The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-25
HILL STREET STOCKS
Speculative Interest Was
Tagged by Reaction.
MARKET IS UNSETTLED
Fear of Devastated Crop Con-
ditions Prevalent.

New York. July e4-The dullness and
the fsebler fluctuations in prices n to-
days stock market reflected the Tagging
OF speculative interest which is usual az
ter an active speculative movement has
expended itself anu has been followed by
reaction. BY this morning the fact had
become quite obvious that yesterdays vio-
lent recovery in the prices Of stocks had
| been principally based on the relapse in
| the grain markets. rather than or any aC-
tual news from the grain crops. The con
sequence o fthis revised view Of yester-
days reported benefit from rains had teen
overstated- These misgivings were accen-
tuated By published estimates from eS-
/ h&ustive inquiry showing heavy damage
already inflicted upon the corn crop The
sharp opening declines, however. met
considerable effective support and sub
stanual rallies followed. The weakness
was again renewed in the stock market
when the grain markets opened and
showed notable strength both FOR com
and wheat, the resulting declines in stocks
exceeding those at the opening and ex-
1 tending from the grangers into othsr por
lions OF the railroad list. The tendency
Of stocks to rally from declines showed
the growth Of a feeling among the spec
ulatOrs that, even conceding substantial
damage 70 the corr crop. the decline al
ready effected in prices IN stock has fairly
discounted this damage.
Another party argues that prices OF
stocks are still Unduly high compared with
previous years, Notwithstanding the wido
declines that have occurred from the
years high level. Thus. there is room
afforded for two contending parties in the
speculation, and the irregular fluctuations
4
a traders market.
Money market considerations again
loom 10 some prominence. It is realized
that the heavy liquidation IN stocks Of the
last few weeks had IN view preparation 10
meet the crop moving requirements and
not renewed speculation. The transfer of
funds from New York through deposits at
the sUb-treasury is the signal that crop
requirements have begun. The necessity
must thus be recognized OF adjusting
speculative demands upon the money
market TO this prior and more urgent re-
Quirement. The lack OF definite cOnvic-
tiOa regarding the outlook was evident
from the confused and irregular move
ment Of prices. An attempt was evident
10 lead an upward movement by bidding
I'D Union Pacific and Wabash and there
was some show Of hrmness among the
southern railroads and seaboard soft coal
carriers, but the market yielded at the
last to renewed weakness when the room
traders attempted 10 take their PROFITS and
the lowest prices for the grange-s and
Pacifics were made slightly before the
close, which was feverish and Irregular.
At the lowest the declines were No. Pa
cifc, ga; St. Paul, 35s; Union Pacific, 81;
Atchison, 25s; Kansas and Texas preferred
-, while in the general list declines OF
one TO two points were very general.
The railroad bond market duh and
heavy. Total sales. par value I.3l5.0to.
United States new is, declined 4 per
cent on the last call.