The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-26
PRICES MOVE WIDELY
Speculation Active but Net
Changes Small.
EFFECT OF WHEAT BREAK
Relief Felt Regarding the
Money Situation

New York, June 25.-There was con-
siderable speculative activity in the stock
market today, and the fluctuations in
prices we're quite wide and frequent. The
net changes are mostly small, so that
the result Of the days trading is not
conclusive, as TO the turn in prices. The
market was exceedingly irregular all day
and at times very much confused. The
opening depression, In sympathy With
London, where ten Chinese outbreak had
an unfayorable effect was generally
overcome. Prices then broke with some
violence, the bear attack being directed
especially against Baltimore and Ohio.
Continued pressure was in evidence also
against Brooklyn Transit. Baltimore and
Ohio is one Of those stocks which has
been most advanced IN price on predic-
lions of a dividend disbursement, and
whispers were current today that the
declaration or the dividend would be al
least deferred. The stock suffered 10 the
extend of 4 points at the lowest level.
Brooklyn Transit sold to -, which was
rs below Saturdays level. In syulpa-
thy with this acute weakness the whole
market sold of and apparently the
liquidation of last week was renewed IN
force. But the market gave evidence
later OF being oversold and the bears
began TO absorb stocks to cover their
snort contracts. The result was a gen
eral recovery Of the earlier losses. But
there was nothing like decentralization
amongst the bears, the covering move
ment being conducted In a well ordered
manner. The bulls attempted TO extend
the advance, but prices had not risen
more than faction above last night 5
level, except in Brooklyn Transit, when
the demand from shorts diminished TO
almost nothing. The dribble of liquida-
ton was sufficient 10 turn prices down
wards again and they were only partly
arrested at about last nights level,
where the movement became very irreg-
ular at the closing. Che principal infiu-
ence in causing the doubtful mood
amongst the professional bears was the
sharp break IN wheat. The fact thai
the break was largely due 10 technical
causes and to a pressure to realize on
the part OF an over-extended long inter
est did not seem to lessen its effect, IN
spite of the continued reports Of the
damage wrought to crops in the north
west. The stock market was APPARENT
iy as much oversold as the Fheat mar
ket was overbought, and professional -e-
alizing caused the reaction In both cases.
The apprehension caused by the Satur-
day bank statement was also soothed to
some extent. The conviction gained
ground that the sharp decline IN cash
reserves was due to preparation for the
withdrawal of government deposits. and,
possibly TO the placing of bids for the
New York City stocks. which was
awarded today to the amount OF over
100000. The apparent clearing Of the
money situation was received az a source
Of relief to speculative depression. The
opinion expressed by a director Of the
Retehs bank In an Associated Press
dispatch from Berlin was a potent influ-
ence in relieving u1easiness regarding
the situation in Berlin The opinion ex-
pressed by this director, that reduction
In the German bank rate could BE- made
were not the semi-annual settlement at
hand, his assertion that the settlement
is looked forward 10 without concern,
and the confidence in London that easier
money terms are at hand. Joined 70 the
further relapse in foreign exchange
rates bore today. serve to reassure the
market that no further demand on New
Yok's gold reserves viii be required 10
relieve the foreign money markets II Is
expected that the process Of loan expan-
sion by the New York banks VII not
go further at present but. relieved from
the foreign demand for gold, the New
York banks viii have increased facilities
for meeting the crop-moving period
The bond market was not active, and
price changes were irregular. Total
sales. par value. sl.1s5.010. United States
IS and As declined L IN the bid price