The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-19
VALUES FILL LITTLE
Considering the Large Liqui-
dation in Stocks.
MARKET Is VERY WEAK
Majority of Net Changes
Small.
MARKET is VERY WEAK

New York, juno 1S.-The stock market
digested a large volume Of liquidation to-
day at what seems slight expense OF
values, considering the appearance of
the extreme weakness manifested b. the
market. The result was due 10 the fact
that the prices were lifted in the early
dealings 10 a level somewhat above Sat-
urday's close and that there was a sub
stantial rally in the late dealings on COW
eringE by the professional bears, who
had taken advantage OF the sottnsss OF
the market TO put out extensive short
lines. But the Inherent weakness OF the
market was none the less evident. The
buying demand throughout the day came
largely from the short interest and from
inside Interests with the purpose OF sup
porting prices in their own stock. Prep
arations for this had been made on an
elaborate scale In expectation Of acute
depression on foreign exchanges as a re-
suit of Saturdays developments in the
Chinese complications, but The weakness
in foreign markets was not as extreme
as had been feared, partly owing to the
fact that the first alarming rDmors Of
the destruction of the foreign legations
in Pekin and the death of the German
minister were somewhat discredited this
morning in speculative circles Prices Of
American stocks advanced in London be-
fore the opening here, and London
bought stocks OF some companies here
at the opening while selling others. This
altitude OF London gave color to recent
reports that some OF the principal bear
operators Of the New York exchange,
now abroad, have been operating on the
short side of the market The character
of the buying was sufficiently manifest
from the dullness into which the market
quickly sank when it rose TO and above
Saturdays closing level. The bear
traders were active during the day,
seeking TO uncover stop loss orders, and
they had considerable success al through
the railroad list, in which the excite
ment ragged. Declines at one time aver
aged from to ~ for the principal ac-
tive stock The final rally lessened all
these losses and entirely wiped out some
of the smaller ones The final tone Of
the market was steady and the majority
OF net changes were small. The an
nouncement of $500 90 gold exports TO
Germany was not without It's effect on
the weakness OF the market the more
so as considerable further engagem sntS
are looked for later in the week by the
French. The sub-treasury has contrib
uted nearly 100000 to the banks since
Friday and New York exchange at Chi
cago rose further ts- SOC premium. But
the government call for deposits TO the
amount Of S, 000,0 900 must be met by the
banks by next week and the period for
the return flow of currency 70 the in
terror to move the crops IS approaching.
The results in the money market are
subject to increasing surmise. Meantime
part of last weeks loan increase is now
attributed to operations by conservative
houses h--e who are availing themselves
Of the low rates for time loans to secure
themselves against any future coutin-
gency.
The bond market was dull by compsri-
son with stocks and the comparison with
stocks and losses were not so pro
nounced. Total sales, par value. $500
go United States old fours and the
fives declined = in the bid price.