The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-27

Mt GAINS For MOST
Yet Final Prices a Disappoint-
ment to Bulls.
CLOSE FAR BELOW BEST
Tone in the Late Session De-
cidedly Unsettled.
CLOSE FAR BELOW BEST

New York, June 2s.-The bull coutin-
gent IN stocks failed to realize their ex-
pectations today, though the changes at
the close show net gains for the major
ity of stocks. Final prices, however,
were Considerably below the best and
the tone Of the market during the latter
part of the day was decidedly unset
OF notable strength in some stocks. The
opening rise was in sympathy with Lon
don and was attributed 10 the effect OF
the news from China OF the reles Of
Ten Tsin- Later adyices showed that
the periodical settlement in London had
disclosed an uexpectedly large bear &C
count in Americans and the London
buying was the covering of short con-
tracts. II was especially effective IN
some of the southern railroad stocks.
The New York market, however, showed
Itself Indifferent to the progress of
events in China, as it has consistently
done Throughout, and the opening ad-
vance was largely lost.
The first rally in the market followed
the sharp break in the wheat market
and was noticeable "a the southwestern
Changers, especially Burlington and
Atchison preferred. Crop news continued
bad from the spring wheat region, but
the spectators who have been buying
wheat are evidently impressed with the
Willingness Of the farmers 10 take the
price offered. and the wheat market
showed continued realization today, with
reverse sympathetic effect on grain
carrying railroads. The weekly stats
tics of railroad traffic from Chicago show
an increase in the grain traffic Of west
ern lines for the week of 90 per cent
over last week, reaching the bsst figures
for the corresponding week m five years
with the exception OF last year. The
deliveries at primary points ran up "a
per cent over last year. showing the at
traction OF present prices for the real
holders of wheat. This demons alton
detracted somewhat from the alarming
reports of wholesale disaster TO ire
crops, and addi ional attention was
given to the hopes of the corn crop. II
was evident, however, that the buying OF
railroad stocks came largely from the
short interest, who were wiling TO take
profits at a decline in prices but who
We're not pressed to take losses at the
advance. The continued weakness in
Baltimore and Ohio and signs of heavl-
ness in pennsylvania discouraged the
buying Of railroad stocks and they were
OF the day. The sustaining force during
that period was the advance in BROOKLYN
Transit and the Steel stocks. In the for
mer the bears showed symptoms Of
alarm. recalling their painful experiences
growing out Of a similar weakness in
Third avenue, another traction stock.
There was no news 10 account for the
strength in the Steel stocks, but they
advanced easily On small transactions.
Their gains at one time ran from l 10
5A. Apparently the opinion is gaming
force that the decline in price OF iron
and its products has almost run S
course. 4 further rise IN the price Of
lead following the recovery of yesterday
and the strength Of silver on a large de-
mand from Oriental countries had a
tonic effect upon all the metal markets.
Sugar was active and cratic, Advancing
On the rise in refined Sugars but relaps-
Ing on proht-taking. The can by The
treasury department for the payment Of
third installment OF 100000 OF gov
eminent deposits had no apparent effect
on sentiment as the date fixed for the
payment, July &c. goes beyond the I'm
mediate pressing demands on the monty
market. which was for the July l set
Elements Tine money continues 20 har-
den, but call loans are still very easy.
Closing prices Of stocks were as follows.