The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-14
SLUMP Is 4 SURPRISE
Wall Street Theories About
1t lngeniousIy.
RALLY IN THE LAST HOUR
After a Weak Session,
Especially in Changers.
RALLY IN THE LAST HOUR

| New York, June is.-The stump IN the
stock market today was surprise to most
| speculative observers, who looked for an
| advance in prices after the apparent aban-
Comment of last weeks persistent attempt
to secure reaction. The underlying
cause of today's violent decline was not
very clear and many suggested solutions
OF the puzzle, all more or less ingenious.
round currency. Specifically there was
evident some sympathy with the dropping
OF the bottom out OF the wheat market
ana there were very heavy sales Of securt-
ties in the New York exchange on tela-
graphic orders from Chicago. A declinA
IN the price Of wheat does not necessari
imply harm TO railroad property. as was
seen In the notable advance of the G-snp-
ers last Friday on a favorable government
report. but so violent a decline In wheat
as that OF today arouses soma question
"hether the farmers will gnd a prifit in
the sale of the years crop and the rail-
ROAD companies are of course dependent
Tor their prosperity on the prosperity of
the population they serve. Furthermore
such a shrinkage in values as that in
grain involves large liquidation Of col
Iaterals, and 1t was this that caused the
chlef damage to prices of stocks. Weak
ness permeated pretty much the whole
list. but was especially marked in the
grangers, Peoples Gas and some OF the
high-piced specialties. This acute SELL
Ing pressure from Chicago gave rise TO
some persistent reports of a pending large
failure in Chicago in the grain trade. But
there was also an ingenious suggestion to
Tfas ffTrN ~. L.
alton in Chicago was manipulating the
market with view to going long of wheat
while short of stocks, on the prospect OF
the inevitable rumors of crop damage be-
fore harvest time Damage to the crop,
or even widely credited reports of dam
age, would certainly result in bulGe in
the wheat market and in a sharp feac-
ton in stocks.
Rates for time money were quotably
higher Sterling exchange declined u 10
q cents, both for actual and posted rates.
Preparations for the government bond is
sue were thus manifest in the money mar
ket and may possibly have made an i'm
provement in the stock speculation Lon
don bought freely of stocks here at the
morning decline and thus helped 10
weaken the exchange market. The rally
in the last hour of the stock market was
plainly on covering by professional trad
ers.
The total sales of stocks today were 527.-
400 shares.
BONDS.
Today's activity in the bond market was
at the expense of values as was the case
in stocks. Sales were 81, 300 900.
United States new tours coupon ad-
vanced q and the registered fours both
old and new 4 in the bid price. New
1854 coupon, 1897; twos, 80; fives regis
tered and coupon, 10$4; Pacific SKIES of
90, 10l.
FOREIGN STOCK MARKETS.
New York, June 13.-The Evening Posts
London financial cablegram says:
The stock markets here were quiet to-
day. This was anticipated and 1t will
probibly be a quiet week. The tone was
fairly steady. Americans opened dull on
New York prices. rallied on general buy
ing here, but subsequently gave way and
closed dull on the lact of New York sup
port, notably in southern lines. A feature
was the sharp rise in Turkish stocks on
Paris and Berlin buying There is EVIL
IDENTIFY something in the wind. There is
much discussion over the placink Of the
Chilean treasury bills, the ossue of which
was announced in these dispatches re-
Gently. They were not placed by the
Rothschids and this appears 70 be an Of
tense 10 that house. Gold was bought
today for Russia. but less keenly, at as
92,d. The only feature Of the money mar
ket is the further notable increases in the
supply of American bills for forward de-
livery"
SPANISH FOURS AGAIN.
London, June 13-Spanish fours closed
at 342s, a net gain of "a.
Paris, June l3-Spanish fours closed at
81 7-l6. a net gain of u. There was an
excited opening Of business on the bourse
today, spectators rushing TO purchase
But subsequently. on realizations. there
was a reaction. The general tone how
ever, was favorable and was encouraged
bv the West African settlement. Span
ish tours were well supported on reports
OF the alleged intention Of some Of the
powers to intervene in the war between
Spain and the United States.
today Berlin. June 13-Business on the
boerse today opened duh, especially in the
case Of funds. American securities were
harder. Subsequently there was a gen
eral recovery.
LOANS AN EXCHANGE.
New York. June I3.-Noon-Money on
call steady al ~ per cent; prime mercah-
tile paper. 3 TO 4 per cent. Sterling eX-
change easier, with actual business In
bankers bills at as5s.G4S6 for demand
and at 81 S4lalT4 s4a. for sixty days; posted
rates. 81. sal ssh, and s4.s6G4.SL CONNER
cial bills. s. Ssh. Silver certificates 57'4g
5S1s. Bar silver. 54%4; Mexican dollars
a..
TREASURY STATEMENT.
Washington, June i3--TodaJs stafe-
ment OF the condition OF the treasury
shows: Available cash balance, slss6ss,-
So: gold reserve. s155. 9l1.4 100.