The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-30
BOUND 70 Be BEAR|SH
Stock Market Conditions All
Tended One Direction.
LONDON MONEY MARKET
At Cross-Purposes With the
Demand for Stocks.

New York, June 2s.-The stock MARKETS
showed the effect Of continued pjroft-
ticking today. Il was considered e fore
gone conclusion that this should prove to
be the case. and most Of the traders came
to the board room this morning bear.sh in
! sentiment The approach Of triple 6ols-
day. coupled with the weeks sharp ad-
vance IN prices, was considered sufficient
reason for q reaction The lively buying
after the opening for London account.
seemed for a time to retute the position
of the bears bR later IN the day. when
this demand had been satisfied and an an
nOuncement was made Of a 100000 gold
shipment TO 50 on Saturday N spite %
| the lev price for sterling exchange the
beans gained renewed confidence and the
market sagged away withiut much inter
ru2tion until the last. There Is a contra
dictIon difficult TO explain in the fact that
the needs OF the London money market
are responsible for the drain OF gold from
New York, with rs deieterious effect on
stick values N this market, while the buy
l
money stringency today was about toe
! only factor Of strength IN the New York
market this morning. The weekly state
| ment Of the Bank o. England shows that
the bank has succeeded in increasing its
stock Of gold only about $50, 600 during the
week, while the demands upon Il by the
money market. incident TO the stock ex-
change settlement. have resulted in the
meantm IN an expansion in its loans OF
over S6.Ooo.0o0. The proportion OF reserve
TO liability is thus reduced from a. TO
S7-5s per cent. a very striking change In
view OF the widely expressed uneasiness In
England over the present low stage OF
the banks gold reserve The fall in
British consols OF sis was due to cash
sales. probably connected with the state
OF the banks reserve That the return
will not have a great influence on the
market was due to the Measuring opinion
OF the British chancellor OF the exchequer
expressed last night on the question OF
the reserve OF the Bank Of England. The
local stock market. owing 70 the sustain
ing effect OF the buying for London ac-
coun, Jared pretty well. m spite OF the
undoubtedly heavy profft-taking incident
to the approaching holiday. the depressing
effect Of the gold announcement, the fur
y in call money and a growing appre-
hens;on that the disbursements OF July
dividends and iterest may not be reflect
ed in the money market for a considera-
bic period after July l. The profit-taking
was conspicuous IN New York Central and
Manhattan. The former shows a net loss
o; & point and the latter nearly . Co.'S
solIda;ed Gas rose at one time points
on rumors Of settlement Of the local
gas war. but reacted again. The indus
trials and speciaIties generally were
heavy, Including Sugar. Tobacco etocka
and the city traction stocks. Louisville.
Norfolk and Western preferred, Rock
Island. Atchison preferred and Denver
and Rio Grande preferred. were among
the stocks which showed the best sup
port.
The total sales Of stocks today amout-
ed 20 $685. shares, including: American
Steel, 500; American Sugar. 0.loQ: Atch-
son. 800: Atchkson preferred, e4.IJO:
Brooklyn Transit, 4i7c9: Burlington. 49,
400; Federal Steel. 3.4oO: Louisville and
Nashville. 17.7oe; Manhattan. 47.JOo: North
ern Pacific. 400; Peoples Gas, !, so: Rock
Island, 90 40: St Paul. 1860: Union Pa
c-tic. $40: Union Pacific preferred. sSp0:
American Tobacco. 100: Cons olidaied Gas
7.2oo; Continental Tobacco. $50: Denver
and RIO Grande preferred. 36Oo: Missouri
Pacific. Il s00: New York Central. IlSo;
Pacific Mail 500: Pennsylvania, 500: s..
Louis and Southwest preferred. 3.s0;
southern Pac.hc. 400; silver bullion GER
tifica; IS. 5000.