The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-06-07
STOCKS AND BONDS.


New York. June s.-There was q decided
subsistence OF speculative activity IN
stocks today. with g resulting inpres-
sion on prices Loses are quite large n
some OF the principal active stocks
which have been recent fa.vori-es IN The
speculation The market was ruled very
largely b. technical considerations Il de-
velOped from the smaller volume OF the
dealings and the lack Of support for
prices than from yesterdays operations
had resulted IN the elimination Of 2 large
short interest, ard that the demand from
this source 20 cover short contracts had
been taken advantage Of By the bull con
uugen- to realize prOfiLs on heavy long
lines Of stocks. This mutual closing up
OF accounts had 2 decided effect On the
speculative appetite and the ushsri1g In
OF the hot season accentuaLed the lnc1t-
ference OF the trading. There were ~
mors current ali day that the covering
BY the bears yesterday had been achieved
at considerable cost and more OF less m
sasiuess was caused b this fact The
emphatic deniaIs from 01.cial sources Of
a number CT the rumors which have e
part II the recent bun movement, and
especially those bearing or consolidation
and absorptiOns OF many CT the minor
railroad systems was q somewhat de-
pressing factor. An influence in the sane
direction was the disclaimer. o. the part
OF parties interested, OF TIE assumption
that the entrance 70 the AtchiSoz cirec-
tory Of member q the frn OF J p.
Morgan & Co. YES an indication OF Nor
gan holdings OF the stock with 4 view Of
establishing q community q interest. The
net changes in stocks gave no adequate
idea Of the extent OF the days price
ranges. There was q considerable show
Of strength al the opening. parity due 70
the influence Of London OF account OF
the reduction IL the Bank Of England
rate and also on account OF operations By
a coterie o. Americans now n Tendon
The reduction IN the bank rate IS aC-
cepted as thorough assurance over the IT,
ture Of the foreign money markets, as
London has large future needs 20 meet
and owes large sums 70 Paris, which Il Is
important 20 keep IN the London market
by the payment OF an attractive rate OF
interest The selling pressure, however,
made an end OF the advances before the
END OF the first hour The feversh tone
Of Rock Island was q somewhat unset
ting influence, owing 10 fears that &
corner may develop in that stock. The
issue of sl6.O00C03 new stock yesterday
came as Z total surprise 20 the Street
There has been an enormous accuuula-
ton OF the stock recently, ard The out
standing short interest IS known 70 be
large. The reaction in the stock IN Syn
patty with the general market did not
serve entirely 70 rssssure sentiment
There were a few points OF positive
strength which. however, had only slight
influence in onseEting the general reac-
tio1ary tendency. The various Tobacco
companies were most prominent, and ad-
vanced on the Incorporation OF the new
coupanv in New Jersel. which is believed
20 be for the purpose OF taxing over and
combining al the present companies
American Tobacco rose an extreme "a
Continental Tobacco "a the preferred So
and American SNUFF ~ Louisville and
Nashville was consistently strong on the
ground Of its comparative low price ard
large earnings. ard advanced "a Ms
sour Pacific rose at one time -. believed
20 be on account OF progress IN the
greater Missouri Pacific project. n The
drop after the opening the Changers, Pa
cifcs, S0uthWesteTns and New YORK pub
lie utilities suffered most severely, St
Paul losing 4. the preferred ~ and 9TH
ers in the group from 20 3 points De-
clines OF one 10 two points were fairly
general IN the active list There was a
good rally. but prices ran of again at
the weak. closing almost 10 the lowest in
some cases. There we're some late raj
lies IN the bond market which redeemed
il from the early easy tone, making the
changes tor the day irregular. Total sales
par value, BID GO United States refund
ing twos advanced = Per cent, and the
new fours z per cent on the last cal