The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-11
BUYERS At TOPPR|CES
Professionals Unload, Then
There Is a Decline.
RETURNS FROM THE BANKS
Take the Street by Surprise
Review of the Week.

New York, June 10.-Yesterday's notable
rise in prices of stocks brought the ex-
pected result in large orders TO commits
sion houses by wire and mail to buy
stocks. These were put in at the opening
| and executed at the high prices to which
values were marked. The professional
| operators who have been buying stocks in
the last few days met this demand with
sales to realize. After this trading had
been concluded it looked as though the
large operators who have started TO buy
socks in the last few days were indisposed
to pursue their activities and the market
began to sag ON light transactions. The
low point was made just before the publ
cation of the bank statement, when prices
in many cases were below last nights
level. American Steel and Wire, Sugar,
Atchison preferred, St. Louis Southwest
ern preferred, Brooklyn Transit and Man
haitian were the seVerest sufferers from
the reaction. The experts had figured
that the bank statement would show
decrease Of s., 100000 in cash holdings al
though it was known that only S1.500,0G0
of the weeks gold shipments would figure
IN the statement. The losses of the banks
to the sub-treasury We're expected to be
heavy. Instead of this there was a de-
crease in cash of less than a million and
a half and the liberal expansion in loans
of over $4,000, 900 was evidence of the easy
feeling of bankers over the outlook FOR
money. Prices Of stocks hardened as a
earlier decline. Sugar touched the top
price for the day and Consolidated Gas
rose about 51A points. Pennsylvania was
consistently strong throughout on selec-
ton Of its new president, and st. Paul
enjoyed the benefit of its increase Of
$4,000 in gross earnings for the first
week in June. The bull leaders are IN
doubtedly counting ON the favorable effect
to be produced by coming reports of rail-
road earnings, which, for the next few
weeks, viii compare with the period last
year, when the Letter wheat deal reached
its collapse, the price OF wheat suddenly
dropped and the movement of grain and
consequently the earnings of railroads had
the only notable setback of the year.
AS the grain roads have been making ex-
celient comparisons even with the maxi
mum grain movement last year, the in
creases of tlne next few weeks are expect
ed 10 be phenomenany large The bull
movement sought TO be inaugurated yes
terday in American Steel and Wire prov
ed TO be abortive and the stock failed to
rally from its wonted weakness today
Sugar was comparatively quiet but resist
ed all attempts to force it down. The
selling for London account because Of the
Transvaal crisis was ignored.
The total sales Of stocks today were
100000 shares, Including: American Steel
and Wire, 1900; Sugar, 81, 500; Anaconda,
$500; Atchison preferred, Q, 100; Brooklyn
Rapid Transit, 2o,5do. Chicago, Burlington
and Quincy preferred. 1+100; Chicago
Rapid Transit preferred, 5000; Consolidat- |
ed Gas, 400; Continental Tobacco. $500; !
Denver and Rio Grande preferred, 1900; |
Federal Steel, L,1O0; Manhattan, Is, 400; !
Metropolitan, 400; Missouri Pacific, $500; |
New York Central, 400; Northern Pa |
cific, 25eo; Ontario and Western. 4.200; |
Pennsylvania, 1900; Peoples Gas, $500; |
Reading first preferred. $500; Rock Island !
1900; St. Paul, 164O0; Union Pacific, 5000; |
Union Pacific preferred. 300.