The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-06-15
rruAxo1A1 AND oonnrnOI1I,

TUESDAY. June IA.
Tbs stock market was heavy the greater part
81 the day. Fears that the virtual collapse Of
the Letter deal in wheat might result In the em-
harrasumsnt Of concerns and individuals that
would compel them TO market securities led to
~FoallEinG and liduidatinR sales, and also encour-
aged operations for short account The selling
movement did not encounter any particular
support for the reason presumably that
the interests which have been active In
advancing tho market have been success
full in distributing q large proportion Of
their holdings. In consequence some sharp
declines took place during the nrst half Of the
day. ForeiEn operators took advantage OF the
opportunity thus offered TO recover some Of tho
stocks they have been short of for several
weeks past. At the samo time Chicago dealers
who had sold stocks on carly information Of Mr..
Letters embarrassment. and who doubtless
have come TO the conclusion that the full OK
tent Of the collapse Of the wheat deal 10 known,
were fairly liberal buyers. In the last hour or
two Of business the market began to harden,
and It closed, traotionally above the lowest
prioss.
The collapse of the Letter wheat deal was .
GOOD deal of . shock to Wall street, for. In COM
mon WITH the rest OF the country. It had credited
the stories from Chicago Of tho enormous profits
resulting from the effort TO practically corner
the worlds supply Of wheat II. as now seems
certain, no financial institution or commercial
arm. Of Importance is seriously affected by
young Mr.. Letters oVertradinR, the security
markets Will doubtless soon forget the event
and move according to conditions moro
directly affecting the value Of railway and
industrial obligations. While upon this sub
ject II may DO remarked that the interruption TO
the tremendous speculative movement in wheat
wnroavaa n NarfAfn unanar0 tn tho atOck market
and, what 10 moro important, places the market
for enc OF the principal products Of the country
upon q more natural basis than heretofore. A
large amount Of liquidation In wheat will still
have to DO effected and some losses taken. These
last, however, will DO 30 widely distributed that
the business community a. . whole will not DO
effected by them.
Tho next important rows Of immediate inter
cot to the Street will DO regarding the floating OF
the new Government loan. Present indications
are that it will be heavily over-subscribed. Al
ready q premium of 1 y cent. and interest 10
bid for any amount OF tho bonds that suo-
oessful subscribers may desire to dispose OF.
This fact alone will stimulate subscriptions,
and 90 the premium advances. as 1t doubtlesR
will, speculative subscriptions to tho bonds will
increase in volume. The effect upon tho stock
market OF q largo ovor-subscription TO the bonds
can readily be imagined. Prices for the out
otandinR issuos of tho Governments advanced
to-day to ON extent that indicates that some In
vestors, who for various reasons prefer an obli'
cation OF the Government to any other, are salts
fed that the overwhelming success of tho
present loan will advance the prices for tho
older issues.
Thero was q falling OF In the trading. both in
stocks and in bonds, as compared with yesterday.
still the market In both cases can truthfully bo
described. as active. Moreover, the dealings
were we'll distributed. For tho first time OF late
Sugar Refining did not lead tho market with
respect to activity. The first place was held by
c., B. and Quincy. and three or four other stocks,
tNcluding st. Paul. Manhattan Railway,
and Peoples Gas. wore moro exten.
oively dealt in than tho popular industrial.
Sugar Refining enjoyed the distinction
among tho active stocks of sustaining
the greatest net loss. Manhattan Railway. on
tho other hand. was exceptionally strong
throughout, and at q fractional reaction from
the best price closed ia . cent. higher than yes
terday. OF the less active shares, Cleveland.
Cincinnati, Chicago and st. Louis received I'M
usual attention at o net advance Of n point. The
cratic movement In Manhattan Railway was
accompanied by rumors Of q decision favorable
to the company In the pending tax litigation
and also by reports of an impending agreement
with the Rapid Transit Commission. The char.
actor of a largo part of tho selling Of the general
list was indicated by tho increased borrowing
demand for stocks at tho close of business.