The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-20

fuenees, of Which There Seems to be an
Unusual Number Turned Loose All at
Once-Heavy Lsquidat ton at Times In
the lntornationals and Grangers-The
tiousiIy Copsidered, and the Selling of
Internationais In London.
New York, Aug. 19.-The stock market
today continued 10 show Itself sensitive
to unfavorable influences, 10 a marked
degree. At no time during the day did
the course Of prices indicate any agrees
sive strength. Thel liquidation al times
was very heavy, especially in the inter
nationals and the grangers. The princi-
pal factor in the situation was the heavy
selling for foreign account of wheat, sales
for that account being estima ted at be-
tween 1000, 900 and 5000. 900 bushels for
the day. So much stress has been laid
for several weeks past on the foreign
need for our grain crop as giving the best
assurance for prosperity 10 he farming
population and better times for all, that
IL was but natural that depression should
be caused by the disposition of foreign
ers TO sell back TO US the wheat they have
purchased. This development in the sit
uation gave the greatest aid to the pro-
fessional bears, who have been working
so persistently for a reaction in the price
Of stocks. They were also assised 10y the
reactionary tendency in the London
stock market, which embraced all secu-
rites, including those of American rail-
roads, and which was due TO the hos
tiiities which have broken out on the
Indian frontier. London also sold quite
heavily in this market of all the inter
nationals. Another depressing influence
was the reports which are industriously
kept in circulation of continued cold wea-
ther in the west, causing a danger Of
lessened spring wheat crop and de,ay
in the maturity Of the corn crop.
The course of the exchange market to-
day caused disappointment TO those who
have been looking forward to early i'm
ports Of gold as an additional bull fac
tor in the stick market. Actual rates for
both long and short sterling rose about
lac in spite OF the fact that the open
market discount in London showed an
easier tone and that the Bank Of Eng
land RETAINED from advancing its mini
mum rate Of discount today. The for
eign selling OF grain and the continued
selling Of American securities for foreign
account helped to stiffen exchange rates.
The failure of the Bank of England 10
advance its rate of discount is regarded
as evidence that no fears are fe.t of an
immediate drain Of gold from London.
These combined causes effected quite a
5marked reaction in the price Of stocks
generally and this was accelerated by the
discovery of stop orders. But the selling
movement seemed to lose its force in a
short time and the market turned into
extreme dizziness. Supporting orders
were found 10 be forth coming at the low
point and those who sold out apparently
wanted TO buy stocks again and hold for
a rise. Sugar was quite prominent fea-
ture and touched a new high record at
80 per cent, aiding materially in rally !
ing the smarket. It sold again 70 near |
the lowest. A buying demand for the |
coalers late in the day was also of ma |
terial assistance in raising prices from |
the low point. as was also a shart rise in |
the prices of local gas stocks. The bears |
raided the market again just at the close, |
causing prices to ease off after the rally. |
net losses, though general. |
are for the most part small. Good traffic |
returns for the second week of August |
from southern railroads, Chesapeake and |
Ohio, Chicago Great Western and Louis |
70
these stocks and helped to steady the |
market. Losses Of a point occurred in !
Erie first preferred. Illinois Central, |
Lake Erie and Western, Minnesota Iron. |
Rubber and Lake Shore, and IL per !
cent in Rubber preferred. Consolidated |
Gas gained IL per cent, and Brooklyn |
Union Gas, Chicago and Eastern Illinois |
and Lackawanna . per cent or over.
Brooklyn Transit and t. Joseph and |
Grand Island gained over point.
THE DAYS SALES.
The total sales OF stocks today were |
S27, ISL shares, including: Atehison pre-
ferred 1902; Chesapeake and Ohio S.i25;
ESQ; Louisville and Nash
vile S.210; Missouri. ansas and Texas
preferred $50; Missouri Pacific 1850; |
Northern Pacific 1880; preferred 1920; |
Reading $500; Rock Island 1918; St. |
Paul 50. COS; Southern Railway preferred
.436; Texas and Pacific 1920; Union Pa
cihc $50; Pacific Mail 1880; silver cer--
tifcates 5000; Sugar 2S.35S; Western
Union Ass; Chicago Gas 14,245.
BONDS.
The bond market yielded on moderate
in the speculative liens The
weakness in the general market was not
ana in the late dealings a
better tone developed The aggregate
sales were sl.S30.0O0.
Government bonds were easier al the
outset. but subsequently firmed up and
closed steady.
FOREIGN STOCK MARKETS.
New York. Aug. 1s.-The Evening
Posts London financial cablegram says:
The stock markets were stagnant TO-
lay. They opened fat on the political
situation, but recovered on better prices
rom the foreign houses a: midday, a
Use in the Bank OF England rate having
been apparently feared by Paris and
Berlin.
Americans Jagged. on the hal: in New
York buying, and closed weak in the
street There was rise in Indian ex-
,hange, indicating the possibility even
Il gold % India India council drafts
ave been sold today as high as Is
lS-16d per rupee, against Is 3 S-l6d yes
erday.
THE weekly statement OF the Bank OF
shows that coin and bullion
,ave increased $4,000 pounds, Of which
:. 200 pounds vas gold imported on bal