. $50 -siares includ-
ing The following: American Tobacco.
$3.50: Atebison. 300. American Sugar.
ss2e0; Burlington ard quincy. 1850.
Chicago Gas. IL. coo: Manhattan Censos-
Eda;ed. 7.soo: Louisville and Nashville.
500; Rock Island. s 500. -. Pau. $3.50.
Western Union. 1860; Silver Ccrud-
Gates 1000.
The bond market developed decided
strength on speculative and investment
purchases for local and foreign account.
Some OF the high priced issues failed 20
share 81 the rise but the exceptions
were not important. The sales were
81. lS0. 600
Governments ruled fractlonaliy higher
for the new fours. on purchases OF tii.-
COO
Tennessee settlement thirds were fea-
tured by jump Ct "a per ee9t. % 80
per cent. on dealing 81 il2oee
Silver certificates were steady az ssz4s
for $1,000.
New York. Aug. 1.-THE Evening
Posts financial csbieRram.
The more favorable symptoms which
were cabIed yesterday were fully igs-
titled by today's markets They opened
firm. IN Improvement being led hy
Americans Tele account vac early
arranged. 4 few weak individuals
had to pay az per ceat on Ansricaas
The best feature % today's business -
that the low price % Americans has uns
doubleday attracted small Investors
among the public. A steady slow RE
Is what - wanted now q restore con-
hdencs hers. and not a Wild rusb gp.
Tonight prices are going ahead rather
4iS-s S-lefl tJ9tslfslsH vflllF TIE E~ht
of the day AMI 2. dollars abovs ths
house pr.cEe. SOM buying from ghs
coaLlDent - reported The other mar
iefs responded - the more cheerful
tone and Ksars were rn8ca stronger.
the published output u god from the
Rand for July he1nK tie largest on sec-
ord. A large firm OF Brazil nsT. haats
"a the dried meat trade have failed.
Their MaDlitses are large. but the fall
ors - not really serious.
BANK CLEARISGa
Philadelphia. Aug fi-EIesrinss.
80 So 2gf. bajsoces. 81 81. rs
Balt.mo-~. Ms1-. AK. i.-<,fsaTiagH.
& s7s ssss baiances. tzseS3a
csycaFo Aug. i.-Aonsy 60 - % -aii
and on tine sa7 pr ceat SsS York
exchange a. 81 cents discount b@f5rs
ciezr1nEa Stirling possed rates weak
20 "a ssiz On demand a. ff&sf5 ca -
.zvz. Rank clesTinzs ti1.s1sgQ
81 fs-n-. No. Aug l1-<-issr7ox-.
1913 Us. balances. ~ 1@ GDney 80
3 ~ cent New York ~-zrs4ax. fA-s
G iscount BID. ;i-g9 saksd-
M~rnphss. Tenn. Aux iL--Cs@ariaSs,
.1ss ~
Eez DREAMS. Ia. Aux II--CsssiaSs.