The Wichita daily eagle., 1901-06-26
.HBLL STREET STOCKS
Prices of Stocks Reacted
Sharply Yesterday.
PRICES CARRIED DOWN
St. Paul and Missouri Pacific
Were Conspicuous.

New York, June 25.-Prices Of stocks
reacted sharply today and were carried
down under such active selling as has not
been seen IN the market fer several weeks
past. This development did not make it.
self felt until late IN the day. and after
such period OF neglect and apathy on
the part Of speculative and investment
interests as in itself invites attack on
prices by professional bears. There was
a continual slight dribble Of stocks on
the market under which prices slowly hut
pretty steadily yielded, except for few
special cases. where a desuItory. specula-
ton for the rise centered or where buy
ing was induced by causes individual 10
the stocks. These were entirely without
influence on the general list. A rather
general tendency 10 recover from some
opening declines had the edge taken OF
II by the first bulletin announcement ot
the suspension OF sn important bank IN
Leipsic. The course Of German bank
shares for the last Few DAYS has indi-
Gated an unsettled condition OF affairs N
Germany ana today's occurrence arouses
apprehension that the coming scmi-an-
nual settlements in Berlin may be the
occasion OF q more or less extended coll
lapse. The recent failure Of a bank in
Dresden revealed such a state Of involve
ment with formerly inflated industrial
securities which had suffered from the
industrial depression IN Germany. that
the credit of many Industrial enterprises
was considerably undermined. The fear
Of crisis has probably prompted tho
Imperial Bank OF Germany 70 recuper-
ate its resources to their present extra
ordinary strength. With the gain IN cash
this week and the receipt next week OF
the New York gold shimpents, the banks
cash reserves viii be lifted TO rear $50
C0a,000. The banks outstanding note is
sues are also nearly 100000 below the
legal maximum exempt from taxation. so
that the German money market is uni-
suslly well equipped TO meet crisis. The
consideration OF these conditions made
the speculative mind sensitive and late in
the day pwhen many rufnors began 20
circulate Of local banking troubles there
was a lively sbining oUt OF stocks all
through the list. The bears made the
most OF their unexpected opportunities
and offered prices down boldly while the
rumors we're at the high tide OF exa gFer-
alton he succeeded IN breaking through
the defense which had been established
by tho bull leaders while they we're away
for their vacations and heavy Stop-loss
orders We're uncovered Stocks with any
large speculative accounts in them were
naturally most affected. st. Paul and
Missouri Pacific were conspicuous in the
decline. as were a number of less prom
inent stocks which were marked up IN
the early dealings toGay. The drsp in
st. Paul extended to FIVE points. When
tho nature of the investigation being
made by the Clearing House association.
the affairs between one Of the banks and
the association became more accurately
known and It was announced that no &C
tion would be necessary there was a
iively scramble on the part Of profess
sional shorts 10 cover ana the rally in the
principal active stocks was between I and
points, St. Paul recovered pa Mis-
souri Pacific "a and Manhattan 27s. But
the closing wss not free from feverish-
ness, and was rather irregular.
The money market was not disturbed
the somewhat easier tore Of yesterday
being msintained. The earlier gains IN
the market were from causes peculiar 70
the stocks affected. such as has been the
motive OF these movements Tor several
days past. The bond market was affected
by late selling. but IN a much less degree
than stocks. Total sales. par value. ST.
10000. United States rsfunding twos and
new fours advanced = per cent on the
last csn.
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