The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-01
STOCKS UPSET
ON THE STREET
Frisco RumOr Caused Turmoil
at the Opening.
IT ADVANCED MATERIALLY
But 1t Sagged Down Below
Original Quotation.
IT ADVANCED MATERIALLY

New 1ULAt July o---4Arlc N1s SLCl a
turmoil In the opening stock market to-
day as to upset the speculative sentiment
and dissppoint the hopes OF a renewal
OF a consistent upward movement OF
prices. which had been INDUCED as r.
suit OF yesterdays development OF fresh
railroad deals Probably the feverish up
ward dash OF St Louis & san Francisco.
Evansville & Terre Haute. New York Air
Brake and few other stocks would have
been sufficient in themselves 70 have dis
turbed sentiment
But when there was added the down
ward plunge OF over points IN Colorado
Fuel and sharp decline IN People Gas
the upward course OF prices with which
the market opened quickly gave place 10
realizing. ST Paul-s rise OF over a point
was lost within a few minutes OF trad
iEg. St Louis & san Francisco sagged
back 70 below last night during the course
OF the forenoon few scattered sd-
vsnces at different times during the day
proved Intellectual TO rouse the market TO
activity. Chicago * Alton and Chicago
Terminal Transfer advanced IL company
on mysterious hints OF coming important
developments. The rise in Reading
seemed 20 be based on the assumption
that the rioting in the mine region and
the calling out Of troops foFeshadowed
the breakup OF the strike. The decrease
fact that the company's books close TO-
day for the stockholders meeting, so that
new purchases would not carry voting
power for the meeting The quick sub
sidence OF the exscitecent andshrdluF.n
sidence Of the excitement which broke
out in the market yesterday when the
St Louis & san Francisco and Chicago
& Eastern Illinois were reported 10 have
consolidated we're primarily due TO the
uncertainty over the actual fact All per-
sons interested we're exceedingly re.icent
and doubts were aroused 10 the real con-
summation OF the project. Furthermore,
supposins the project TO be achieved.
there Will be disa appointments involved
It IS matter Of public notOriety that Il
rnols Central has recently made an Of
fer designed 10 secure control Of Chicago
& Eastern Illinois The advance in St
Louis & Sanu Francisco for the past week
has been on the resumption that It was
the important system" pointed at and
destined for inclusion In the new Rock
Island company. The fact that the new
project points 10 strengthened competi-
ton and is thus calculated TO aruse an
"a gonlsm. makes 1t similar TO any OF the
recent financial projects talked OF. and
marks their departure from the much
discussed community OF interest policy
which was 10 parcel out hsrmoniously the
whole railroad territory amongst the var
ious financial powers.
The money market was calm today but
sterling exchange held steady at the level
Of the recent gold exports The govern
ment deficit. which reached over Sl2'-,o,-
600 at one time this month. fell 10 below
81. 10000 today and the sub-treasury in
New York received a payment Of over
a million dollars BY the Central Pacific
company on account OF note
due the government. The markets closed
quite active and weak, prices running OF
sharply just al the las
Bonds were very irregular and inclined
to be easier IN the morning The St
Louis Southwestern seconds were In large
demand Total sales. par value. s2.l05.ep0
United States bonds were unchanged o. /
the last call
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