The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-08-30
SHARP BREAK CONES
Net Losses in Stocks One to
Two Points.
CZAR'S PEACE MANIFESTO
Has Much TO Do With the
Foreign Stock Market.
CARS PEACE MANIFESTO

New York. Aug. @.-Prices of stocks
broke sharply today and showed depres-
sion throughout. The first rally showed
considerable vigor, but later in the day
the decuperative power Of the market be-
came feebler and the close was barely
steady at slightly above the lowest. Net
losses ranged from l to points in leading
stocks. There was a growing disposition
to realize profits both by professional
traders and by outside holders. The lat
ter was shown by the steady stream Of
selling orders that came from the commits
sion houses all day. Professional traders
quite generally took the side of the mar
ket and the bears sold with growing con-
fidence, the demand to cover at the close
being very light, even with the substan-
tial reduction of prices There Is evil
IDENTITY a large growth of the powerful
trading element which has nghtened its
holding of stocks and is anxious for lower
prices to buy back again There was
palpable manipulation at the opening TO
f1x low level for prices In some Of
the leading stocks the opening was about
the lowest Of the day. Others held quite
firmly for the rest of the days session,
but eventually yielded to the persistent
demonstration of the bears IN other
stocks. Buying for London account was
a distinctive factor in the hrmness in
number Of International favorites, notably
Southern preferred, Erie first preferred,
Denver preferred and Norfolk and West
ern preferred. There was a steady alb
sorption of stocks at the decline, which
was especially marked in Burlington and
St Paul This seemed to be the result
of buying orders below the level OF the
market for traders account as well as
from commission houses. The same thing
was evident in the PacifcS and other
stocks here and there througho the list
The tendency TO sell was undoubtedly due
to the prospects OF tight money. The
minimum rate for cali loans was held at
2 per cent and per cent was paid in
some cases. In sympathy with the money
market and with the increasing supply
of grain and cotton bills. actual rates
for sterling exchange declined Il cent on
the pound. The London money market
was marked up a. sharp fraction today,
and there was buying of gold in the open
market there. said to be for shipment to
New York. No engagement was an
nounced, however, in Wall street Other
departments of the money market show
ed a hardening tendency. but there was
no change in the quotations Aside from
conditions In the money market there was
nothing in the general situation to &C
count for the days decline
Total sales of stocks today were
472,900 shares.
BONDS.
The poor rates for money caused de-
uression in the bond market even more
acute than that in stocks. Some of the
speculative bonds that have been recent
favorites showed marked reactions. and
heaviness predominated in all issued. To-
tai sales, IS, 725,oo0
United States threes when issued de-
clined Il per cent in the bid price and
Il per cent on actual traRcastions. The
new fours coupon sold at 1904, a decline
of - per cent, but the closing bids, ex-
cent for the threes were unchanged.
New tours, REGISTERED and coupon, 127;
tours, Ill; coupon 11115; seconds, 9S; fives,
registered and coupon. liz; Pacific SKIES OF
'99, 1O2A.
FOREIGN STOCK MARKETS.
New York, Aug 29.-The Evening Posts
London financial cablegram says:
The settlement here shows an in
creased account, notably in Americans.
but money is so plentiful that contangoes
were quite light, those on Americans be-
ing only 219 per cent The tone of the
market was generally good today on the
Cars universal peace manifesto. A fur
Their rise in Brazils and Argeptines was
the chief feature.
Americans were irregular, some Of the
active shares reacting on proht-taking.
but the close was generally better For
the moment am able to report consider
able public buying here. but whether it
will last It is difficult TO say. St. Paul
stock was scarce at the settlement and
there was no contango.
New York Is now buying gold freely.
I learn already Of 10000 pounds bought.
The London discount rate is IL per cent
in consequence and rs per cent is asked
for American bills for forward delivery"