The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-09-21
SPECTATORS At SEA
Regarding the Outcome of the
Present Situation.
CLOSE STEADY AND QUIET
After a Stormy Session Not
able for Selling.

New York, Sept. 3o.-The closing OF the
! stock market this afternoon was quiet
| and steady, IN remarkable contrast to
the disturbed state of feeling which pre-
vailed all day. But there had been such
| lulls at various times before in the
storm of Liquidation which swept over
| the market and whether the final quiet
| marked clearing weather or simply
| gathering of forces for another outbreak
| OF the storm was the matter OF great
| est interest in Wall Street and upon
| which opinions greatly varied The vol
ume of the selling and the scope of the
movement in the number of stocks in
| volved indicated plainly enough some
general cause or condition at work 10
induce selling. Special conditions in in
dividual stocks aggravated the weakness,
but these peculiar causes were quite in
adequate to explain the general weak
! ness. Neither was it very clear that any
new factors have not been in evidence
for some time past. So far as these
general considerations are concerned, the
violent liquidation of the day must be
due to a growth of conviction to the
table effect of these factors, rather
than 10 any new status. These general
conditions are the hardening money mar
ket and the coal strike. and as a back
ground, the Chinese situation. There
was found nothing in the actual news
sufficient to account for the extreme
weakness OF the market, affording a
supposition that some development not
yet generally known in the Chinese tan
gle had induced large selling BY persons
with advance information. Certainly u
is hard to account for sucn wholesale
selling as that of today in a market
which has been supposed 20 contain
comparatively light speculative commit
ments on the ground of fears of future
events or sensational considerations No
selling was forced by actual contraction
of credits, although the rates for money
showed a continuance OF the recent hsr
dening tendency. The forces toward do
pIetIon of New York money reserves
continue operative, the days outgo IOf
currency to the interior being large. The
relief on sub-treasury operations Is also
on a diminishing scale. The progress II
the strike arorses keeen apprehension of
outbreaks OF violence and extension Of
the trouble into new fields. But no
actual occurrence of the day seemed TO
bring such Developments any nearer than
did the first stoppage Of aiming. The
letting 90 of speculative holdings which
have been recently accumulated on the
conviction that the prolonged duilneSs of
the stock market would be terminated I
by a buying movement was an influence
in the weakness and professional short
selling undoubtedly played large part
as well. The special weakness OF the
Steel stocks SEE med 10 show some pecu- /
liar apprehension that the conferenC e. (
over wages and the efforts TO adjust /
prices would not bring the industry 10 /
a profitable business. Tennessee Coal
was apparently without any support ard /
was nearly points or at The lowest. /
The stock rallied n on short covering. /
Pressed Steel Car. American Car pre- /
ferred. Steel and Wire. and FeceraI /
Steel preferred we're down from 2 20 i
~ IN the railroad list Missouri Pa +
ciic. Baltimore and Ohio and Reading 4
first preferred suffered most severely 4
among the active stocks. losing points 4
or over az the extreme low level. Among I
the recently dormant stocks there were 4
some wider declines, but the ienztb % !
time since the last sales dttracts from I
their Significance. TIE list Of stocks IN .
which the days Losses reached = p3'nt
or upward is a long one and Is stTik ng
evidence q the extent OF the IQulda-
ton. Closing prices were az follows: