The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-18
WALL STREET IDLE
treo E--..------- e. i..r- (.
Dealings Light and Prices In
clining to Drop.
NET CHAGGES ARE SLIGHT
Weeks Transactions Review
ed-Bad Bank Statement.

4 N--~--N-@N5N
today and there seemed to be an absolute
lack of buying demand. so that even In
significant offerings carried the level o
prices downward: The few professional
traders present were disposed to sell stock!
in anticipation of the unfayorable bsnl
statement and on the general principa
that prices will yield in dull! market. Al
idea Of the narrowness of the market L
given by the fact that during the frs
hour there were just two transactions re
corded in st. Paul. which was the NOR
notable because of its good statement O
gross earnings for the second week Il
June. The buying of the Flower group
which has been persistent for the las
few days In the face of dizziness in tn,
rest of the market. was abandoned ant
these stocks were allowed to drift down
ward. American Wire fell away rather
sahrply with the reports of a dispute
amongst the directors as to the payment
of dividend of the common stock. There
were rather sharp losses by other new
industria.s, which afterward partly recov.
cred. The bad bank statement brought
| little selling and the traders covered short
| contracts, causing a rally. Net changes
are unimportant In nearly all cases, al
the evening up of contracts by traders
brought prices back to about the STARTING
! point.
Bonds showed a declining tendency In
| sympathy with stocks, on a small volume
of business
The total sales of stocks today amounted
to 124.27O shares. including: American
Steei and Wire, 1880; American Sugar.
1890; American Tin Plate, $500; Atchison
preferred, 900; Brooklyn Transit, $3.50:
chicago. Burlington and Quincy, $500:
Chicago. Milwaukee and st. Paul, $500;
Denver and Rio Grande. $500; do preferred,
900; Federal Steel. LOO: Manhattan. g.
100; Manhattan, S.1OO; Tennessee Coal and
Iron, 10000.
The general public maintained an indif-
ferent mood toward happenings in Wall
street during the week. Professional trad
ers have shown increasing Indifference to
the market, as their efforts to invite out
side participation failed Last weeks rise
continued and culmipated on Tuesday,
when number of heavy operators closed
ont their long accounts at profit After
this raelizing movement the trading was
mainly a contest between professionals as
TO which way, the current Of prices should
turn. There was an obnoxious bull party
In the group of specialties with which the
name of the late Mr.. Flower is still iden-
tilted. Both Brooklyn Transit and Federal
Steel have received a large degree Of at
tention from this party. The recovery in
Sugar and strength in the coalers and. in
Tod
hst gave some encouragement to the bull
movement. But it he'd TO be content with
the .istlessness of the general public and
with the Vaccinations OF the powerful
bear party in the street one Of the largest
irdividual operators maintaining his con-
viction that prices are too high. Some
OF the steel stocks hung heavily back on
reports OF directors dissessions over divi
dend Questions. thus impeding the move
ment in Federal Steel The crisis on the
wage question in Colorado. which closes
the ore smelters and a number of the
mines, and thus takes from the railroads
an important item of their revenue, weigh
ed on the stocks of all the properties con-
cerned and had some sympathetic effect
on stocks of neighboring railroads. the
southwesterns as a whole being conspic-
uously weak The heavy rain storms of
the week aroused some fears of damage
to the crops, and there were some current
non-officia! estimates of the coming wheat
crop. placing 1t below 100000. 900 bushels
The heavy tone to the grangers upon a
sentimental effect from an unfayorahle
oank statement. which was ocnfidentaly
anticipated. a slight hardening tendency
In the money market toward the end of
the week attracted attention to the condi-
ton Of the banking reserves.
There has been a distinct reactionary
tendency in portions of the railroad bond
market. showing diminuition of a de-
mand which had seemed for some time
past quite insatiable This aroused some
question Of the available supply of idle
capital still seeking investment. The Nav
foreign trade bulletin. issued by the bureau
OF statistics Of the treasury indicated an
unfavorab.e interruption from the bear
element, as ii showed the elimination of
exports compared with last year, still in
progress Something is made of the broad
ening proportions of the problem offered
Tor solution in the Philippines and the
possibility of large additional forces being
required to subdue the insurgents and es-
tsplish order. The prevailing high prices
- our high grade securities have uadoubt-
ediy prompted very heavy selling by for
eign holders. and the fact that we are
now exporting gold lends some authorities
to conclude that the trade balance in our
favor has thus been liquIdated but special |
Inducements may have been offered BY |
foreign government institutions to make
good the apparent margin of loss involved
In exporting gold. United States rs de-
ciined L in the bid price.
New York Bank statement
New York. June 1.-THE weekly bank |
statement shows the following changes: