The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-08
At ElD SIAGNhII|D
Lay the Market for Securities
Yesterday.
CLOSE NEAR WEDNESDAYS
Foreign influences Abound
Black Day in Berlin.
CLOSE NEAR WEDNESDAYS

New York, June 7.-Absoluts stagnation
Characterised the stock market today. By
comparison with yesterday, the tone was
firm, but that was only because the bears
somewhat over-extended their commit
ments on the short side yesterday. II was
evident that ths late selling yesterday
was based upon the expectation that sell
ing by London this morning would offer
an opportunity TO get back stocks at
lower level London did, in fact, sell
stocks here on g moderate scale, but the
demand from the shorts was sufficient 10
overcome the decline ana 10 make some
show OF strength in the market The
bulls attempted TO stimulate the move
ment by bidding up the coalers on vague
talk OF further comprehensive traffic
agreements. This maneuver proved in
effective and the market relapsed to about
last nights level and never got far away
from 1t again in either direction New
York Air Brake was rushed upward 1-2
points on talk OF absorption by the West
inghouse company. It saved 5 point
net gain. In Sugar there was a demand
from an uneasy short interest which had
been over-extended during The decline OF
the last few days, and the stock gained
over point net. The ioaning rate on
stoks disclosed the existence OF quite
lareg outstanding short interest well dis
triauted through the list In the entire
lack OF animation in speculative spirit,
the professional traders are disinclined TO
further commitments on the short side
There was no further evidence today OF
the selling through commission houses
which was called outside liquidation yes
terday. The incidents of the day, taken
IN themselves. indicated declining values
for securities. but these Incidents had
been anticipated and therefore the move
ment Of prices was discounted. The iron
stocks were rather firm, on the supposi-
ton that the cut in prices has brought 4
step nearer the resumption OF the expect
ed buying demand. Many alarmist reports
were current concerning the northwestern
wheat crop The continued hea viness of
foreign stocks markets on account of the
complications IN China had a sympathetic
effect here. The selling Of stocks for
London was sufficient 10 cause a frac-
tional advance in cable transfers on Lon
don. The weekly statement of the for
eign government banks disclosed a con-
sentative policy still in force. The Bank
Of England return shows only Ssh ooo IN
loans repaid to the bank IN spite OF the
disbursement OF government deposits to
the amount Of over $ 600. 600 and pre-
vailing private rate OF discount well be-
low the bank rate. AS the bank Is still
losing gold for export. the governors re-
Trained from reducing the rate OF dis
count. The Bank of France has resumed
its policy OF both note and loan contrac-
ton which was interrupted last week. and
IN spite Of a gain IN gold OF g. 10. go Il
has decreased its note circulation over
s25.090,000 and contracted its outstanding
loans over s4s 90 oa0. In Berlin there were
forced sales OF mining shares and a re-
fection OF the same policy OF retrench-
ment. In New York. on the contrary.
money continues in very light demand
and increasing supply. Closing prices OF
stocks were as follows: