The Wichita daily eagle., 1897-07-03


MarLet-Is Is Urgently Insisted That
Reaction Long Prophesied Mus. Come,
and tho Redundancs of Holidays has
Its Enect-smaii Net Changes Divided
Between Gains and Losses.
New York, July IA veritable mid
summer dullness settled upon the mar
ket for securities today and a further
step was taken toward the ssagnant con-
dition to which the market has been coh-
ing for two days past. There was no
feature OF significance or Importance
during the day unless the hypochondriacs
theory be accepted that the absence of all
symptoms must itself be a symptom.
Dealings were very much smaller than
yesterday or for many days past, varia-
tons were small and unimportant and
no animation was manifest a any point
in the market. The prospect of only half
a day Of trading tomorrow. followed by
a double holiday, doubtless had its effect
in curtai,ing operations and discouraging
ventures upon new operations. But this
was not alone sufficient to account for
the markets conspicuous loss Of tone and
apathetic condition. The heavy hquida-
ton of Monday and Tuesday was un-
doubtedly an indication Of a widespread
conviction that the upward movement
had reached the limits Of safety for the
present and today's market showed even
a more marked disposition than yester-
days to wait for an adjustment to tha
new conditions. The waiting and the
semi-stasnation were accompanied by
quite marked firmness Of tone in nearly
all the leading stocks. ST. Paul continued
the leader Of the market in point of ac-
tivity and was firm and strong. compar-
atively. in spite OF selling of the stock
for London account. This stock has been
gaining on Burlington all week and today
overlook and crossed il, closing at a small
net gain. while Burlington suffered a
small net loss. This was in consequence
Of the continuation OF the movement on
the part Of dealers to transfer their hold
ings from Burlington into St. Paul. Most
Of the business Of the day was done in
the first hour OF trading, as a result Of
crdere accumula ted over night. The totai
sales Of all stocks for the day fell be,ow
1900 shares. Four-sevenths Of this
amount must be credited 10 St Paul,
Sugar, Burlington and Chicago Gas.
None Of the leading stocks ranged as
widely as point, except Sugar and the
leading industrials and some Of the coal
srs. Leather preferred rose a point. on
Of a plan to refund the duty on
hides which are re-exported as leather. |
The small net changes are divided be-
tween gains and losses in the prominent
stocks. Rio Grande Western rose a point |
and the preferred stock rs per cent with |
put any news TO account for 1t. The |
bonds Of this company were active and |
strong. Spirits preferred fell off ~ per |
,ent. Genera, markets remained IN |
changed. The narrow movements in to-
lays markets were to large extent due |
o professional manipulation.
The bond market developed fair de-
,ree Of activity but values were bue lit
le changed except in q few instances in
which special influences operated. Bus-
icSo was 9cutId4ly Cdlllci Gu III t-lc fcdu-
ng mortgages. but 1t is worthy Of mole
hat no transactions were registered in
Northern Pacific thirds. which usually
Ibsorb considerable of the dealings. The
aggregate sales were 81 ,424, 900.
Governments were steady on light deal
ng, aggregating $1,000.
WEEKS FINANCIAL REVIEW.
ia. review tomorrow will say:
THE decline In the stock market,
rhich began last Tuesday, was natural
esult of the accumulation Of weak hold
ngs Of long stocks and temptations 10
ealize profits. The declines were not
isproportioned to the extent of preced-
lg advances in the more active members
the list, and at the concessions a con-
lderable buying power reasserted Itself.
ne liquidation and profit-taking once
Exhausted, the market steadied itself and
resented unmistakable indications that
ne accumulation of stocks was once
lore under way. The growing factor in
ne market is the widespread bullish
peculative sentiment that had arisen
OH lGlS uiltkpCCIcd tliulIiS u UHCtA ltlH~ |
= about the tariff, together with the IA
orab.e crop prospects and the general
ceiling in railway circles that a period Of
nproving traffic and earnings is at hand
urrent railroad earnings continue TO
how only a amoderate improvement. al
lough the figures of the Burlington road
,r May, with an increase of 100000 in
49, |
ected. More or less bullish talk. how
yer, comes from higher railroad circles,
nd the insiders In a number of compan-
s are credited with buying and sup
orting their stocks. The western roads.
is declared. are holding rates with re-
Iarkable vigor. and only minor disagree
tents exist, while the traits departments
re starining their energies to put equip
ent in order for the heavy summer and
ltumn traffic. The resolution of the !
runk Line authorities to restore east
ound rates has been noted with spprov-
. The grangers as the object Of the pre-
,ding advance. bore the brunt Of the
and other selling.
LOANS AND EXCHANGE
New York, July 2.-(Noon)-Money on
IL nominally 1dIA per cent and IL per
mt: prime mercantile paper 3ai per
m. Sterling exchange weak. with act
II business In bankers bills at siS67s9
81 for demand, and at s4-s5S&G lass for
xty day bills: posted rates s4.s6d4s7
Id s4SsGLSSls: commercial bills. Sass.
.ver certificates 6eit G60is; bar silver
J.: Mexican dollars a.. Government
,nds firm: new As registered 1a5js; do
upon 1e5's: IS registered and coupon &
4S: a. registered ll1ss: coupon 1l2is: ,
registered 96Ls: Pacific skies Of 'sS.
IL. 5