The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-12
OPENING GAINS LOST
Stock Values Go 10 Below
Fridays Close.
STRONG BANK STATEMENT
Fails to Rally the Market--Ad-
vance in Spanish Fours.

New York, June u.-Yesterday's sharp
rise in prices OF stocks brough. in heavy
volume Of buying orders to the commits
sion houses this morning. especially in the
Changers and Brooklyn Rapid TRANSIT
The rush to buy was met by offers to
realize Dy the professional operators VINO
bought at yesterdays .Cwer level. There
was not the same urgent demand from
day and !ot Of considerations unfavora-
Die 10 = rise IN prices were given more at
tention than on yesterday, so that the
opening gains in almost all cases were los,
OF the short session TO below last nights
level. The absence Of support encouraged
the bears 20 put out fresh lines near the
close, causing some sharp dips, with only
feeble rallies, notably in Sugar and the
! Changers. Louisville and Southern pre-
ferred were conspicuous sufferers on the
yellow fever scare, and were an unsettling
influence from the opening. Peoples Gas
/ was conspicuously weak, without any
Brooklyn Transit was clearly proht-taking
and the Changers and Sugar yielded from
the same cause, acentuated by bear press
ure. Yesterdays idea of movement by
Spain towards peace was seen 10 be flu
+ sdve, go far as 1t concerned any prac-
/ ticable movement.
/ The strong bank statement failed TO
rally the marker The large increase IN
! cash Of s5,2S9.200 exceeded the estimates.
though the reports by the banks were
known to be large both from the interior
/ and the sub-treasury. on account OF war
expenditures, and most of these were in
! goE1. The cash increase was sufficient TO
meet the large increase Of So, 297. 500 in the
reserve requirements and add to the sur
plus the sum of 1851, 400. The deposits
were swelled not only by the increased
cash but by an expansion OF s.. IA. 200 in
loans. This has no doubt largely found
its way into stock market speculation.
though there has been active bidding for
commercial paper by financial institutions
during the week.
STOCKS FOR THE WEEK.
The stock market had been given over
10 reaction until late in the week, when
IL was clearly under professional manipu-
lation In the interest of the large specu-
| lative interest which took their profit last
week and were anxious TO get back at a
lower level. There was at first some dis
position to continue the bull campaign
without interruption. by diverting specu-
lative accounts from the high priced lead
ers to the middle and lower-grade stocks.
But significant intimations came from
powerful financial sources that a pause in
the working up Of prices was considered
advisable. The bull rumors of an early
1efunolng plan for Burlington and of an
early dividend for Union Pacific preferred
on per cent basis were semi-officially
discredited. The action of congress, indi-
eating an early authorization of a bond
issue and the probable consequences to
the money market were considered in tae
trading. Most potent Of all influences was
the heavy break in Sugar. The approach
OF dividend period in Sugar is likely to
be accompanied by operations by a 800.
pool which takes its profits on the decla,
ration of the dividend. The pears availed
themselves of the opportunity to attack
them for the sympathetic effect on the
general list. The reaction in the general
list was of very moderate proportions
and the railroad list was dull during tbs
week. Speculation turned to the special
ties and wide price movements were
shown in the Spirits stocks. Tobacco,
Brooklyn Transit and some others. Tne
absorption OF stocks at the decline was
very heavy.
The total sales of stocks today were
2S5. GO shares.
BONDS.
The absorption OF bonds has been large
during the week and prices yielded less
than for stocks
United States new tours registered and
Old tours coupon have declined II per
cent; new fours coupon IA; old fours
registered and the seconds Z; fves reg
is,ered2s and the fves coupon u per cent |
in the bid price
Government bonds today: New fours /
registered 12l1z coupon 121z; fours. los; |
coupon 109l5; seconds. IS: nves registered I
and coupon, nO2s; Pacific skies OF 's9, |
Io9i4.
FOREIGN STOCK MARKETS.
New York, June 1.-THE Evening Posts |
London financial cablegram says:
Tho stock markets here were quiet 1
today but Arrn- This was notably the case /
with Americans, led with A;chlson, which 1
was said % be bought by bull pool in /
New York. The interest spread 70 other /
shares II IS believed that the United 4
States loan next week may be subscribed /
many times over and this may sentiment /
ally affect the share market.
The discoun; market here shows faint 4
indications 0f hardening. More American /
bills are offered for forward delivery than 4
for some tiu.c past, The decline in New
York exchange was also q factor. while /
7 learn from good sources that a large
mass Of German bills. created in coneca-
ton win the remittance f0- months back
Of Chinese loan funds % Loa5on. ALL
mature next week and viii mostly be re-
newed-
Cod was quoted today a. - I1iss
Tee Russian inquiry IS z1omsatar.ly less
keen"
ADVANCE IN SPANISH FOCRs
Paris, June Ia ,. rn--Spantsa f5Ers
closed az "a s-Is. & ret advance O. 4
Transactions On the b5urse today were
light, but the tone of ~ market vas
good Spanish tou-s advanced on cover
iaS purchases FOR English account Bra
lillian securities showed q good use. owing
10 The Improvement n ths rate % ex-
Change
Berlin, June Il-Pr5css we're fairly firm
on the ooErse today and in;e-nstioua] Sc
.ar