The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-07-25
MARKET IS DEFIANT
Of Conditions and Acts Most
Puzzlingly.
PRICES ON THE DECLINE
Alleged Drouth in the Corn
Belt Cuts a Figure.
PRICES ON THE DECLINE

New York, July 24.-Those who have
ket reflection of general conditions
outside were still further COMPOUNDED by
the course OF today's market The weak
ness, which showed progressive develop
ments during &ne day. could not be abe
quately accounted for by anything in
the news of the day. But as the result
of efforts by professional spectators 20
take their profits, without any demand
for stocks to absorb the offerings, the
days movement was capable OF eXplana-
ton Efforts were made TO sustain the
market in the morning by manipulation
of a few of the specialties, especially
Sugar ana the Tobaccos- Later in the
day Tobacco was exclusively relied up
on as a sustaining influence and finally
that stock, after having been pushed up
nearly points, dropped back more thaa
2 in the general weakness with VIII CT
the market closed. Tobacco's net gain
is 29sc, but all of the earlier rise in
Sugar was wiped out. Many stocks
show losses of a point or upwards for
the day. There was realizing in evidence
from the opening, but the first point Il
acute weakness to develop was in Brook
lyn Transit. The recent advance in this
stock has evidently been in anticipation
OF the favorable decision announced yes
terday of the right Of the company 70
charge Decent fares TO Coney Island. anu
realizing was very large during the day.
The last price today was 56, compared
with so late yesterday afternoon. For
the rest, the market showed the result
of a manipulated advance IN the growth
TO rather top heavy proportions Of long
interest anxious to realize At The same
time, the forced covering of 81 )rts left
the market without support from tina:
source. Doubtless the most potent infiu-
ence In the reaction was the portentlous
growl emitted by the recognized recent
bear leader, from his European retire
ment, in an interview. The outside IN
terest in the market proved wholly mad
equate to absorb the offerings TO real
lie and a rapidly declining scale of prices
was the natural result. There was a
feeling of doubt aroused in the minds
of spectators by the general scepu-
cism expressed by public commentators
over yesterdays rise, which was uuiver-
sally, attributed to artificial manipula-
ton The weekly report from the wealth
er bureau on the crops. showing the
lack Of moisture in the corn belt, caused
renewed apprehension regarding that
crop. and the cOrn-carrying roads suf-
fered accordingly. The non-engageme ~
OF gold for export yesterday, which
caused some feeling of relief IN the op-
timistic mood of speculation. gave place
today 10 a fresh conviction that large
outgo of gold is iminent and that a
period Of stringency in the money may
ket later in the summer can hardly be
avoided. Rates Of sterling IN New York
were not quotably higher, although the
market was reported firm. and sterling
advanced an additional fraction IN Paris.
But call loans and discounts both adj
vanced in London and exchange houses
are Of the opinion that gold viii 90 70
Paris on Thursdays steamer. No en-
gagements have yet been made. bow
ever. Closing prices OF stocks were as
follows: