The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-07-15
GNERAAAREEISAGS
Principally on Fears Regard
ing the Money Outlook
RAIL WAY SHARES LOSE
Some SpeciaIties Individually
Strong--Bonds Dull

New York, July 1l.-There was q short
perio dof strength in some stocks this
morning, but 1t was insufficient to over
come the sagging tendency In the general
market. The weakness Of Brooklyn Tran
sized the reactionary tendency. The main
cause Of the general weakness was the
increasing fear that mooney difficulties
abroad would cause future trouble for the
New York money market and would take
out gold as soon as the local rate for
money fen to a point where the London
rate would prove attractive. Rumors were
abroad all day that a shipment OF gold
was contemplated for tomorrow's steamer
but up to the close mono had been an
nounced. Money worked easier here, cali
loans ranging from to per cent. The
cali rate in London went to Ia Der
cent and discount held at the Bank OF
Ergland's minimum rate of 5 1-2 per cent.
London sold moderately in New York. but
gave good support to a few favorites IN
the American department Of its own mar
ket. There was no quotabie change in
sterling exchange sales but sight bills
showed a hardening tendency, while the
sixty days bills were easy. Not so much
confidence is felt in a favorable bank
statement for tomorrow. The amount
OF the loan contraction Is an unknown
quantity upon which depends the state
of the surplus reserve. The banks have
lest nearly R,5OO.cOo to the sub-treasury
largely on account OF heavy customs pay
ment. They have gained a small amount
on the regular currency movement with
the interior. but the large sums OF money
known to have been sent here early in the
week from other eastern financial centers
may have gone to other institutions than
the banks and would thus not figure in
the returns. These considerations prompt
ed a pause In the buying movement in
stocks and the early strength in the
Southwestern group. the Trunk lines and
Northern Pacific gave way in the after
noon to. decidedly lower prices. The talk
of crop damage in the northwest affected
the grangers unfavorably in the late trad
ing Losses from the top point In many
active railroad stocks ranged from ] TO
2 points. Northern Pacific was marked
up about last nights level in the final
dealings. though II was little affected
during the day by the report Of an anil
cable agreement with Great Northern in
terests. Chicago Terminal was strong on
the reported sale to the Alton syndicate.
Brooklyn Transit was weak throughout
on the prospects Of a strike and closed
at the lowest, IA below last night. The
early strength in Sugar gave way 10
weakness and subber dropped Ala. with
a subsequent partial recovery. Manhat-
tan was marked up to 40 at one time on
the theory that a surface railroad strike |
would add to its business. Covering by
shorts was an element Of its strength.
Missouri Pacific reacted sharply and |
closed point lower on the day. A num- |
Der OF special:ies showed some strength |
during the dpy on individual causes. Cot |
lon OIL. Natona. Biscuit preferred, Tin |
Plate. Anaconda and Steel ana Wire were |
among these. New York Air Bake |
gained STA piints.