The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-06-14
STOPS AT THE TOP
COVERING MOVEMENT OCCURS IN
TIE STOCK MARKET.

Stimulated by Purchases for the Long Ac-
count Encouraged by the More Cheer
faI Sentiment Regarding the Financial
outIeok-Day's Figures are the Highest
of the Week in Changers. Owing to En-
<<eouraging Crop ProsPects-M.rked In
provensnt in Other shares-keview OF
the Week-London Markets Steady.
New York, June 13.-The speculation
today was OF the normal hslf-holiday
character. A general covering move
ment was INDUCED in. which was slim
u1ated by moderate purchases for long
account. encouraged by the more cheer
ful sentiment regarding the financial
outlook. The market eased of soon after
the opening. on realizing. but renewed
purchases were made at the low level.
especially IN the granger group. The
more encouraging crop prospects have
attracted operators TO those properties
end the highest figures OF the week were
recorded for them today. Marked inn
and Nashville. Southern preferred, Mis-
souri, Pacific and Manhattan, the last
mentioned rising 2 per cent, chiefly on
covering of shorts In the industrial
group there were few changes OF i'm
porta nee aside from Bay States Gas and
Sugar. The first mentioned declined
y per cent, rallied per cent and closed
unchanged. Sugar made an early frac-
tional concession. rallied rs per cent
on inside support and then eased OF
Slightly. The general market closed
strong in tone at the top level and with
gains OF a point in a number OF the rail-
way shares.
The share movement OF the week wa.
irregular. the range covered being wide
in many instances. At the outset poll
teal and financial uncertainties were
reflected in liquidation of long holdings
on fairly large scale and as usual the
bears improved the opportunities az
farded by the prevailing discOursga
msnt. The selling was especially mark
ed in some OF the low priced specialtles
and less satisfactory industrial reports
including those OF the Iron and Sugar
trades. contributed to the pressure
against the market. The downward
movement was strikingly accelerated
about the middle of the week about the
circulation OF what afterwards was
proved to be a jobbing rumor pure and
simple, that the president was about 10
send a vigorous message regarding the
Cuban situation to congress. A genu-
Inc, though short-lived, scare resulted
and stocks were thrown over right and
left, with losses extending TO 3 per cent
in the principal shares. Numerous
stop loss orders were uncovered and
commission houses were FIRE sellers. An
early authoritative denial OF the report
caused an abatement OF the selling
pressure. but the market continued very
nervous for some time. The anticipa-
tion OF the declaration OF an extra d.
vidend upon Sugar stock at the direc-
tors meeting early in the week was not
fulfilled and this fact and declining
tendency in the market for the product
led TO some selling which later was fur
Their stimulated by the unfounded re-
port OF the death Of a broker related TO
the president OF the company, who had
been credited with large holdings of the
stock. More reassuring advices caus-
ed improvement. Sentiment was IA
vorably Influenced regarding the gen.
eral market by the failure OF London to
participate in the Cuban political scare
and better feeling was also engender-
ed by the encouraging showing of the
government crop statistics. foreshadow-
ing a heavy yield OF cotton and spring
wheat. The exhibit stimulated buying
of the srangers and Southwesterns and
those shares moved 20 The highest price
of the week The adjournment Of con-
grss was, as usual. regarded with some
satisfaction by the financial community
and considerable weight was also at
tached 70 the utterances OF a leading
banker and railroad organizer regaraln
the large amounts OF foreign capital
available for investment in our securi-
ties upon favorable conditions. Euro
pean buying on a large scale IN THE
market shortly afterwards emphasized
the assertion. Commission houses dis
played unwonted activity. causing dis
coura cement TO the professional bears.
The hrmness OF the sterling exchange
market and fairly large engagements OF
gold for export exersed only q passing
unsttling influence. Rumors OF an i'm
pending advance July in anthracite
coal prices directed attention 70 thoee
properties. resulting In some sharp gains
on moderate transactions. The rsctlon-
airy tendency OF the Iron trsdt was con-
sidered responsible for breaks Of 5A and
the s1z points respectively IN Tennessee
Coal and Illinois Steel. A recovery OF
SIS per cent eneued in the frat named.
The recessions IN other shares effected
were less pronounced. The net changes
On the week are irregular and slight, ex-
'oept in a few instances. The aggregate
sales were S5.1s1 shares.
Railway bonds were firm ard higher |
today, with the Reading issues active |
and scoring gains averaging 1 per cent. |
The advances on other bonds were less |
important The sales were $685.. 900.
In the week. bonds moved in symps |
thy with stocks. but with less marked |
fluctuations Some issues. ohwever |
persistently sagged. particularly Brook |
Ign and Union Elevated frgts. which |
touched sos per cent and s0i1 per cent |
respectively. The dealings footed up |
;5.57s. 900.
The governments fuctuated but slight |
" and were fairly steady on trsnsac |
lions OF s252 90.
Silver certificates were active az abou, 1
last weeks closing figures, the demand 1
being chiefly speculative. The sxgre /
gate sales were 1851
FOREIGN STOCK MARKETS.
New York. June 13-The Evening /
Posts London financial cablsErsm says. /
The stock markets were steady today. /
Americans bad further slight recovery i
in spite OF q pesslmistic letter IN ten /
Times from the correspondent 81 New
York on The Venezuelan negotiations