The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-01-07
TAKEN BY SURPRISE
WALL STREET NOT PREPARED FOR
The POPULAR LOAN PLAN.

Consequently, tie Announcement of the
Dominating Influence of the stock Mar
ket, With Special Features in Particular
Stocks Addin. to the General UnsettIing
of Things-Can Money Firmer-Pros-
pective Resumption of Gold Shipments
Stocks Close Lowest.
New York, Jan S.-The stock market
today was dominated by q variety or
conclusions and conjectures over the
action OF the administration in refer
ring TO a popular loan as a means Of
relief 20 the treasury department. Wall
street, almost TO 3 man. had regarded
had arrangement w5,h Mr.. Morgan and
his associates as a foregone conclusion.
and Official intelligence from Washing
ton giving the loan 90 the syndicate
was considered 20 be merely a question
OF day or two IA the fuTchereSt- The
actual developments so suddenly an
nourced had q decidedly unseEhng e.
feet and the unfavo-able influence was
lent force by special considerations
bearing upon various STOCKS. The most
discouraging deduction drawn by the
financial community from the popular
ioan plan, regardless OF IT'S merits from
any other point OF view, is that the de-
hay eutalled Hereunder may cause
acute disturbance IN The money market
and temporarily aggrayate the prevail
ing unrest Already runors OF a dis
tressing character have been circJIlat-
ed 1t IS alleged that .out-of-uown
han L.
rem1 rring their balances to their Nesx
York correspondents. Bank ExamLn-
er kimbal authorized a representative
Of the Associated Press TO deny any or
all runors respecting any New York
institutions. Two small uptown banks
had recently. On account of slow col
lectionS, been afforded some assistance.
without the issuance OF clearing house
loan certificates, but the obligations
had been substantially made good. Ru-
mors Of probable trouble" among the
brokage houses were also passed
around after the close OF business. but
no ccnirna ton was obtainable.
Money on call was firmer during the
day. but loans at above the legal rate
Were exceptional. II was stated that
500, 900 IN gold had been ordered for
shipment recently but withheld, would
be sent out on Wednesdays Stea mer,
and the impression prevailed that con-
Siderable amounts Of gold would now go
forward No engagements were report
ed. Reports OF a conference OF men,
bers on the subject could not be traced
to any responsible source.
Talk of probable proceedings TO en-
join the New Jersey Central directors
from paying the dividend declared to-
f,lyy fVx4a to. - >,
depression in the coalers, while reduc-
tons in refined sugars and fears Of
tariff changes resulted In heavy sales of
the stock The grangers were uDpleas-
antly conspicuous for weakness on es-
Inmates OF probable decrea sed earnings
on account OF the current low prices OF
farm products London first cables
came higher all around and reported
advances also in American stocks. This
impaired a more cheerful tone previous
to the opening Of the local market and.
Furthermore. a number OF reports OF
railway traffic returns for December,
exhibiting increases for the most pare.
also contributed to the hopeful senri-
ment inspired.
The market opened firm and in the
initial dealings advances were scored
OF 2A per cent in Tobacco. 2 per cent In
New Jersey Central and 1gI12. per cent
in other leading stocks. The emper
suddenly changed, however. and on free
selling by leading professional opera
tors and their following. and the uncov-
erlng OF a great many stop orders.
prices receded steadily under the in
huenceS noted PrefaCing this article
About noon a Temporary and partial
rally occurred, but the downward move
nHer8t was soon resumed and gained full
force in the last hour when the market
appeared TO be entirely without sup
port The closing was at the lowest
point Of the day, and final sales showed
general bosses.
The railway bond market displayed
marked heaviness, being influenced by
the causes affecting the share specula-
ton The speculative issues we're sold
freely, and yielded 1d4 per cent The
dealings were on large scale. aggTe-
eating s.. %, 600.