The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-06-03
STOCKS AND BONDS
MARKET EXPECTS A REACTION
WHICH DOES NOT CONE

| London Quotations are the First Symptom
and Then There Are Others Dropping In
| Through the Morning Hours-Bat In
/ spite Of all, Any serious Results Fail to
| Materialize -CommIssIon House Buying
Holds Prices Firm-Low-Pricsd Shares
in Demand-Net Gains In Nearly all
Stocks-Bonds sympathize
New York, June at looked for time
after the opening Of the stock market to-
| the strength of the last few days had come
| TO pass, and the average OF prices was
| about to yibrate downward again within
the narrow limits which have characterized
| the short turns of the maret fork many
weeks past under the manipulation of the
securities came lower from London this
morning, rejecting disappointment Of the
British investing public that Wall street
had not responded with more enthusiasm
| 20 the confidence in Americans displayed
by the London rise on Monday. The New
minds that the market had advanced as far
as was usual recently and was ripe for a
reaction, and they worked to that end. The
gold shipment for tomorrow, small as il is,
helped the reactionary tendency. The
shipment, amounting 10 only $4,000. was
sufficient 10 indicate that the price of de-
rnand sterling. sis7 was not yet low enough
to preclude gold shipments under the pre-
Va,linr abnormal demand for GOLD abroad
The withdrawal of sum of gold from the
subtreasury for deposit in the clearing
house vaults to the account Of a bank also
served 10 offset, TO some extent, the favor
able effect of part Of the shipment being
secured from private sources, instead OF
from the sub-treasury. The consequence
OF these things was reactionary tendency
in the maret through the morning hours
Liberal sales of New York Central marked
down the price of the favorite of the bears.
But the depression in the market was at no
time marked. and the decline in prices was
limited 10 small fractions, except in one or
two special cases. The traders awoke 20
perception that their selling in special
stocks did not invite a following, and that
the expected reaction halted. The buying
by the commission houses for outside ac-
count proved sufficient 10 hold prices firm.
even when the traders had ceased 70 buy,
and especially in the grangers and some
other leading shares. The dealings in the
bond market indicated equally the improv-
ed tone of the buying and the broadening
tendency Of the speculation. The Rock
Island annual statement, showing an in
crease in net earning and surplus after di-
v;dend added TO the strength in the grang-
er group, as DID the further scrutiny of the
April statement of Burlington and Quincy.
and the aggregate results of that road. in
that quarter. The oueside buyers showed
a marked preference for the low-priced
shares of some of the re-orag n.zed COM
panies, a class Of securities that has been
in greatly improved demand for several
days past. There was slight reaction III
the final hour on profit-taking. but prices
stiffened at the close to the high figure at
tanned in the strong buying movement
which set in after noon. The notable fea-
ture of the rise was that it was unaccom-
panied by London buying in any volume
and was in face of efforts by traders for
reaction, profit-taking being in marked vol
ume at times, but always well absorbed.
Net gains occurred in all stocks. with
few exceptions. and extended to point or
over in Rock Island. Northwest preferred.
Chicago Gas, Chesapeake and Ohio. Cleve-
land, Cincinnati, Chicago and St. LOUIS.
Consolidated Gas, Brooklyn Union Gas and
Canadian Pacific, the latter rising per
cent. Fractional declines were shown in
New Jersey Central. Omaha, Reading
American Spirits, both common and pre-
ferred. and Standard Rope.
The total sales of stocks today were 23i.-
5iS shares including: American Sugar, o.
400; Burlington and Quincy, $3.50; Chicago
Gas trust receipts. $500; Chesapeake and
Ohio, 500; Louisville and Nashville S,20o;
Manhattan consolidate, 1890; New York Cen
trail, 500: Northern Pacific preferred i,300
Omaha, $500; Il. and W. P. certificates.
third assessment paid. 400: Rock Island.
TO- 10: ST. Paul. 27,1G0; Tennessee Coal and
Iron, 1900: Southern Railway prpeferred g.
$40; New Jersey Central. 500.
The bond market participated 10 a mod
crate extent in the decided strength appar-
ent in the stock market. The speculative
issues were the features OF the dealings
and round amounts were taken for foreign
account, with the Atchison liens especially
fancied. Some marked gains were regis
tered in some of the middle grade issues.
The aggregate sales were s.. SO 900.
Governments were neglected at the board,
but were steady at bid prices.
FOREIGN STOCK MARKETS.
London. Eng, June 2.-American secur,-
ties were irregular and the undertone bear
ish. There was desire among holders TO
realize. The closing tone was barely steady.
and the demand was generally light.
New York, June 1.-THE Evening Posts
London financial cablegram says:
Tine stock market had holiday appear
ance today Americans opened barely up
10 the parity, and gradually fell away.
through the absence OF business. The Bal
timore and Ohio default was taken very
quietly, confidence beng felt in the efforts
OF the Morgans 20 effect a satisfactory ar
II was rumored this morning
that 10000 in gold would leave the Bank OF
England. but the rumor proved groundiess.
1t probably found its origin in the weak
ness of Paris exchange on London. The
Paris market was firm and that OF BerlO
quiet and featureless.''
LOANS. EXCHANGE AND BONDS.
New York, June 2--Money or call easy
a: lI.d1i. per cent; last loan II. per cent:
closed lL.T1+ per cent: prime mercantile
paper 3i-d4 per cent; sterling exchange
steady. but dull with actual business in
bankers bills az siS for demand and a.
81 So. "A IS for 90 days: posted rates 81 81
ais7 and "a sss74 sSS; commercial bills 81 81
Bar silver CO. Mexican dollars 81
Government bonds Arm: state bonds dull:
railroad bonds firm.
BANK CLEARINGS
New York, June 2-Clear1ss 81. 49,, SIS:
balances s.. s65.7sa
Boston. Mass. June 2-Clearings s5.i4.-
AS: balances 8. 7J-.5Sh
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