The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-08-10
WALL STREET STOCKS
Market Showed Exhaustion of
Buying Power
AND PRICES DECLINED
Effective Bear Drive Against
Roads Takes Place.

New York. Aug. s-From 4 condition
Of decided strength in the early dealings
The market began 70 show an exhaustion
OF the buying power and prices declined
gradually until the final hours. when
there was an effective bear drive against
the graia-carrying roads. This move
ment was based on surTnises that the
governments monthly crop report to be
issued tomorrow would reflect greater
damage than current expectations. This
superstition was also enectually backed
up BY the estimate OF q recognized epert
who predicted q possible condition for
wheat OF sc and corn &C. These aver
ages were given some credence by bear
traders. and they promptly put out large
amounts OF stocks which brought about
declines from the highest prices OF the
day CT from IS. 70 2ss IN the principal
grain-carrying roads. with St. Paul the
chief sufferer. Tbs general decline was
materially assisted by a drop OF points
in Peoples Gas on reports o. complcs-
tions with the Chicago city authorities
United States Steel stocks contributed
but little novelty 70 the days dealings,
and moved within q range OF a point.
Early improvements OF ssQ& per cent
respectively for the common and pre-
ferred were wiped out and they closed
y 20 4 per cent lower. Reports OF con
troll by the Could interests OF Mexican
railroads promoted a good demand for all
Of the Southwestern stocks at the outset
and Missouri Pacific and Texss Pacific
rose 2R2ss. a sympathetic effect was ex-
erted on the general list By these special
movements. and there were some sub
stantial gains in various prominent
stocks. The fact that there were an
nouncements OF gold exports, sterling
exchange rates being lower and expecta-
tons OF a good bank statement were all
contributing influences 10 the rise. The
junior Vanderbilt stocks responded nOta-
bly, 70 heavy purchases of New York
Chicago and St. Louis common ana sec
ond preferred, which improved % 10 81
The forecast OF the bank statement indl-
Gates q gain in cash by the banks on the
interior movement and operations with
the sub-treRsury OF s. al, $40. Some sur
prise was expressed II the gain Of only
S474. 90 on sub-treasury account by A74,-
co on sub-treasUry account by The banks
IN view OF the disbursement for pen
sions and interest in addition 10 the pay
ment at once Of S2,619 300 gold on Pacific
coast transfers. The payment OF the
United States Steel preferred dividend
of SS.S63, "a may cause some unexpected
changes in the principal items In tomor-
row bank statement Sterling exchange
rates reacted today and less apprehension
was displaced as TO the likelihood Of
early exports Of gold. Demand bills We're
steady ar the close at .f.S77S. the day 8
reaction being due principally 10 a les
sened inquiry The closing OF the stock
market was weak at the lowest
Railroad bonds were dull today and ear
lier frmne5s was disslpated by the r.
action in stocks. Total sales. par value.
81, 020. COO United States bonds were al
unchanged on the last cali
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