The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-07-03
MARKET GOES WILD
COURSE OF SHARE VALUES EXCES-
sIVELY ERRATIQ
Bear Raids, Covering Movenents and
European Purchasing are the Features
of the Day-Nzrkes Opens Ssrong and
Active on Higher London Prices. But
Soon Takes the Back Track. With Bears
Active in the stanpeds-EaroPsan P1r-
chases Quiet the Market-Ciose Strong
at the Dads Bsst-Bonds Heavy.

New York. July 2-Bustness on the
stock exchange was On a less active
scale today. but the movement in prices
was decidedly cratic The distribution
of the transactions was good aud the
greater animation occurred in the early
forenoon The features OF the speculs-
ton were alternate bear raids and COW
ering movements and continued foreign
purchases.
A favorable keynote was struck az
the opening by higher London prices.
and under their influence the local
market started IN strong and active At
| the outset Sugar was IN good demand
and rose IL per cent; General Electric
advanced is per cent; Tennessee Goal
Dr. cent and important fractional gains
were scored in the grangers and Louis
I vile and Nashville Chicago Gas was
UnfavOrably conspicuous by decline
I OF Ia per cent, 10 59as per cent The
| improving tendency was checked a.
most Immediately after the opening
and the market began q retrograde
! movement Large blocks OF securities
were thrown over and the bear leaders
and their following sold right and left
| to emphasize the break. numerous stop
orders being reached. Prices ran OF
sharply and IN a number OF the princi-
pal shares the lowest figures IN the pres
ent movement were reached. The more
important losses at the extreme low
| point, as compared with the early high
/ level, were In Chicago Gas Al per cent.
| Delaware and Hudson "a. per cent, Su-
| gar Pa per cent, Rock Island ? per cen
I lowest point support was accorded by
! inside interests in various properties
| and extensive covering OF shorts was
/ noted The market quoted down after
| the first hour and had a better tone.
/ which was chiefly due to resumed heavy
| purchases OF stocks for European &C
| count. These buying orders were esti-
/ mated as high as =. 900 shares, the
| larger portion being in Louisville and
/ Nashville. II l. reported on Official au-
! thOrity that from 10000 10 1900 share 5
| OF the stock were sold today for ship
ment TO Europe It IS estimated that
1 fully 81. 600 20 81. 1000 shares OF various
! securities VIII be forwarded TO Europe
/ by Saturdays steamers. Some irregu-
/ larity developed after midday. but I'M
| provement again became moderate az
I ter 1 o'clock and eventually decided
I strength was rnanlIeSte1 n mOSl STOCKS.
/ In the late rally Lackawanna rose 3 Per
| cent; Chicago Gas 2as per cent and a
number OF other shares IL per cent.
The closing was strong at the bes;
figures OF the day.
| The total sales OF stocks today were
233. SIS shares, including the following:
American Tobacco q. 800: Atchison g.
500; American Sugar a, 900; Burlington
and Quincy iT.7o0; Chicago Gas 90. 900;
Distfllsrs $500; Louisville and Nashville
IL. 200; Manhattan s,1oo; Missouri Pacific
400; Rock Island 1o,70o; St Paul "a
500: Tennessee Coal and Iron 1000;
| Union Pacific 2,50o; Western Union 4,
500; Southern railroad 1000; Southern
railroad preferred 4.500. Silver certif-
Gates .. 900.
The bond market developed heavi-
ness in sympathy with the early de-
preston IN the stock MARKET. but also
| responded TO the rally In that depart
ment. Sales were $50, 900.
Governments were active with a sag
| ging tendency. the new fours racting 70
ilS per cent The sales were $4,000.
Silver certificates eased on 20 sS+. pei
cent on dealings Of s., 900.
New York. July Am engagement
Of 200. 900 ounces OF silver Is reported for
| Saturdays steamer.
London, July 2--The Bank OF Eng
lands rate Of discount remains IN
| changed at : per cent