The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-02
WILL STREET STOCKS
Decline Is Heavy in Steel
Trade Stocks.
STRIKE INFLUENCE BIG
U. s. Steel, Common and
Perfected, Lost | "a.
STRIKE INFLUENCE BIG

New York. July Expectations OF
higher prices for stocks which were
aroused by the action OF the market dur
ing the latter part OF last week were
not realized today. II is no unusual
thing for the effect Of July disbursements
upon the money market TO be DELAYED
sometimes for a week or two, the look
ed for demand for rsinvestneDt falling
70 appear ana the rate for money holding
co 7paratively firm. These conditions
he'd today. although there vas some re-
alization in the call money market There
( were however. z number OF more or less
/; disturbing factors which discouraged
! buying, and when last weeks buyers al
tempted 70 take their profits they met no
I demand 20 absorb their offerings and
prices melted away easily or a small vol
ume Of business. The tone OF the foreign
markets was quite cheerful and the occa-
sion Of some opening advances here. The
passing OF the semi-annual settlement
day at Berlin without q hitch was
great life TO all foreign markets and
Fhe2vy disbursements OF government in
Jerest in London made money and dis
counts easy there, but the markets here
had TO face the action O; the Amalga-
mated Association Of Iron and Steel
Workers in insugurating a strike In the
steel trade Officers OF the United States
Steel corporation professed to belittle the
effect OF the strike, but its effects were
manifest upon the price Of the company's
stocks, nevertheless The Independent
steel companies were also weak. United
States Steel, both common and prefer
red. lost 10, and Colorado Fuel and Ten
nessee Coal about each. The expected
dividend action on United States Steel
tomorrow was also a factor IN the stu
alton, the bears striving to discredit ru-
mors that the common stock would be
placed on a 1 per cent dividend basis.
Fears & damage TO the corn crop from
drouth in Missouri. Kansas and Texas
especially depressed the corn carrying
grangers. which were more vulnerable by
reason OF last weeks strength. The de-
cline reached az in st. Paul. Sin Rock Is
land. 2S in Illinois Central. 2h in Union
Pacific ana Texas Pacific and 2 in Atchi-
son preferred. The hand OF the bears was
manifest in the circulation Of some
a!armist rumors early in the day TO the
effect that the clearing house committee
was in consultation over the affairs OF
some Of the clearing house Institutions.
There was certainly no such consultation
and there were emphatic denials OF any
thought or intention OF necessity Of such
a consultation, but the effect produced
by the rumors showed rather strikingly
mat last weeks failures nave ldIL the
speculative mind IN an impressionabie
state.
There Is good ground for the supposi-
ton that last week episode has prompt
ed some overhauling OF collateral for
bank loans and has induced a rather
stringent caution on the part Of the
banks in the certihcation OF checks. II
must follow that business by stock eZ-
change houses is conducted with some
what less facility than when the ma
chinery OF credit was entirely uutram-
meled. There Is nothing 10 show thai any
further ground than this exists for the
rumOrs circulated OF financial troubles.
The fierce heat had its effect on the
trading as II had on all other kinds OF
human activity. There was notable
strength IN the Iowa Central stocks and
in the New York, Chicago and 81. Louis
stocks there were gains extending to
about 10 points. Most OF the active
stocks were of a point or more during
the day and the closing was heavy and
dull
There was little doing IN railroad bonds
but prices yielded in sympathy with
stocks Total sales. par value, Sl-s00.ol0.
United States bonds we're all unchanged
or the first call.