The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-08-18
STOCKS On DECLINE
Market Displays Weakness All
Through Day.
BIG DROP IN STEEL
Days Close Was Active But
Very Weak

New York. Aug. Interpretations OF
higher money market caused a weak tone
10 the stock market today. which was
accentuated after the publication O the
bank statement. Predictions as 70 fur
,her expansion in loans were not borne
out the statement on the contrary show
I ing a decrease in this item o. N.6s5.Soo.
This unexpected good showing. however.
wss more than oTset BY & loss IN cash
OF s2.T1s, 600, which was quite unexpected
as the estimates yesterday figured or q
gain OF nearly three-quarters OF q million
dollars. Some uneasiness was also fat
az the efforts making 70 close various
steel mills which have continued IN Oper-
alton since the strike vas declared. Per
sistent selling OF the United States Steel
stocks which made extreme declines OF
= and is respectively for the common
and preferred, stimulated bear selling at
other quarters. Prices yielded steadily
from the outset and especially for the
Changers, PacifcS local fractions. Sugar
and Amalgamated Copper. which were
lowered from ! 10 2 points. The Southern
and Anthracite and B!tuminous Coal
roads stock also relspsed sharply In
the final dealings trading was a shade
more active, but the closing was weak.
An incident OF the day was the pro-
nounced weakness IN the sterling eX-
change market offerings OF all classes CT
bills being very large, with scarcely any
inquiry. Demand bills we're marked
down TO S4.S5S4, but Ions sterling was
we'll held.
Consideration Of favorable underlying
conditions gradually supplanted the ear
Her dominant influence Of the govern
nent crop report, and the Steel strike,
causing a higher and broader market.
These consisted q the large volume of
the general trade, excellent railroad earn
ings. London buying increased public in
terest in the market. Mondays market
when the crop report and the strike FIX
ured 70 their largest extent, showed that
these conditions were being rapidly dis
counted. The low prices OF the week We're
then recorded and the subsequent recov-
cry. though irregular. carried active
stocks from 10 points higher. Grain
carrying roads, especially those tap
ping the corn belt, We're expected
to be targets for bear attacks whom the
week opened. But the moderate losses
that followed arouse s belief that the
worst was over ana the heavy demand for
the short account that developed later,
coiored this view. me failure OF the gen
era observance Of the strike order and
the successful operation OF various plants
caused predictions OF an esrly collapse
OF the steel strike. The nited States Steel
stocks were considerably strengthened
By these assertions and gradually reached
a level of points above last week. This
Improvement was maintained until the
last announcement was made that the
Joliet mills had shut down. This incl
dent. combined with a general dlsrosi-
ton 10 take profits on the week S large
advances. gave a chill TO the market IN
the closing days. Railroad bonds showed
less improvement during the week than
stocks, but there was more general pur-
chases Of high grade issues
United States bonds were unchanged
or the call price Of last week.