The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-08-27
Weakness Of Friday
In Wall Street Is Ina Measure
Left Over
BANK STATEMENT BETTER
Than Expected "A Pulling
Week in Stocks.

New York, Aug. ss-The market opened
with yesterdays cropping tendency still
in force and sne weakness was not en-
tdrely overcome during the short session.
although there were improvements. The
Lond0A exchange was closed for holiday,
leaving some uncertainty as to the specu-
IatAye sentiment OF that center, which
was depressed yesterday. Added to thls
ives a. weak tone In Sugar, On q ne%
crop Of rumors Of q now phase Of the
war In ths sugar trade The new stocks
Of the Republic Steea company, dealt in
ON the exchange cor the FIRST time yester-
day. showed . dssinclinaadOn to maintain
the price established for them yesterday
and Norfolk and Western and Northern
Pacific ia the railroad group showed .
react1ouAry tendency. Consolidated Gas
dropped an exteme 412. BoOklyn Transit
was heavy ana there were other less i'm
portant pointA Of weakness. In the second
hour the trading manifested . DISPOSE
ton to cover snort contracts. apparently
IN the fear that the unfavorable character
Of the bank statement had been exagger-
ated, an proved to be the case. Renewed
demand from the shorts forced up Consol-
tdated Gas an extreme Z "a. Mobile and
Ohio gained about and Northern Pacific
railled over point. Great Western pre-
ferred gained 8; Louisville. Chicago and
Eastern Illinois, St. Paul and Duluth. and
the Tobacco stocks q point or over. Sugar
advanced an extreme IA and became very
feverish, serving to unsettle them. The
recovery IN the general list, however. held
for the most part. A feature was the
movement In a number Of Insignificant
stocks. Including Peoria and Eastern, Kan
awha and Michigan. Keokuk and Des
Moines and Colorado oCal Development
company. In view Of the forced nqusda-
ton In Brooklyn Transit early In the
week. the extensions of credits to the
statement came as a surprise. The de-
crease in cash proved to be less than a
million, whereas the known movements Of
money indicated that It would be s3.50,OOO.
The decline In the surplus Is therefore
largely due 20 increase in reserve require
ments BY reason Of the loan expansion.
Viewed apart from the previous exaSger-
ated estimates, the return Is weak. The
changes are impossible OF explanation
from any transactions known 20 the pub
lio
The action Of the stock market was
very Irregular and somewhat puzznng dur
H. --NA 4 -
prominent speciaItaes and industrials
showed extreme Generalization early in
the week. The raids by the bears uDon
these stocks were commonly supposed to
be tactical vancouver with the object Of
obstructing the disposition Of the general
list to advance. AS a matter of fact, the
violent breaks In the epecialties proved
ineffective to prevent the rise of veEious
Isolated railroad stocks. When powerful
support in the speclalties frustrated ehe at
tempt Of the bears 10 work further de-
clines and the way seemed open for a gen.
eral advance in prices the upward move
ment was met by such heavy offerings
TO take profits that a sentiment OF hest
tation reasSerted itself. A comparison or
prices showed some very substantial gains
In a small number Of the railroad stocks
and some severe losses In the industrials
In the majority of the standard railroad
stocks net changes are small, nor has
There been any marked activity in these
stocks during the week. Quite a number
OF Southern and Southwestern railroads
show reactions from recent high prices on
proft-taking. which has been on a large
IL
that the tendency Of the market to nd
vance was chiefly due to operations by
pools formed by professional spectators.
The buping of 5000 shares Of stock and
then bidding several points higher for 100
shares is quite a familiar process In Wall
street, but in a number OF cases this week
the higher bid developed an astonishing
amount OF stock waiting 10 realize. A /
good deal OF this, according TO the opIn- |
Ion Of specialists. Is stock that was bought |
at higher level last spring by that por- |
ton OF the population designated in Wall |
street as the outside public. Having held |
through a heavy decline these owners are /
eager to take a small profit or even to get |
out wfthout loss. In the hIsh-grade rail- |
road stocks. such a. the grangers and /
trunk hDef, prices were long ago made 70
discount expected increases in dividend
rates. In some cases these increases have
not come. IN spite Of large gains I'm earn
ngs but prices have been maintained az
the high level. The return on the pur-
chase money At the present dIyidsnd rates
IF many standard railroads q less man on
hiEh-grade bonds. Moreover. The Rrea.
activity In all branches Of trade ana IN.
iustry and the employment thus found
'Or money has made q rate for rnonsJ
which tempts the conversion OF securities
nto floating capital LAst year a,sthgr4-
les In the financial world predicted sha4
he return on capital would be permanent.
II TO 3i-2 Per cent and prices Of high
yrade securities WEIR run up sccorsffBxiy.
WITH the money In the market yielding
2es cent OF better On loans. the halder
y stocks and binds on the high ;eveI OF
,rices becones some what precarIous. Tnis
: SHOWN In gih-eiged railroad bor,ss an4
n government bonds both here and
abroad That money T. likely 20 coafinue
irm. AZ least. at the present Isves. ~ the
ivSdenr expeesa<io1 Of the VOID nnaacfal
luthor<-tss Is evidenced By ne pr~osu-
so1ary and strengthening policy o. ne
saa8uE q England. France and German.
mich - continued even estsf ne eonsid-
.rable accumulation 81 res-Fre already
.fecte5- The same policy Is IN for-e By
Se~ York clearing hous< BANKS. what
.~eT present ease = appAreus n the money