The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-09-01
STANDARDS LIE LON
While the Specialties tx
perience a Small Boom.
ONE NOTABLE INFLUENCE
Is the Formation of the Great
Steel Trust.

| New York. Aug. s1-Today's stock mar
/ ket was quite as remarkable for the list
T lessness and Eeaviness OF the standard
( securities as it was for the animation
and strength OF a number OF specalties,
The Changers, Union Pacidcs, Atcbison
preferred. Brooklyn Transit. Sugar and
most Of the railway SHARES were semi
scaguant all day and most OF them closed
AZ small net losses and with outside fuc-
cuati0ns for the day o. only small frae-
tons. The great combination Of iron and
( steel companies was one OF the notable
Influences which caused activity and
strength in a number Of stocks. Those
already known 10 be in the combina ton
showed strength all day and the COM
mon and preferred stocks OF the Amer
lean Steel and Wire company advanced
8 and 49, per cent respectively. on rumors
that il was 10 be included in the consoI-
daticn. Possibly the large buying and
sharp gain Of the Cleveland. Lorraine and
/ Wheeling stocks were Connected with the
same cause The movement in Northern
Pacific was also a special one and was
caused by a report that a reserve sur
plus 70 insure the preferred dividend was
in contempt alton. Wabash preferred con-
rinued its upward movement but met
foods Of stocks at a price OF "A and
eased off Peoples Gas was very largely
dealt in and gained 22s per cent net. clos
ing at the top on the belief that coniic-
ing interests had been adjusted. The
buoyancy OF this stock q the close did
not save the sale Of the list from sag
ging tendency. There were conspicuous
movements in a number OF other stocks
Of less prominence. Manhattan was a
source OF weakness all day and lost 2
points at one time The announcement
OF the first gold imports impaired some
vigor to the market and did not check
further decline in sterling exchange. Lon
don discount rates advanced Il per cent
70 1zsG17s but this is still 14d11s per cent
below the rates for the corresponding
periods in New York. Total sales Of
stocks today were SS7. 800 shares.
IN view OF the apparent needs OF the
money market the decline in government
bonds today. including the new threes.
when issued, is somewhat perpleIng-
These bonds are supposed TO be in eager
demand tine banks not only to offer them
as security for government deposits, thus
relieving the decline of cash into the
treasury. but also for circulation TO meet
the growing interior demand). There were
some large transactions in bonds today
and prices were quite firmly held with a
few exceptions. notably the Atchison is
sues.
Total sales were s., 745 900 United States
i
registered, and the threes when issued
declined 4 in the bid price.
FOREIGN STOCK MARKETS.
New York. Aug. 31-Evening Posts
London financial cablegram:
The chief feature OF the stock market
here today was the sudden furry in
money, rose 20 IL per cent while the dis
count rate went TO rs per cent. The
squirt was partly due to the market hav-
ing had to pay yesterday for 81 eco
in treasury bills. while today is the last
OF the month and the stock exchange pay
Gay. The market had to borrow a large
amount from the Bank OF England. Gold
was in strong demand for New York in
tie open market at rs sad. Unless the
leave the Bank OF England this-vbgkqj
leave the aBnk of England this week.
The markets were Irregular. They
opened weak on heavy Paris selling. but
later Paris bought freely and prices here
rallied accordingly.
Americans opened dull and then rallied
on continental buying OF Pacific stocks.
notaoy Central Pacific. TIE close was
firm Baltimore and Ohio was bought
TIE American market is described in good
quarters as nervous and fdgetty."
LOANS AND EXCHANGE.
New York Aug. So p. m--Money OF
call steady, 2Q2l2 per cent. Last loan.
per cent Irime mercantile paper. 3G3Ia
per cent Ster''ng exchange easy win
actual business in bankers bills at s4s4
and 81 S22+d4S5 for 50 days. Posted rates
81 s464.s6. Commercial bills s4s2 Silver
certificates 5slz T60lzc. Bar silver 5s5xc.
dollars 1910.