The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-07-16
MARKET GOES DOWN
SHARES DECLINE FROM ONE TO
SEVEN PER CENT.

slump Proceeds Almost without Interrup-
tion All Through the Session-Pressure
Against the Industrials and GranEers-
Aggressive Bear RaIding and Unload
Ing By Tired shareholders-Pienty OF
Amnunitisn in the Days News for the
Advocates Of Lever Prices - Sterling
Exchange Advanced.
New York, July 1o.-The volume Of
business in stocks today was consid-
erably larger than for sometime past.
and the movement of prices was almost
uninterruptediy downward. At times
the market presented rather ragged
appearance and material declines We're
numerous, ranging between / and
per cent. The trading was unusually
well distributed, with the pressure
against the industrials and grangcrs.
Some OF the extreme losses occurred
however. In the usually inactive stocks
and on nominal dealings. At intervals
heavy blocks Of he leading active shares
changed hands. The slump in values
was due to aggressive bear ra;ding and
liquidation by tired shareholders. The
advocates Of lower prices made effective
use OF lower London quotations for
American Securi ties, the reported severe
indiSpOSition of the head of IN Wander
bilt family, engagements of gold for
export tomorrow, aggregaring $500 900
and further advances in foreign ex-
change rates. Another break occurred
in United States government fours and
the news eIerted a decidedly depressing
influence on the general market. Act
uai rates for sterling exchange were
advanced &c, to s4.S7k and SASSY and
cables worked close to s4.s9 Some
leading dealers also advanced posted
quotations to s4.SS1s and s4ss1k. The
strength of the market was credited
10 the disturbing rurnors Of gold hoard
ing and apprehension regarding the de-
creasing gold reserve of the United
States treasury. The gold Withdrawals
exerted the greater Efavorsble tnfiu-
ence, as the engagements were snnoun-
ced shortly after some of the leading
gold shipping houss had publicly ex-
pressed doubts as 20 shipments The
break of X per cent brought the new
government fours down to l13 per cent
the lowest price recorded for the bonds
since their issue. A factor in the gem
eT'al closing, in addition TO the influence
noted. was the fiqubdation of securities
held in loans In this connection, r,l-
mors were current OF heavy blocks OF
Sugar stock in loans with various other
institutions At the ex IRENE low points
some inside buying was noted and as
purchases for short account but they
failed to create a ripple
The serni-demo-alization in stocks
sympathetscaily affected the railroad
and miscellaneous bond market and
material losses were recorded in many
Instances The Vanderbilt stocks were
especially depressed. for reasons else
where noted, and In the coalers. on mod
crate dalings, extreme declines, extend
ing to per cent in Lackawana and 6
per cent in New Jersey Central occur
red. The drop in the first named was
on a single sale OF 100 shares. The SELL
ing in these cases was entirely credited
to the bears. The leading industriaas
and grangers were among the heaviest
sufferers. A cable rally occurrd IN
the early part of the last hour. but the
closing was weak at the close TO the
lowest point and at declines ranging
from i o per cent
The total sales of stocks today were
bacco Al 500; Atchison 1900; American
Sugar 67,700; Burlington and Quincy
$500; Chicago Gas 1920; Distilhng
and Cattle Feeding $500; General Elec-
trio $500; Louisville and Nashville TO-
500; Manhattan 900; Missouri Pacific ,
:, 100; Northwestern $500; Reading $500;
Rock Island IL 400; St. Paul 1000; Ten
nessee Coal and Iron $500; Union Pa
cific 1900: Western Union i0,1Oo; We
bash and Lake Erie 300; Southern
railroad 300; Southern railroad prefer
red $500: New Jersey Central 1900; Sill
yer certificates $4,000.
The market for railway and mfscei-
ianeous bonds was weak on increased
dealings and declines were scored
ranging from I to 31k per cent in the
active issues More material losses
in the usually inactive mort
cages. Among the more important
declines were: Atchison adjustment
tours, 31a per cent; Atchison general
tours 81 per cent: Northern Pacific
threes. 8 per cent; consol fives 31z par
cent; oonsol fives collateral trust notes
per cent; Kansas and Texas tours l
per cent; Peoria and Eastern fir7sts 3
per cent; Oregon Shor. line. union con-
soils trust receipts 81 per cent: Reading
EDAlC2ciA lOQlS pct
Southern railway fives per cent; Wis
oonsin Central firsts and General Elec-
trio dsbentures 2 per cent The sales
were S1.E5.s00.
Governments were active and weak
The new fours declined an extreme IL
per Ont and the old tours and five per
cent bonds kGh per cent The deal
ngs were s256.0o0.
In silver certificates s24, 900 changed
bands at ss%as9 per cent.
LOANS AND CLEARINGS.
New York. July 15.-Money-Ou call.
sasy at IL; prime mercantile paper.
'a5h Per cent; sterling exchange. strong
and higher. with actual business In
bankers bizls st s4ss1zGIssA for de-
nand, and s4s7IzGs7z for sixty day
Silver certificates. ssz ass; no sales:
bar silver, Ssts. Mexican daiIsrs. 53k, |
Government bonds weak for the new
ours; others steady. New fours, regis |
'ered. 113lz; coupon, n4k: fves, regis |
.ered, ex-intere-, 111L: coupon. u21z: |
'ours. registered. t67L: coupon. los;
.wos. registered, IS; Pacific SKIES OF 81 !
0Olz.
Philadelphia, July is.-Cearings 49, |
%. sS2; balances sss4.47o
Baltimore, July 15.-CTearngs &, o<s,-
'6s; balances s2Sl. s37.
St Louis. July I5.-C1>arings - OF 81 |
balances ss40.55s: money Gas Per ont |
New York exchange 80 cents Jiscoun;
I'D. - cents Discount asked
Memphis. July 15--C7esrinzs s3Z1 ia 1
New Orleans. u,y 15.-Ciez-inSs $751;
20.
GOLD ENGAGEMENTS
New York July 1.-THE Won Hoffman \
nd CovM Snip tomorrow 20 Germany l