The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-19
IS MUCH Discouraged
Market Fails to Rally From a
Bear Attack.
BANK STATEMENT SHOWS
What the Letter Smash Has
Oone--New Crop Watched.
BANK STATEMENT SHOWS

had been a feature for several days past,
dropped off. The reactionists in this per-
ce!ved that the only obstacle in their path
was the group of specialties. the strtngth
in which exercised sustaining influence
yesterday. IN order to break up this point
Of strength the bears made a vigorous
attack on Peoples Gas and Sugar. The
former was sold down an extreme Is and
the latter rs. Considerable Peoples Gas
stock was dislodged by the uncovering Of
stop-loss orders. but the volume Of liqui-
dation was not heavy. Numerous reports
were put in circulation 20 account for the
decline. The market settled down into
q condition Of dizziness after this discour-
agement. and drifted sluggishly until the
close, which was steady, somewhat above
the lowest. The declines were fractional.
There was selling Of the Changers on fears
that rain would damage the crops in the
west, Notwithstanding the weakness in
the wheat market.
The bank statement disclosed how far
conditions have been changed by the col
lapse in the wheat market, the pending
government bond issue and the consequent
falling off in speculation. Compared with
| a loan expansion last week of over 49,
| 900 900 and the week before OF well up to-
wards $4,000, 600, this weeks statement
shows an actual contraction. though a
small one, of 3426 600. All the increases in
| deposits was therefore in the form of cash
! from government disbursements and from
receipts from the interior. The increased
reserve requirements are therefore met
with a margin TO spare of s., 431. 500 to add
| to the surplus. AS the rates for money
| during the week have shown only a
| slight hardening tendency It seems prob
! able that the demand for subscriptions to
| the government loan have been practically
! offset by the decreased use of money in
| the speculation.
The prospects for the coming wheat crop
have been eagerly watched in Wall street
| for their far-reaching influence upon the
general prosperity. The critical period of
| the crop and some reports of deteriora-
ton by rain have helped to discourage
speculation and give bearish tinge to the
prevailing feeling. The possible effect up
on the money market by subscriptions for
the government loan have occupied a good
| share of attention but it seems generally
agreed that any effect would be only tenn
porary, as the money would be promptly
disbursed again. Apprehension of even a
temporary stiffening of rates have been
largely allayed by the week s events
Total sales of stocks today were Is, 200
shares.
THE WEEK REVIEWED.
The duh and sluggish condition into
which the stock market has sunk is the
natural consequence of prOfit-taking on
large scale after a prolonged advance
Large financial interests that have sold
out are not inclined to buy in again at
once on rising market. The with
drawal of their buying support is passive !
factor for reaction and there is likely to
be active manipulation in their behalf to
lower prices. What such manipulation
failed to do last week the collapse in the |
Letter wheat deal on Monday has done
this week. The pressure of liquidation |
wOrced on the stock market By the con-
traction in wheat values effected a sharp |
decline in values and emphasized the ap-
prehension of the speculative mind over
some other possibly unfavorable factors. |
But the bears became over-confident in |
face of the adjustment of the Letter diff
ficuities and had to cover on Thursday |
with small supplies of stocks Offering for |
sale. This brought the market to a state |
of stability, except for manipulation by |
room traders and a condition of waiting |
for new development in che situation. !
There has been some hardening in money |
rates, due to preparation for the gov |
eminent loan, but its success is evidently |
assured without any violent effect on |
the money market The approach Of ne |
critical period for the crops is taken more
account of and serves to discourage spec
ulation until the outcome can be more !
definitely foretold, the more so as the !
collapse of the wheat deal shows the past
seasons high prices 10 have been largely
influenced by manipulation, even though
natural conditions were favorable"
BONDS.
Bonds showed a decrease in activity,
and lower prices.
United States new fours registered ad-
vanced ~; coupon, "a and the old fOurs
IL. and the fives q in the bid price. New
tours registered and coupon 124; tours,
10Sl2; coupon, Ill; seconds, %; fves regis
tered and coupon, ~; Pacific skies Of 90,
1913.
FOREIGN STOCK MARKETS.
New York. June 1S.-The Evening Posts
London financial cablegram says:
The stock markets here continue life
less. There was a further fall in Brazils
today. Americans and Grand Trunks were
easier, but American monds were firm"
SPANISH FOURS LOWER
Paris. June 1S-Business on the bourse
today was almost at a standsull. being
a reflection Of the reserve maintained in
other financial circles Italian securities
declined. rallied and finished firm. Span
ish fours and the Brazilian securities wSre
weak
Berlin. June IS-On the boerse today
International securities were steady. ex-
cept MeXicaDs. Spanish fours reacted, n
the Unfavorable war news. The interest ,
% operators was cenJered in the coal and ,
iron shares in anticipation OF satlsfac-
tory trade reports. Bank shares were
higher.
COMMENT ON THE WAR LOAN
London. June 1S.-The Statist comment
ing upon the war loan Of The United States
today says;
The preparations for the loan 10 doubt
account 20 some extent for the fall in +
American railroad securities this week
The other principal cause is the collapse
II the wheat corner. Aber!caa bills are
known 10 be Offering Indeed. & IS said {
Bills are being drawn Eainst credits. IN
OF ordinary requirements.
Therefore. il is not at al improbable thar
gold may De taken. and Z j., goes We shall
see a very considerable recovery
4 rates in London"
LOANS AND EXCHANGE.
New York, June Is.-M3ney on call ~
ser cent; prime mercantile paper. S-yz
per cent. Stsrnis exchange. steady.
SitA actual business il bankers b5Is az {
! S51-i1l.S%4 for demand and 3 s4.5{ 81. .--
lNty days. Posted rates 3 So and 3 $50
3ASL. Commercial bills &S-' 44s3 - G
-er certificates 81. SSH. Bar silver. SIS
Mexican dollars. -. =
NEW YORK BANK STATEMENT. 5
New York, June IS-The weekly bank
.ateueat shows tne following changes
surplus reserve. increase &s5cI 80. sear< q
decrease Ss-s.oo}: specie .rcre So --r ea
ssal tenders. increase & & 80. DEPOSITS :
Increase s. - efsl- zs-r-. s-s..~ .+a..--.s.. z