The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-19
STOCKS AND BONDS
SHAKE MARKET PAUSES FOR A
BREArHINC.sPELL

Bulls Not Aggressive and There IL no Boy
ing Demapd-Besrs Take Advantage Of
an Apparent Opening, which Turns Out
to be n OF SO Much Of IN Opening After
AIl-MarLst Opens Above Tuesdays
Close, Falls Below It and Closes Slightly
Above-~stop-Loss Selling vs.. Buying on
DecIIne-Bonds of a Firm Undertoue.
New York, Aug. 1s.-The greater part
Of the days proceedings on the floor Of
the stock exchange consisted OF a kind
Of fencing for position, or 70 develop the
position of the opposing elements. The
bulls were not in an aggressive mood,
and there was al no time during the day
any buying demand. The invitation TO
an attack thus afforded was accepted by
the bears, and their efforts 70 precipitate
decline was unwearied. They sue
ceeded in keeping prices slightly below
the level of last nights closing during
greater part Of the day, after a higher
opening, but hardening tendency just
before the close brought the market back
to a leve. above last nights close. Tn
heaviness was caused in part by talk Of
crop damage and was in large part due
TO doubt as 70 whether the rise in prices
mad not reached sufficiently hizh level
ID fairly discount the conditions, pres
emf and prospective, which brought II.
though the short selling by the bears
was supplemented by some profit-taking;
Dut the volume Of stop-ioss orders dis
lodged was not large. The aim Of the
bears always is TO reache these stop-Ioss
orders and thus precipitate a heavy sell
ing movement. But they have to count
also on the buttreSs effect of conditional
orders to buy az lower level on de-
scending scale, which underlie many of
the prominent stocks in the market. A
bear raid TO be successful must dislodge
stop-loss orders in such quantities that
these cannot be absorbed by the buyiny
orders. The bears encountered this OBJ
stacle at an early stage Of the decline TO-
day.
Some adverse effect was produced upon
prices by the hardening in the rates of
sterling exchange. and there has been
some disposition TO discount the effect
OF the importa tons Of gold in the buying
or stocks. The course of exchange today
was in response 10 the hardening of the
discount rate in London and belief that
the Bank of Eng.and's minimum rate Of
discount u-1,,ll he
Sugar was actively traded in and the
price moved quite freely over a range of
more than points, and its latest range
was factor in rallying the market The
sensational jump in the wheat market
also had sustaining influence in the
late dealings The southwestern rail-
road stocks were all notably firm all day
and strong in the late dealings, Mis-
souri, Pacific leading on account of an in
crease of $50, 900 shown by the earnings
for the second week in August. St Paul
was also firmer than the average OF the
list on the second weeks earnings. The
net changes in prices are small in most
OF the active stocks, Blu; are mostly gains.
There was falling off of Al 900 shares
in the volume Of trading, as compared
with yesterdays. and the transactions in
bonds were also much diminished. To-
lays important net advances Were: Su-
gar 2; Chicago and Eastern Illinois, Met
Traction, Missouri Pacific, St.
Paul and Duluth preferred 1-2. and Ann
Arbor preferred. The principal declines
were in Gas. Kanawha, Illinois Steel.
Long Island, New York, Chicago and ST.
Louis second preferred, Oregon Short
Line, Pullman and Rubber.
THE DAYS SALES.
The total sales Of stocks today were
'35. 00S shares. including: Atchison pre-
'erred 1900; Chesapeake and Ohio 5.925;
Burlington 1850; Louisville and Nash
Vile $3.50; Missouri Pacific 81 SIS; New
Albany and Chicago 300: Northern Pa
cifc 500; preferred 12462; Reading g.
100: Rock Island S.4O6; S.. Paul PREFER
"a 81 ,465; ST. Paul and Omaha ALSO; Tex
as and Pacific 5000: Union Pacific. Dem
yer and Gulf 1880; American Tobacco
10, $50; Chicago Gas 7.730; Pacific Mali
LAS; Sugar 30.245 Tennessee Coal and
ron 15,2So; Chicago Great Western TO-
30; Western SIPS.
BONDS.
The bond market displayed a very
irm undertone throughout and did not
in the feverishneSs noted in
he stock market Business was rather
light and gains generally trivial. The
ggregate sales were s14700O0.
Governments were we'll held, with /
.ealings confined 70 $1,000.
BURLINGTON DIVIDENDS.
New York. Aug. 1S.-The directors of |
he Chicago, Burlington and Quincy /
Dad have declared quarterly dividend |
Z per cent
FOREIGN STOCK MARKETS.
New York, Aug 1S-The Evening !
'ost's London financial cablegram |
avs:
The stock markets opened firm here !
oday. but closed rather dull, except for |
americans, where the reverse applies. |
NE inactive holiday season is at lis |
EIGHT kaffirs were better, bu, the /
lose was dull. The continued slump in |
liver attracts attention and silver stocks |
we're fiat There were vague rumors at |
ne close, OF further bad news from In |
ia. The rumors affected prices. but |
here os probably no truth in them.