The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-22


Single stock Showing any Considerable
Tota,-Revlew of the Week, Showing
the Progress of the Reaction-The Ex-
change HarLet-Bapk Statement.
New York, Aug. 21.-The dominant
tendency Of today's stock market was
still distinctly reactionary, notwitt-
standing that the days trading resulted
in fractionally higher average Of
prices. There was a large falling off in
the volume of trading and the rally
which brought prices UP at the close was
on comparatively light purchases by the
Short interest to cover over Sunday.
There was no evidence Of any re-awak-
ening Of the large speculation interest
which has carried the market for Sd
many weeks. For the first time in con-
siderably over a month, no one stock
was sold TO a total amount as great as
% 200 shares, St Paul leading the list
with sales OF 1900 shares. Burlington,
Leaf preferred and Reading were the
only other stocks the sales OF which
reached 10000 shares. The total sales
for the day were considerably less than
half the total Of Saturday a week ago.
These conditions left the market to
large extent in the hands of professional
traders. whose main object was TO
manipulate prices TO their own ends.
The crop prospect was the principal
weapon Of the bears, as it has been all
week, and in the condition presented Of
the withdrawal Of the bulls for the time
being from the market. they were able
TO achieve sharp declines in a number
of active stocks, the grangers and the
lnternationals being prominent exam
pies. In none OF these except New Jer-
sey Central and Rubber did the fall
reach a point. and the subsequent rally
on covering more than wiped out the de-
ci.nes Only in two or three instances
cid the net gain reach as high as
point. Susquenanna and Western prefer
RED, Leather preferred e IA per cent?
and Colorado Fuel showing the excep-
tiOnal gains. Leather preferred was
strong ell day. Sugar was active and
gained l IA per cent over the low point.
The rally extended to l So per cent in
Burlington, Is per cent in st. Paul,
Louisville and Nashville and Reading
first preferred. and point in Tobacco
and New Jersey Central.
The reaction in the stock market
which set in late on Monday has con-
tinued practically without abatement
all the week. Monday morning looked
like continuation of the eager buying
and continued rise in prices which had
been the Characteristic Of the market
during the previous week. But it was
only the working off Of the orders which
had accumulated in the hands of the
commission houses over Sunday. When
these had been disposed Of, the market
began 70 fan, and each succeeding day. !
with one exception, saw an average net |
decline in the level OF the market. The |
nominal motive for the decline was the |
alleged damage to the corn crop, and the |
disappointing yield developed by the |
threshing OF the spring wheat crop in
the northwest. There are other condi-
rions in the market which act for the |
declines Some of the largest interests
in the market have realized enormous |
profits on the long sustained advance,
and sold out on the belief that the re-
action was normally due in prices, even
with all conditions remaining favorable |
- values. This elementwas willing TO
see a reaction, in order 20 enable them
TO re-purchase stocks at a profit. The
professional bears were ready to aid
them with short selling Of the market.
There was a feeling prevailing in al |
circles that speculation was taking a
reckless tone that BODIED no good for the
future. 1t was feltthat stocks were get
ting into weak hands, and that such a
state OF affairs afforded an unstabl ba-
sis 10 values, and the bull interests re-
tired for the time being, perfectly will
ing to see reaction sufficiently 20 shake
on. weakly-margined holdings. and
which would improve the tone Of the
market, and put il on a more substantial
basis. This state of mind in Wall street
must be taken account OF in properly es-
the importance OF the weeks
reaction, as a barometer Of business con-
ditions in general Al thesame time,
there is known 10 be an enormous spe-
culatlve interest in wheat on the bull
SIDE OF the markets. Reduced crop
yields are a bull factor IN the grain mar
het, and a bear factor in the stock mar
lzer The fact that the dominant inter-
est for the time in the stock market is
me bear element, and in the grain mar
ket the bull element, should be consid-
cred in connection with the ready ere
dence given 10 the reports OF reduced
crop yields.
BONDS.
There was a marked decrease in the
volume OF bond trading during the week
ana values showed a general tendency
10 sag on realizing. The losses, however
we're not especially severe. except in re-
note cases, and some liens resisted the
'eactionaTy movement strongly, closing
with advances ranging up 10 per cent
II Oregon Improvement oonsol fives, and
NO points in Mobile and Ohio fours.
rhe aggregate sales were $685., 600.
FOREIGN STOCK MARKETS.
New York, Aug. 21.-The Evening
POSTS London financial cablegram says:
The stock markets were inactive to-
lay. in view Of The settlement 70 COM
nence on Tuesday next Gillian bonds
we're fiat. on unfavorable cables about ,
hat country's finances. Brazils were
,e.ter on improved exchange.
americans were weak. the effect OF :
he rise in wheat being offset by the re-
'or1ed shortage in the crops. Large ship |
nents OF stock have been made by this
weeks steamer. II Is still believed, how .
yer. that New York will initiate a fur I
her rise
London, Aug. a1.-Consols for money, :
Il 7-16 for the account. H. {
LOANS AND EXCHANGE :
Nav N.1-lr Auo I-Nf7Dav ~ oa-r