The Wichita daily eagle., 1896-07-05
HAS BEEN NERVOUS
STOCK MARKET DALLIES WITH
LIBERALIZATION.
Daring the week the Tension is Extraordi-
nary and Only the Unexpected Support
of ueavy Lendon Orders Saves the Mar
ket a Panic, According to Experts In
Such Matters sagFing Tendency I'm
Sterling Exchange Follows the London
Operations - Closing is Heavy Vita
Prices q Peint Above the Lowest.

| New York, July The week just
closed has been marked by a highly ner-
vouS temper in financial circles, which
at times caused the market to verge
upon Generalization. In fact, in the
judgment of competent observers, a
repetition of the panicizy conditions and
disastrous slump in values that occur
red in December of last year was only
averted by a happy and unexpected turn
The sustaining influence came from
London whence heavy pool orders for
American securities were distributed.
The buying was estimated at about
90 shares. out OF which amount about
| 5000 TO 8, 900 shares is understood 10
have been shipped 10 Dondon today.
| The stocks selected were all active
ones and principally St. Paul. Louis
Vile and Nashville and Atchison- This
develoument mitigated the force OF
number Of unfsvorable influences which
had provoked liquidation on a heavy
scale, and much bear activity. The
apparent entire absence OF support and
the ease with which the prices OF some
of the industrials We're depressed en-
| bofdened the traders, and thier aggres-
sive movements were attended by the
circulation of gloomy rumors, most OF
which were later proved 10 have no
foundation in fact. Chicago Gas ach-
ieved prominence. after long spell
or inactivity. by divided animation and
weakness. resulting in the marketing
or a large block OF stock that had been
held by interests formerly identified
with the management of the property.
An extreme decline of 10 per cnt took
plac and the stock left off at 57H per
cent, a netloss Of s% per cent. Sugar
also worked considerably lower, break
ing 6% per cent. to 1865 per cent and
closing at 1855 per cent. The lack OF
the powerful support usually manifes-
tea IN this stock serves 10 confirm the
current rumors that the insiders favor
lower yevei. Tobacco broke Az per
cent, to 5S& per cent on the passage OF
the dividend. The event was foreshad-
owed in the market by heavy sales.
| Substantial declines also occurred in
the coalers and other shares including
many Of the usually inactive list. The
principal declines, with the low points
other than those noted, were in Pullman
9 per cent; New Jersey Central 6ss per
cent; Delaware and Hudson 6A per cent
Manhattan per cent; General Electric
90 per cent: Illinois Steel and Rock Is
land 5ts per cent; W and L. 51s per cent
Colorado Fuel 5 per cent; Consolidated
Gas AZ per cent; C. c. and St. l.. North
west and Lacawanna AZ per cent and
Burlington 4 per cent. The heavy
London purchases were reflected in
sagging tendency to the sterling ex-
change market with demand offered in
some instances at S4Ss%. The market
steadied under the buying and substan-
TALLY INCREASES were made in numer-
Gus cases, on covering. Toward the
close. however, further recessions oc-
Cured on realizing sales. The closing
wa heavy IN tone but with prices geHer-
auy a point or thereabouts above the
extreme low points. The sales were
1 ,395, ,4s7 shares.
The railway bond market was rather
quiet, considering the increased ANNA
ton in the stock market Prices as
played a sagging tendency, with the
specuiative issues foremost F1rmness
mas apparent at intervals, but the net
raults how general losses, which were
however. of most consequence IN the
less active mortgages. The uansac-
tions Were s3,346. 900.
Government bonds were under pres
sure throughout on fair volume OF
business. The new fours displayed the
greatest heaviness, reacting TO 1l6 per
cent. The sales were $203, 900.
Silver certificates were less active
and ruled lower under realizing sales.
The foreign inquiry abated considera-
bly, until near the close, when the lower
range induced continental purchases
at $50 ass per cent. The sales were
0nO