The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-07-14
N Further RELAPSE
Stock Market Is One of Sell
ing TO Take Profits.
BREAK IN WHEAT PRICES
Ineffective TO Stay the Market
Gold Situation.

New York, July 13.-Today's stock mar
ket was but adult and uninteresting az
fair and marked the further relapse from
the manipulated rise OF the earlier part
OF the week. which came into evidence
yesterday. Selling TO take profits was
the order Of the day and the bears put
CUT some fresh short lines. That neither
Of these operations was on very ex-
tensive scale is sufficiently shown by the
small figure Of the total sales OF the day.
and the greater part Of even these small
dealings took place in the forenoon.
when the bull interests were making ~
tile efforts TO continue the advance. The
efforts were not put forth IN the open
ing transactions and the sympathetic de-
preston from foreign markets was allow
ed its full effect The weakness there
was due 70 renewed fears regarding the
Chinese situation and 70 the usjshap 20
the British forces in South Africa. The
effect here was purely sympathetic. and
when 1t was seen how small the selling
for London account was the bulls braced
their energies and attempted TO resume
control OF the market The pressure OF
Drofit-taking which met the advance
when last nights level OF prices was ap-
preached discouraged the attempt and
the market was allowed to lapse into an
almost Hfeless state. The sharp break
in the wheat market. which might be
fairly construed as indicating a more
hopeful feeling regarding the crop, was
powerless 10 sustain the stock market.
Small as the offerings were, they were
sufficient to drive prices sharply below
last nights level The grangers, South
westerns and some Of the railroad stocks
were most notably affected, but there
were examples of weakness all through
the list. both Of railroads and speclalties.
The Steel stocks became notably weak
late in the day on a growing apprehen-
sion that the general reaction in bust
ness will curtail the consumpt.ve re-
quirements for iron and steel, whatever
the ultimate basis Of prices may be. 4
further advance in the sterling exchange
rate the hardening Of the London dis
count rate and the continued decline n
the gold reserves Of the Bank Of Eng
land led to the opinion amongst inter
national exchange houses that further
shipments Of gold from New York 10
Paris are likely to be made next week.
At the same time. today's reduction in
the discount rate OF the Imperial Bank
OF Germany and a further relaxation in
the private discount rate in Berlin makes
It probable that Berlin has been fur
Their reducing It's loan obligations to New
York. A liquidation OF foreign borrow
ing accompanied by an export move
ment in gold would present an astonish-
ing state Of affairs. Estimates OF tornor-
rows bank statement are rather tenta-
tive in view Of the discrepancy last week
between the preliminary indiCA iors and
the actual results The banks seem %
have gained over a million dollars from
the sub-treasury during the week. and
the movement OF currency from the in
terror. though considerably reduced IS
stiu IN their favor Call loans fell 70 1
per cent this afternoon and the p-oba
bili-v IS in favor Of an Increase in sur
plus revenues. Closing prices OF stocks
were as follows: