The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-21
WALL STREET STOCKS
Anxiety Over Crops in West
Rules.
PRICES CARRIED DOWN
Inside Interests Attempt to
Support Market

and carried prices down through the at
tempts OF the inside interests in certain
stocks TO support the market. The
closing prices were near the lowest and
the market was active and weak at the
last The only modification of the weak
ness was due TO the buying TO cover and
take profits by the bearish traders. who
saw handsome profits accrued as result
Of the decline late yesterday and today.
These bearish operators have been sup
posed by Wall Street TO be residents
I chiefly in the west and to be concerned IL
/ bulling grain as well as bearing stocks
/ The feeling gained force in Wall Street
today that this double campaign has
more basis IN fact than was belieced
/ yesterday and three western contingent
/ received large reinfOrcements from east
ern sources The supporters OF the mar
ket made Roadway against the bears IL
the first hour when vigorous efforts were
made 10 drive the bears TO cover. There
There was a resumption OF pool opera
tions IN Southern Pacific and that stock
as well as ST. Paul and Missouri Pacific
I
sive selling by the bears Immediately de-
veloped, based on the reports Of new
damage to the corn crop. and reports OF
extensive damage to the spring wheat
crop now first needed in Wall street.
Another attempt was made to rally the
market on the strong bank statement, IN
which a large loan contraction Co-operat-
ed with a substantial increase in cash to
recuperate the surplus OF the banks.
However, higher bids for stocks brought
out such large offerings that the bulls
were obliged TO desist and prices fel by
rapid stages practically up TO the close.
ST. Paul fen 4 under last night. Rock
Island Alp; Northwestern S; Atchison.
3-S; the preferred . 81 and others OF
the Pacific and Southwestern groups. as
well as leading southern and trunk line
railroads and specialties from l 70 ,
points. Some OF the less prominent stocks
showed large losses. The L 5. steel
stocks were largely dealt in but moved
narrowly and were supported the COM
mon losing only II and the preferred
closing Is higher. This week opened
with a deluge OF liquidation OF stocks In
duced by the unlocked for rupture Of ne
g0tiations and calling Of strike by the
members OF the amalgamated association
The shutting down OF some OF the an
thracite mines on account OF a fremen's
strike was also = depressing factor.
Coming on top Of last weeks severe de-
clines and the resulting losses and i'm
Pa'lment Of margins and resources. ser
it US consequences were threatened By
this renewed decentralization n the stock
market. The realization Of this was aD-
parent in the effective measure taken 10
support the market by the two domin-
ant groups OF capitalists, whose quarrel
p-ecipitated the Northern Pacific corner
and the May panic. The mere fact. which
va made patent TO the speculative pub
lie. that these two powers were united Ia
scpport OF the market Afforded immense
relief TO sentiment. The acute depres-
son Of the week before was principally
Due 10 the evidence OF selling on behalf
OF one OF the interests OF various stocks
and TO the fear to which This gave rise
that the Northern Pacific quarrel had
broken out sfresh. 1t was evident that
no vague limitations and assurances that
all was harmony would avail 10 quiet the
disturbance caused by this fear. The oe-
cisive step was therefore determined upon
Of announcing the new harmony board OF
directors for Northern Pacific. This
step was admittedly taken with q view to
stock market exigencies and 20 lessen
the pressure OF liquidation hich was prov
ing detrimental 20 many important fnsn-
eial projects and depressing prices %
level felt 70 be unWarranted BY the
promise Of the future OF sustained and
increasing earning power. Early knowl-
edge OF the coming announcement vas
given 10 the public Ore OF the detri-
mental effects OF the slump fl American
stocks was its Unsetuing effect On the
London market. where a fortnishtiy set
tsment vas IN progress. II is a striking
example Of the new importance and n F.
huence Of American financial Affairs that
a decline n the shares u an Industrial f
corr Grafton in New York Should result
n a drop n British consols 70 N lowest +
price fl a decade The immediate ex-
PLANTATION IS found n the fact that ths
course Of Z. s. steel stocks aroused dis
trust amongst London bankers and
money was difficult to secure 1or the ear
ring over on those stocks
II fact, American securities % 4 Whole
were somewhat c11so.4d. Sc thar even 9 -
count rates hardened during me penssae-y
OF the settlement Heavy blocks q IaI-
ted States stel stocks have been PLACID
abroad as TIE res51lt II the recent for 4
eiga visit q the foremost capitalist fl
the corporation syndicate. but they cane
back this week IA q stream OF account q
TIE strike The drop ~ corsois MS SUP
posed % oe due % large oG-r5nFs ~ the
American syndicate. which u viI Re r.
uecbered received q Liberal aflgrmsat q
Ii last Issue. Tbs operation VS. ua.-
1rally resorted q as sst-o1 q ths sell
ug il New Tcrz hv the British hoIds-s
y American securtes- TIE iruprsszioa
produced On the Loraoa market. wh,ca
80 % souslhlng resembling . pub.5c re-
from I.aro Rstnsctasd c.
MONDAY vas doustiezs a. sddirlo7az more
-JWzrls TIE action taken % sl1po-t t.-s
uzrke: zz1 cheek TIE decline. 70 -ase
& evident also that part - re AezVT
is1feztion q last week Ezs dc 10 rrrs-
sratioa foT supfcrti1g 70 rlarkss zhl-h
d vas f0resesa vezlt - reesrzary t1ls
yes- me uoT1 crest urc1 fhs STRIKE
situztio1 C a rally e. me Erite1 states
.rael ID the <ace O. ths strtfe vas Grztt-
ass considered also - t1e capital 3zter-
szss IL tat csTaorst41n- Taa cloainE q
re X. P seEr4ezeat was --4us has-s-es
I'D p1b-4Es1 Ws11eslaF efea.1E -ns
III a5rtzn1e . t1is zsrrerert CO t1e rla-
.lfF r. Es11@s - rllrra1 rec-lrltlfs
r a. tbs te-ritory Elected = esar seea
b te q vas- lTrsr-a-as- il has
1srket srect a. Ezre-zz se-izr t1s etzcz
zarkst tgt ~ sGerf vas mos.ees -
- sechs1I cases There WaH ari1-
- 49, -