The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-20
EARLY GAINS GONE
Is How the Stock Market
Closed Yesterday.
NET CHANGES SLIGHT
Growing Attention to Money,
and Gold Shipments.
ANGES SLIGHT

New York, June 1a-The liquidation OF
stocks was rather decisively checked to-
day, and as was to be expected after the
considerable decline OF yesterday and
Saturday there was sufficient demand
from outstanding shorts to accomplish
rally in prices. There was no evidence
of anything outside this narrow profes-
sional circuit and the demand dwindled
away to practically nothing, as prices
rose an enlarging fraction over last
nights level. The room traders turned
10 the long side and attempted TO bid
up prices against the shorts, but they
met with very slight success and late
break in the New York Traction stocks
caused q reaction all around and wiped
out pretty much all of the early gains.
The selling through commission houses
which was the most striking evidence or
weakness in yesterdays market in6icat-
ing as II did the letting go of stocks
by tired investment holders was on q
small scale today, selling orders for this
character caused reaction after the open
ing rise In sympathy with London and
the bears started TO put out short lines
But they soon detected the cessation OF
liquidation The large borrowing demand
for stocks last night had served as a
warning TO the bears that the short in
terest was becoming rather unwieldly
and they followed London's example and
started to cover The market then fell
back into its purely professional char
acter and drifted rather aimlessly for
the rest Of the day, net changes being
slight
The steel group was inclined 10 weak
ness, with the exception Of Federal
Steel. which was firm on expectation OF
dividend action, on the common this af-
ternoon. Union Bag common and pre-
ferred and Pacific Mail showed notable
strength. The cessation OF liquidation
seems TO have been caused by a revised
estimate Of the motives OF the strength
in the wheat market, additional import
ance being given to the fears Of Euro
pean complications over China and Tess
apprehension being felt over the crop SIT
uation- The fact that foreigners were
selling somewhat IN this market today
did not seem TO affect this feeling. Crow
ing attention is being paid to the money
market outlook in view OF the sal oment
of gold TO Germany today and the in
tention TO make further shipments 10
France on Thursday II Is felt that this
drain on New York's low level OF sur
plus reserves Joined to domestic condi-
lions must have an early effect on the
local money market. The demand rom
Berlin Is said 10 be for the purpose Of
meeting the need for the senni-annual
settlements on July !. This would leave
a short period for the continuance of the
demand. The Bank of England lost gold
to Germany today and a symptom Of its
dissatisfaction was the raising of the
price of gold q Of a penny an ounce. The
price of American eagles was at the
same time advanced y penny an ounce,
raising the question whether the British
institution is to join in the demands be-
ing made on New York for gold. The
sub-treasury is just now making heavy
disbursements on account OF pen ions
which have been sufficient since Friday
10 offset the payments made by the
banks for the gold exported. But the
s. 600 government deposits called by
the government are due on next Monday
and no part of the installment ras vet
been paid by the banks. Meantime, New
York exchange ar Chicago today fell
from so TO 20c premium. indicating a de-
cline in the flow Of currency from the
interior to New York. Closing prices OF
stocks were as follows: