The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-07-13
.J|JSI 'PEIERED OIL"
Is What Happened to the
Stock Market Yesterday.
EARLIER GAINS VANISH
And the Close is Generally
Below Wednesdays.

New York. July 1.-THE phrase pet
cred out" best expresses what happened
TO the upward movement Of prices today.
Theaction of the stock market was en-
tirel aside from any news OF the day. as
was the case with yesterdays sharp rise,
In fact the news of the day was for the
most part, favorable TO higher prices. The
reaction must therefore be attributed 10
purely technical causes. It seems TO dem
onstrate that yesterdays jump in prices.
which was primarily directed against
the short interest, has resulted in elm
mating the weak portion Of the uncov-
cred shorts. Yesterdays considerable rise
invited heavy prodt-taking this morning.
but after prices had fallen considerable
pressure from that source relaxed and an
effort was then made 10 renew the bull
demonstration OF yesterday. When In
ion Pacific got up to IS. it became mani
fes+ that the orders 10 sell al that level
were larger than the present bull man
stock then fell back and its he2vtness
was practically unrelieyed for the re-
mainder Of the day. The efforts OF the
bulls were then shifted to Baltimore and
Ohio. which as q consequence was rushed
up rs from the low point. This maneuver
proved unavaIling TO hold the market, and
the latter part of the day showing an
almost unreHeved stagnation The offer
ings were a mere dribble. but even that
could not be absorbed by the feeble buy
ing demand. and about all OF the earlier
gains were wiped out. the level OF prices
generally falling below last night The
prospects as reflected in the grain mar
keL The active liquidation in wheat, in
dueed by sanguins estimates of some OF
the trade journals. failed entirely to sus-
tain prices OF the grain-carrying roads.
ST Paul dropped the best part Of another
point from its price and fractional losers
were the roll throughout the list. The
bituminous coal and the corn-carrying
roads gave some early evidence Of
strength, but their gains were lost in the
late reaction. The steel stocks were dull
and moved uncertainty. The market was
entirely without any point OF strength on
which 10 fix resistance TO decline. The
closing was dull and heavy. at about the
lowest The foreign stock markets were
reported heavy on a recurrence Of fears
of a tragedy in the Chinese capital. but
London bought about 23,000 shares in the
| Chinese stocks hers on a balques. Not
withstanding this buying and q decline
| in London discount rates. Sterling ex-
/ change here rose a fraction. The weekly
statement Of the Bank OF England &C
| casioned renewed question whether the
export movement Of gold Will not soon be
renewed. That Institutions loss OF gold
/ for the week exceeds 100000. which has
/ largely gone to France and a reaction in
sterling exchange at Paris today. % the
recent low level. shows the demand there
for gold still Unsuitable. The bank o..
/ Frances weekly statement shows a gain
I In gold Of less than a million dollars. 81
tht it has found a use for its recent large
( sAceipts OF that metal. Meantime. large
/ supplies Of gold are on the way 70 New
York. from the KIondyke receiving points
in the west and from Australia TIE
sub-treasury has contributed something
/ 10 New York reserves by the payment q
/ the premiums on refunded bonds. The
! money market in New York reserves by
+ payment of premium on refunded bonds.
/ The money market IN New York IS Drac-
tically lifeless so that any extra induce
ment would probably draw gold from tha
/ New York banks:
+ The bond market continued dull and ID
regular. Total sales par value, E.159. 90
United States refundlng Is when issued
and rev fours advanced = and the S.
4 when issued and new fours advance
!. and the IS &c. in the bid prics-