The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-02
CLOSES AT LOWEST.
STOCK MARKET SUBJECTED TO De-
PRESSING INFLUENCES.


Hoarding of Money-OpeniDg is Higher
Followed by Slight Advances. on Real.
izatiop, With Liquidation in the Low
Priced Shares. Recessions Become GEN
eraI-Review OF the Week.
New York, Aug. 1-Today's stock
market was dull and professional, the
only stock that reached even compar-
auive activity being Sugar. That
stock also displayed the widest fluctu-
atoms. Early London prices came
slightly above yesterdays local closing
and London was also moderate buyer
OF Louisville and Nashville and St
Paul in this market The only devei-
opments that could BE considered 10
exert legitimate influence upon prices
were reports Of spread in the area
Of rate cutting IN the southwest, and
ed exhibit was unfayorably regarded
by the room traders, IL being cleaimed
TO show evidence Of boarding money
Well informed bankers declared that
the contention was not justified. The
opening prices ware generally higher
on purchases for both accounts. Chica-
go Gas rose IL per cent at the outset
but the other gains did not reach q full
figure. The market soon became ir-
regular and finally, on reaiizations and
iiquida ton in the low-p-iced shares,
prices receded all along the line. The
downward movement was accelerated
by offerings Of heavy blocks of Sugar
depressing its price 21s per cent from
the early high point. Chicago Gas
scored an equal extreme loss. Bur-
hngton and Manhattan dropped IL per
cent; New Jersey Central L per cent;
Louisville and Nashville rs per cent
and St Paul 1 per cent. The closing
was at the lowest points, at general
fractional losses.
The total sales of stocks today were
6s.516 shares. including: American To-
bacco 300; American Sugar 25,1o0;
Burlington and Quincy 500; Chicago
Gas $500; St. Paul 9.10O.
REVIEW OF THE WEEK
Conditions affecting the values of
stock exchange securities have not mo
terialiy changed during the weak. The
street still attached peculiar interest
to the limited market for American s.
cIlr1tieS in London and at least upon
one occasion the price at that center
was generally believed 10 have been
manipulated on orders from this side.
european domestic investors and spec-
ulatorS have had their attention dis
tracteC from the reports of recent para
mount interests to the con ssderation of
WIDE increase in the area of ratef
cutung, sharp reductions having been
ihada IN both passenger and freight
rates The more savage cutting had
previously been confined to the west
and south, leaving the southwest COM
parauvely undiSturbed, but In the past
day or two the roads in that section
have also become ennbroiled. The re-
suit has been to offset the good effect
produced by the Interference Of the
courts in the couthern disputes. To-
lay the Seaiboard Air Line gave notice,
n accordance with the order of the
United States circuit court. of its with
travail on August s, OF its 80 1-3 per
,ent reduction IN freight and paSsen-
ger rates TO southern points. The
dealings have continued chiefly under
he control Of the professionals and
Il times the operations in Sugar have
IN tirely dwarfed the trading in the
general list The market during the
,arly part Of the week displayed acute
weakness under persistent bear attack
assisted by various untoward develop
nentS The continued offerings for
oreign accounts, the rate disturbances
'eferred 10, less satisfactory crop ad-
ices and discoura ging traffic reports
we're effective in depressing the rail- ]
way shares Considerable stress was
aid upon the failure 10 float the New
York city and Brooklyn bonds and
he increasing frmness OF the money |
market Time accommodations ruled |
Ugh and the reactionary tendency OF |
-eneral trade was reflected in higher |
ates for commercial paper and a les |
ened inquiry. The treasury situation !
eceived less attention owing TO a clear |
r appreciation OF the magnitude OF the |
made by capitalists to |
maintain the financial equilibrium. In |
he industrials, Sugar was depressed |
20 par. Inside support |
ppeared 20 be lacking IN the more
,rominent shares generally and the j
ears improved their opportunities. /
liquidation was On an extensive scale |
/ some OF the low-priced stocks and |
rec offerings OF our speculative bonds
LCIlLOsi WIS q lie losses
I the low level ranged from TO s per
emit in the general list. with the heav-
st concessions in the high-priced
tocks. Traders changed front IN the
.st day or two and although consid-
"a bic Eregularity was evident, cover
lg by shorts caused q raIlying move
lent- Manipulation Of the Industrial.
as very pronounced. Sugar being
I'll 81 I
ere made by the coalers. Finally. re-
lizing orders resulted in sharp rzac-
onSe and left the list, as a rule. show
lg substantial losses as a result of the
Teek's Operations. The sales were
i. IA shares
The bond market rulad dull but Gen
ally higher. the feature Of the week
IN continued foreign selling add de-
ded heav1nsss in the hizh-pricei -
FeS The sales were s403I. 600 The
ore noteworthy declines extended "a
per cent IN S. Paul. H and D sew !
Is. Canadian Pacific consols dropoei
5 per cerI, 20 90 per cent. but rallied
90 per cent Ohio Southern firsts
Nd OF IL per cent, 10 70Is per cent
ID closed at 80 per cent.
Government bonds were a shade lower
the week, but stifened 20 about last
eeAs Closing The sales were $40
..
SILVER certificates were dull and r.
guar, closing L Per cent lower. The
les were s157, COO
NEW YORK BANK STATEMENT
New York. Aug. The New yo-.r
nancle- says: TIE cash reserv. 81
e New York clearing house banks for
2 week ending August I. was sf2s sS9
D. The banks. therefore. have fo-S-
nee July Is. sS.2ss. 200 cash In tba
me length OF tine. their leans have
,creasai slo.o:o.0-oo and deposits have
len OF. t23.s77.1eo. This ziI &C.,
snow the effect OF Sae heavv cr7-S.s