The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-13
AL WORLDS MARKETS
For Securities Yesterday
Were of the Dullest
SPECULATION Is WAITING
On the Boxers and Continent
al Money Markets.
SPECULATION Is WAITING

New York, June 1.-THE small conting-
ent of professional room-traders whose
operations made up today's stock market.
found difficulty in causing any move
ment of prices The prevailing dizziness
was a characteristic Of all the securities
markets OF the world Speculation waits
on the developments in China and the
money markets in Berlin and Paris. The
firmer tone in London and Paris on early
reports of a British success IN the
Transvaal caused prices to open higher.
but they quickly declined on realizing.
and on short sales by the traders IN
duced by renewed strength in wheat on
continued drouth in the northwest The
outlook for the crops was dominating
influence in the market all day. not only
IN the movement of prices shown, but In
the intense dullness and hesitation in the
trading. A slight fillinp was given in the
last hour by the weather bureaus pre-
dictions rain in the northwest. The
weather bureaus weekly report OF crop
conditions, while 1t reflected the -unfav-
orable condition of spring wheat, as was
expected, brought realizing in wheat and,
contrariwise. short covering IN stocks.
The rally in Pacific and some Changers
reached a point or over, but the rise was
not well maintained. and the close was
semi-stagnant and unsteady at conces-
sions. The prospect OF gold exports on
Thursday was depressing influence in
the market. No actual arrangements for
shipments have been completed. but ex-
change bankers generally admit that
profit is possible on the operation. Sterl-
ing exchange held firm today In spite Of
decline in London discount rates. Sterl-
ing exchange at Paris declined and the
Bank Of England sold gold for Paris.
Paris in fact, seems to be the real point
Of attraction of gold. The easing OF the
London discount rate is attributed to ex-
pectation on further receipts Of Russian
gold, and the stiffness of the money
market in Paris and Berlin, where Rus
sian usually borrows to meet her inter-
est obligations to London, IS the real
cause of Russian gold going to London.
It happens that Russia, instead OF Dor
rowing in Paris, indirectly furnished the
means which enables London to supply
gold to Paris The French demand for
gold is attributed to the increased cur
rency speculation incident to the exposi-
ton. But the policy OF the Bank OF
France in reducing its pote issue and IN
contracting its loans is in conflict with
this view and indicates rather a desire
to fortify the position OF that institution
London advices report uneasiness IN the
stock market lest a crisis should develop
in French affairs This helps to account
for the persistent dullnes sof the Europ-
can securities markets. The policy OF
contraction which is being followed by
the government. Banks OF England,
Frence and Germany IS in strong contrast
TO that followed IN this country. Two
weeks ago loans of the New York bank
rose to a figure above any previous rec
ord, and last Saturdays loan item was
$12, S9S, 100 in excess of the previous high
record on July s. 1899. The aggregate
OF the reserves Of the national banks OF
the United States under the call Of Aprr
% was also shown 10 be larger than ever
before The .calmness of the money
market IN spite of this large volume OF
credits outstanding and an unusually low
proportion OF reserves, is testimony 10
theh soundness and confidence IN the fin
ancial situation in this country.
Closing prices of stocks today were as
follows: