The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-20
NaEaEr G191Eszs1alE
MARKET Is HGALhED
Stock Speculation Can't Tell
Which Way It Is Moving,
DAYS RESULT LOSSES
Waiting to Catch the Trend
of Business and Industry.

New York. June 1s.-Specuiation in
stocks has evidently reached q sort Of
equatorial line and is hopelessly becalmed
in the doldrums. with not enough head
way TO indicate in what direction its
course shall be finally shaped. Dealings
today continued profoundly dull and. out
side Of movements of few special stocks
which were Influenced by individual
causes, the days events were incense
quential. AS is only natural in a market
where the buying demand is practically
NIL, the drift of prices was downward. even
with & very small body Of offerings to
weigh on the market. There was in addi-
ton the sympathetic effects of an active
liquidation, coupled with bear pressure in
steel and wire. The net results for the
day are losses in almost all cases and. in
quite a number Of cases. these amount to
as much as a point or over. Steel and
wire showed fits weakness from the open
ing and dropped by successive stages.
without any determined support being
manifest, to a level nearly 81 per share
below the price Of Saturday. The confu-
sion and uncertainty as TO the declaration
Of a dividend at the coming meeting. due
to the conflicting utterances Of those con-
nected with the property, showing the ex-
istence of a dispute amongst the direc-
tors themselves. are responsible for this
weakness. Heavy lines OF this stock were
taken on by operator on the confident as
sumption that a dividend was to be de-
clared. Federal Steel and other stocks of
companies in the steel trade dropped in
sympathy. A buying demand for Tonnes
see Coal, which spread TO Colorado Fuel.
had a large influence in checking the de-
cline in the whole group. and effecting a
partial recovery. except in Federal tSeel
which sold at the lowest on the last sac
at net decline Of over points. The
temporary strength displayed by Sugar
also served as a sustaining influence. The
early drop in the wheat market stiffened
the grangers for while. but they yielded
again. The prevailing depression on for
eign exchanges was an influence and the
bears sold traction stocks on the theory
that western street railway strikes might
spread. The Baltimore and Ohio stocks
were rather conspicuously weak, with no
further explanation apparent than the de-
crease In net earnings compared with last
year. It Is evident that the public and
operators in stocks are waiting for the
future course of events in the country's
business and industry TO become more
clearly defined. Although the buying de-
mand Is at a standstiIl, present holders
show no disposition to sell at present
prices. There was some shirt selling evil
dent today, but the borrowing demand for
stocks Is so small as to preclude the idea
that large short interest exists. The
bears are apparently as disinclined to
operate as are the buyers. The conse-
quence Is the almost stagnant waiting
market
The total sales OF stocks today amounted
to 335,349 shares. including: American
Steel. "a 700: American Sugar, % 200; Brook
Ign Transit % 40; Burlington. $500; Con-
tinental Tobacco. 6.S00; Federal Steel. g.
400: do preferred. 4.0oO; Louisville and
Nahsville. 1900: Manhattan. 1900: North
ern Pacific. 1900: Peoples Gas. $50: Read
ing first preferred. $50; ST. Paul. 500:
Union Pacific, $500; Atchison preferred.
5000; Baltimore and Ohio. 800: Chicago
Great Western. $500; Denver and Rio
Grande preferred. $500; Tennessee Coal
and Iron "a 900.