The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-21
Earlier GAINS LOST
In a Later Decline and Then
Some Besides.
TURN TO THE BEAR SIDE
Due to Slump in Sugar and
Transit Stocks

New York. June a.-Ths stock market
made some headway during the early
part OF the session, against depression,
and an average level OF prices materially
above last night was established Room
traders we're inclined 10 take the long
side for a turn. under the impression
that ths market had been oversold an5
rally was due But before the eni OF
the session large offerings OF stocks were
thrown on the market, embracing al the
principal groups OF securities dealt Fl.
Earlier gains were more than wiped out,
the decline from the best in the active
railroad stocks running from / 70 IL
The net losses were mostly fractional.
but some OF the specialtIes show wide
declines, and tina same IS true Of some
OF the dormant stocks which have not
been dealt in during the late period OF
weakness. The chief ground of Ihs early
strength in the market was the higher
range Of prices from abroad and the dis
position Of London TO buy stocks hsfe.
II was evident thar more cheerful view
was taken IN foreign quarters OF the
Chinese situation and British conSols
hardened q shade. in spite Of the sJis-
1ening Of the London money market The
Chief influence IN turning the tide OF
sentiment towards the bear side was the
acute weakness developed Ia Sugar and
Brooklyn Rapid Transit, and in other
specialties by sympathy. The bears at
tackled the Brooklyn stock with great
confidence and encountered little opposi-
ton IN Offering the price down on ac-
count OF yesterdays judicial opinion
against the legality Of ten-cent fares.
After selling al "a in the morning the
stock was forced down 10 e01z In the
late dealings The drop in Sugar ex-
tended 10 over points and was without
special explanation All OF the Gas
stocks were acutegy depressed. the de-
clines extending from 10 IN Peoples Gas
to 81 IN Brooklyn Gas. Other notsb
declines were Cotton Oil preferred 3, Chi
cago Great Western preferred Z. on dis
appointment over the failure 20 declare
a dividend; the Tobacco stocks, General
Electric and New York Air Brake from
H u 4 These violent declines had a
sympathetic effect on the whole list.
Weakness in the railroads was ageravat-
ed BY the renewal of crop damage re-
ports and not only the grain-carrying
roads but the cotton roads also were af-
fected by this cause. Some of the selling
was said TO be of stock held by bankers
for collateral. which had been held for
some time past to give opportunity to
the customers of the firms concerned 10
take I'D the stocks. The money market
hardened appreciably and the possibility
of quick inroads on the small surplus
reserves OF the banks receive increasing
attention. Today's engagement OF 81
600 GO OF gold for shipment TO France
was about what was expected and ster-
Hing exchange. eased of under the offer
ings Ct bills against the shipment. Dis
count rates hardened bot n in London and
Berlin, and Sterling fell a fraction in
Paris. so that Il is considered probab.e
that the demand for gold IS not yet SAL
isfied and gold Is expected to 90 out on
Saturday. Closing prices OF stocks were
as fellows: