The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-06-28
MARKET GOES WEAK
sHAKES IN LIQUIDATION WITH
SHORT OFFERINGS HEAVY.


Goes Over to the Bear Side, the Railway
List Suffering Thereby-Msrket Indis-
ferent to Improvement In London Prices
Attack Made on the IudassrlaIs-CIsse
Weak at About the Lowest Points Cen
eraIiy-week's Tendency to Droep4
New York, June a.-The stock mar
ket today developed pronounced weak
ness under a renewal OF liquidation
and heavy short offerings. There ap-
peared 20 be a widespread distribution
OF stop orders and IN the street gener-
ally degree OF nervous tension pr
vailed that was not satisfactory ex-
mors. A prominent operator who is
generally identified with efforts on the
bull side OF the market was today con-
sideTed mainly responsible for the at
tacks On several OF the leading railway
properties. One factor IN the depress-
ion was the gratuitous assumption OF
some OF the bear traders that the trzf-
fic returns OF a number of the Leading
properties 10 be submitted next week
kslS
Indifferent TO Improvement in London
prices of American securities based on
the more reaSsuring turn in the Wee
zuelan inbroglio. and the more import
ant concessions in the railway list We're
scored in the international stocks. The
bear cont.nget redouoled It's efforts on
the discovery OF the attempts TO unload
long stocks The first appearance OF
weakness occurred m the industrial
shares, with Sugar the main point OF
attack Leather preferred and TO5ac-
CO were also hammered but the losses
were less serious. The market as a
whole appeared 20 be unsupported and
yielded readily to PRESSURE. Dealings
IN Sugar were on a smaller scale than
recently, but decline of rs per cent,
TO 1888 per cent. occurred LSClede
Gas preferred was a notable exception
TO the general drift and sold up per
cent, TO so per cent. Houses with
Boston connections were conspicuous
sellers OF Burlington, and ST. Paul and
Rock Isiad were synpathetically de-
pressed. Louisville and Nashville fell
Ia per cent and important declines
were recorded in some of the sputhwes-
terms and speciafties. Pacific Mail, ex-
ceptiOnaNy, losing q per cent The
market closed weak at about the dow
est points generally, although in a few
instances sharp fractional rallies from
the extreme declines were noted.
In the weeks operations there was
decided irregularities OF movement with
however, dropping tendency well de-
fined The prominent factor was the
silver agitation The industrials were
the leaders OF the speculation, with
Sugar in the foremost position in point
OF activity and extent OF fiuctuatfon.
The cause Of the slump in this specially
was the collapse of the over-extended
speculation in the product by European
dealers. This condition resulted in a
break OF importance in domestic sugar
Heavy lines OF long stock were thrown
on the market by insiders who usually
are not satisfied with a narrow range
after changing their market position.
II would not be surprising, however
In any event, IL the shorts were com
PEELED TO cover their lines. Tue extreme
decline was 81 per cent, 10 lib per cent
Subsequently, a recovery in the foreign
product and a renewal of fnsider sun
port caused a rallyi 20 116iz per cent.
From that figure fresh liquidation eff
fected a recession to within a fraction
of the low point. The movement in the
stock seemed TO dominate the course
of tn speculation IN fhe general market
Liquidation was pretty general and ma
1erial losses were scored despite occas-
ionaA purchases for foreign account.
The CHANGERS and south westerns were
the greatest sufferers and closed with
the week at about the lowest points
The market was decidedly nervous
throughout. Tn ccalers rose sharply
on the official announcement OF the ed
vance In anthracite coal prices, but
even In this group the reactioary ten
dency in the general speculation pre-
vented the retention Of the fun improve
ment. The principal losses were: Lea
Their preferred "a Or cent; BurpingSon
as per cent; Tobacco 3ss per cent: Pa
cilc Mall 3ts per cent; Northwest, Kan
sas and Texas preferred and Tennes-
see Coal Pa per cent; ST. Paul pa per
per cent: Rock Island and General Flee
trio 2Is per cent and Consolidated Gas
Manhattan and Archison preferred
per cent. The aggregate scales were
200 $50 shares
The bond market today held fairly
steady until near the close. when val
ues yielded in sympathy with the hes-
viness OF the stock market The sales
were $4,000
The weeks trading displayed irreg-
ularity. with prices tending toward a
lower level. There were few features
OF interest aside from acute weakness
in a few Issues. which were depressed
by specific causes. Oregon Improve
ment frsts fell off AZ per cent. 20 S3ik
per cent. mainly on the opposition 20
the reorganization plan. The transac-
tions were g $3.50
Silver certificates were prominent IN
the weeks dealings and rose Ia Der
cent, 20 20 per cent. with subsequent
reaction 20 ssi1 per cent. The ANNA
ton was largsly attributed 20 speculs-
tive purchases. The dealings were
8 1858 Oo9.
Governments were quiet with an cas-
Tor tend anr-y especially -, -Fs r<-r gos,--.