The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-10

From High Points are Wide Enough
Changers Worst to Break aud First to
STEADY - Enormous Dealings In Both
Stocks and Bonds.
New York. Aug. 9.-Quite violent IL
quotation set in on the stock market in
the last hour and a half Of trading TO-
day, and prices came tCmbling from
their high places, the decline from the
high point being in many cases very
wide. What the professional traders
nave been predicting from time to time
came to pass, namely. sufficient decline
in many stocks 70 uncover stop .oss or
ders by weak holders OF stocks The
dealers have been aware of the "pyra-
miding" Of orders on large scales, that
is to say, the REIMBURSEMENT OF earnings
as fast as made by weak holders, which
threa tened what occurred today. 1;
looked for time as though the market
was going 20 pieces under the weight Of
heavy offerings 10 realize. But after il
was over, a taking OF account Of the day
ance were confined 10 a comparatively
few stocks. II was the stocks that had
enjoyed sensational advances in the
morning, notably the grangers, that suf-
fered most severely in the afternoon.
The selling to realize started in the
grangers, and as the market it more SEN
sitive 10 the influence Of this group than
any other. the selling movement, soon
Droadened by sympathy unit! ii Included
pretty much the wholel list. II was
noticeable that the gragers steadied and
rallied even while other prices were sill
falling. Burlington recovered over a
point from the lowest, and there were
exceptions 10 the weakness all through
the list, some prominent stocks holding
firm in the midst OF the heaviest selling
Of other stocks. The buying Of the morn
ing on the rise was of enormous proper
tons, exceeding in volume that for a
whole day OF ordinary trading. There
was a large falling off in the early per-
iod Of the decline, which was hopeful
indication that the prices would resist
the pressure and resume the advances.
But the faintheartedness took increas-
ing hold on the minds Of the holders, and
the selling movement developed into
something like a throwing overheard or
securities. Sales for the day exceeded
757 900 shares. The erratic movement OF
Manhattan was an unsert,ing factor in
the market. The short interest in the
stock continued in manifest distress, and
covered heavily at rising prices. The
short interests in this and other stocks is
believed to have been largely eliminat-
ed during the early buying, thus with
drawing an important sustaining factor
and the stock fell accordingly towards its
normal level. The same condition Of af-
fairs was presented in the case of other
stocks and the first decline uncovered
stop orders, which, OF course. accelerated
the declines. There was no news of the
general situation 20 account for the de-
cline. al, factors continuing favorable,
London buying as well as selling stocks.
the price of sterling exchange registering
a still further decline, and crop news all
continuing favorable. The early ad-
vance carried many stocks up over two
points, notably, Burlington, Rock Is
land, Chicago Great Western, Tobacco,
Colorado Fue,, Lackawanna, Western
Union and New Jersey Central, and
large number OF other active shares
showing gains of over q point But the
slump in the market wiped out ali but
small fraction of the advance in nearly
ali cases, and carried some below last
Saturdays close, Rock Island and Lea
Their preferred each closing l IA per
cent net. Some of the notable losses on
the day were: Consolidated Gas, IL per
cent; Manhattan 8 3-S: Laclede Gas 3 Is;
Brooklyn Transit, 2 -; Illinois Central
l-e, and over a point in Sugar, Spirits
preferred, Northwest, Southern preferred
and Leather preferred. On the other
hand. net gains reached important pro-
portions in the case of Fort Wayne, 8
per cent; Pennsylvania. per cent; New
York. Chicago and St. Louis first pre-
ferred, 8: Lackawanna. 2 IA; Illinois
Steel, Norfolk and Western preferred.
and Colorado Fuel.
The total sales OF stocks today were
756. 800 shares, including: Atchson, 1900;
preferred $500; Canada Southern $500;
Chesapeake and Ohio. 10000; Burlington
49. $50; Delaware, Lackawanna and West !
ern 4.200; Erie new 5000; Illinois Cen
trail Il 200; Louisville and Nashville, TO- !
500; Manhattan L 1920; Missouri Pa
cifc. 1890: Kansas and Texas, $500; |
preferred 4.500; New York, SusqueEan- |
ma and Western preferred, $500; New
Jersey Central. 1920; New York Cen |
trail 1850; Northern Pacific, $500; pre-
ferred 1920; Northwestern, 4.so1; On |
torio and Western 5000; St. Paul and |
Omaha, 1900; Southern Railway $500; |
preferred $1,000; Union Pacific, 1890; |
Wabash preferred 1900; American Spir- |
its 300: American Tobacco 1900; pre- |
ferred 1000; Bay state Gas, 600; Chica- |
60 Gas IA 200; Colorado Fuel and Iron, !
4. 900; General Electric, $500; Laclede |
Gas $500; Lead $500: Pacific Mail $500: !
Sugar 2s.s2o; Tennessee Coal and Iron. !
800; United States Leather 4.Soo; pre- |
ferred 1900; Western Union 1880; Chi |
cage Great Western 41,soo.
The bond marke; sympathized with the |
share speculation in general tendency. |
but the variations were exceedingly mar |,
row The transactions were in enormous 1
with the demand very keen for |
the lower grade liens The aggregate |
sales were s4.515. o00.
Governments we're dull but firm. The !
were $4,000.
FOREIGN STOCK MARKETS.
New York, Aug. e.-The Evening /
Posts London financial cablegram says: /
The settlement in mines shows big 1
bull account ContangosS on mining 4
shares were as high as 10 per cent. There |
was a setback n prices consequently.
Americans were in good demand.
~, az. MANA h,.,y1r here largely This morn