The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-02
EASI At DECLINES
Is the Stock Market at the
Hour of Closing.
BULLS MAKE A BLUFF
But Realizing Sets in and a
Great Slump Ensues.

New York, Sept. 1.-The feature Of TO-
| days market was the vigorous offer 60
the bulls about midday to lift the sEar-
ket ont OF its listless and heavy condl-
ton by a sharp advance in the Wander
bits. The efforts miscarried and insit-
ed such a food Of realizing that prices
sold OF to the lowest point today, which
was In many cases as much as 81 per
share below last nights level. The bears
had q hand IN the Decline but the de-
mand from shorts to cover was light. and
rallies in the general list were Of small
proportions. The movement of railroads
generally through the morning was ex-
ceedingly small either way except In a
few Individual cases. Chicago and Eas-
tern Illinois was pushed I'D over points
above par. but reiapsed nearly points.
The movement of the sDecialties In the
FIRST hour was a good deal mixed. Con-
solidated Gas and Tennessee Coal shoot
ing up 2 points, bue the Tobacco stocks,
Brooklyn Transit and Sugar were heavy
Northwestern were pushed I'D on q re-
vival OF the old story of the ABSORPTION
OF the former by the later. Abaut the
same time the appearance Of the New
York Central annual report showed In de-
tail the rather striking economies effect
ed by the consolidation OF that great
system. The result was q rise Of points
in Omaha. 3-S in Northwestern and
nearly points in New York Central. A
number OF other Tanderbilts sympathized
to the extent OF point and the Union
Pacific stocks were bid I'D a point, Civ
ing color TO the rumor that the much
talked-of transcontinental consolidation
was about to be projected. The very
heavy blocks of Union Pacific stocks
coming out on the rise and the detec-
ton by the bears OF selling for long ac-
count brought a determined and a re-
alizing movement all along the line The
gains which mad been extended in some
cases to near point were quickly wiped
out and the general level OF the market
fell below last night. MBrooklyn Transit
dropping points. Central Pacific lost !
1-2. The market was very listless dur
easy at an average decline. London sen
higher prices and bought here to a mod !
crate extent but this support WAS with |
out avail to sustain the market. The
fear OF an unfavorable bank statement
fear of an unfavorable bank statement
was heavy weight on the market. The |
New York clearing house banks have
lost heavily during the week. both on the
interior movement and 20 the sub-trea-
sury. Shipments on balance to the in
terror to the extent Of nearly 800. 900
can be traced. The statements of the
sub-treasury during the week show that
Institution TO have absorbed aan account |
OF internal revenue and customs pay
ments and deposits for shipment to the |
interior something like s.. 500 900 after all. |
owing for payment of 10000 on account |
OF drafts from the mint Some allow |
ance fsc to be made for receipts in gold |
at assay offices which are credited TO the /
banks. but there IS apparent loss OF cash |
of nearly s5.Oo0.0OO. There Is no evidence |
of any sufficient reduction Of deposit IL
abilities by contraction Of loans TO off,
sc. this fall in cash resources. Closing /
prices were as follows: