The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-23
C()NIR|QLEDBY BEARS
Stock Market Theirs Except
at First and Last.
NET CHANGES ARE SMALL
Owing to the Initial Rise and
Closing Rally.
NET CHANGES ARE SMALL

New York. June 42-The bears secured
the upper hand in the trading today and
accomplished a downward range OF prices.
which gave the appearance Of extreme
weakness 10 the market at one time dur
ing the day. But what with the initial
rise in prices and the rally on covering
after the drop. net changes are small in
the majority Of cases The market opened
with an upward movement and with more
show Of animation in the buying than has
been the case for some time past. The
foreign stock markets reflected a much
more cheerful frame OF mind over the po-
htical outlook in France and there was
cessation of the SEEMING pressure from that
source, which has been a feature on sew
eral days OF this week The railroad
stocks, especially the grangers. moved up
ward smartly, and very conspicuous gains
were shown by a number Of the Wander
bilt stocks, New York Central. Northwest
ern and St Paul and Omaha rising from
liz to points. Pittsburg. Cincinnati, Chi
cago and St Louis also recovered five
points after yesterdays drop. There was
good buying of some Of the leading spe-
cialties. Tobacco stocks rallying briskly
from yesterdays extreme weakness, and
Sugar and Brooklyn Transit being wei
taken. With the exception OF the decline
In American Spirits and Standard Distrib-
uting on the announced combination In
that trade. there was apparently no weak
spot in the market and II looked as though
the bears had exhausted their resources
and abandoned their campaign. But very
marked weakness soon developed in Fed
eral Steel and quickly involved other
Flower stocks, notably Brooklyn Transit
and Peoples Gas as we'll as Sugar. Met
ropolitan Street Railway. Tennessee Coal.
Rubbre. Consolidated Gas, Reading first
preferred and other specialties. Extreme
declines were. in Sugar. AZ Federal Steel.
3ik; Brooklyn Transit and Consolidated
Gas. 22t. The Vanderbilts, the Tobacco
stocks and many other railroads held pref
~ firm, but the grangers yielded a point
or over though their declines on the day
are only a fraction. There was consider
able activity on the decline and more APP
pearance Of liquidation by tired holders
than has been apparent befOe this week.
The late selling movement was based on
apprehensions exposed by the bears Of
very heavy exports OF gold on Saturday.
some fthe estimates ranging as high as
$40 090.O0O, though the only announcement
was an enga gement of one million. As a
matter OF fact. the rate for sterling ex-
change eased of &c for sight bills. the
rate for money in London, showed an
nf fh.a
strained political situation in France re-
lieved apprehension OF a drain upon this
countrys gold reserve. The Bank OF Eng
land has increased its gold reserve over
2 10000 for the week and contacted It's
leans over $2eO000O. while the Bank OF
France has added 10 its gold stock over
$500 600 and has contracted it's loans S.
10000 In the same time. The market
closed firm at the rally, caused by cover
ing OF shorts.
The total sales Of stocks today amounted
10 $4,000 shares. including: American
Steel. $3.50: American Sugar. $500; Ana
conda. SEQ; AtChison preferred. $50;
Brooklyn Transit. 4i10o; Burlington. LOO;
Continental Tobacco. q. 100: Federal Steel.
81 90; do preferred 3O00: Manhattan. 100;
Northern Pacific. 3OOD; Peoples Gas. s.
go; Reading first preferred. 1880: St.
Paul. 1l.5Np; Union Pacific. 1870; American
Spirits. 900: Baltimore and Ohio prefer
red, 3.:H3: Chicago. Cincinnati and st.
Louis. 1000: Cleveland. ST. Paul. Niilwau-
kee and Southern Minnesota. 3701: New
York Central. $50: Ontario and Western.
500; Pennsylvania. 800: Tennessee Coal
and Iron 400; United States Rubber. g.
2Oo