The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-06-23
STOCKS AND BONDS.

New YORK. June -z-Today's stock mar
ket was an inconsequenual affair, and
/ even the professional trading Of which il
was wholly made Up. was narrow and
! restricted. Inc trading. such as 1t was,
turned on the bank statement An ink
! ling was obtained soon after the open
/ ing that the. expected favorable features
would not be forthcoming and the trad
ers sold the market, but when their
views were verified by the bank state
Tnent, the market proved too narrow TO
reflect any ambition by outside holders
and the covering by professional bears
rallied prices. ley went OF again TO the
lowest in some cases. while a few up
ward movements gave the closing its ir-
regular tone. The most disappointing
feature Of the bank statement was its
failure 20 show any Of the expected pay
ment Of large corporate loans If any
OF these were paid of during the week.
there was sufficient new borrowing 20
Offset this. as the lean item shows a slight
comparison, not threatening in itself but
disappointing in view of expectations.
The change in cash reserve shows a dis
crepaacy Of fully S4.09. JtJ from that fore
shadewods oy the known movements Of
money. The consequence is q loss Of two
and one-haf millions Instead OIL the ex-
pected gain Of one and oRe-hslf nh-
lions. The surplus reserves are in con
sequence carried bslow ssven millions.
This would seem to call for greater effect
upon money rates than has ben shown.
chicago banks, however, have placed
large sums in loans IN the New York
market within the last day or two, thus
keeping the tone easier. S. Paul and
Union Pacific sold down TO the lowest
IN the final dealings at -s1f1 &c under last
night. New York Central ana the local
fractions were well sustained by buying
OF the same character as that recently
prevailing. Long island jumped 81
points on &c reported project TO com
municate by turned with the center OF
New York In the national silver pre-
ferTed was marked up 7 points on light
dealings, The sock market this week
has shown a progressive decrease in
speculative interest and activity the
dealings on for q full day having fallen
below the half million share mark for the
nrst time since the first week in Eovern-
-er last Prices havs pen vulnerable to
selling. and nave yielded when sPecula-
tive liquidation was attempted and when
professional bears attempted an attack.
1t heat speculative operations there we're
shiftel into the less conspicuous stocks Of
minor railroad systsfns and induEtrials,
and the causes alleged TO explain these
affected, so that their advances mas 1.-THE
sympathetic effect on the general list
ONE OF them pslpably due 10 msnipUla-
ton and were followed with decline. The
wide and feverish fluctuations IN this
class of stocks rather tended 70 dlsccur-
a-a operations sad 10 sreuse unessiness. (
hut the deep underlying factor IN check f
ing active operations was the condition
OF the local money market. When ths
- lac rr --Mn 81
lowed on monday by che announcement f
that SAsooOoo in gold had besa engaged
Tor shipment TO Germany. Il became f
question al simple arithmetic 70 prove .
that any large demands Tor loans with +
which 20 speculate IL stocks would deyel- .
OBJ EtrinEencv and probskly preeipftats +
Liquidation az stocks, thus defsating its +
own purposes As &c was. there was a T
hardening Cf money. both cn time and on
can and some calling o. loans. Rates did
NOT rise So high as &c create any ecsizI .
distress but guite high enough % serve
as waTlinE against ird5screet expsn-
sion Of credits. With the ssaiuE OF
Thursday steamer FOR Germany Il vas
fsit that the outwo-6 Eels movement vas
terminated. IS that was the lstsst date
1n which ships could arrive - Bcr1n %
this fl tine FOR tho Jc1v ser -erents.
" hich vas the purpose Il the movement
Sut ire money market Tss san confront
Ell by the segni-annusl requirements here,
v.lch almost Invariably MAKE su active
market in the last wsek az June The
8 isburssue cf divi6 rnss and interest
'- TIE approaching frst q Juiy vsu -
he largest n the h,Story - the country
IS a result q the Rrospe7sus condiEo
ruling and large Prosts % ae ols-
.rl6uted 10 holders q ail scrts q securi-
-es current estimates make tire Emo-at
II money 20 be distributed - 20 Ef nil
irus 81 dollars. Inc.uas6 in The sreu-t
slll be g senf-s1ruai dividend q 81 per
,e0t on Missouri Psc.sc in scecrdzHce
WITH the decision y ne directors - the
,er'Pany CT Aaondsy TstF = tHe Srst
dividend paid En- the stecEs siEee Us.
v1sa s per cent vas Pat&- Tss stoek SD
De-