The Wichita daily eagle., 1901-06-12
Wall STREET STOCKS
Market Has RelapSed in Pro-
feSSional Character.
MARKET WAS INACTIVE
There Were Sharp Advances
in Less Prominent Stock

New York. June 1.-THE desuItory
movement OF prices today II the stock
market demonstrated the professional
character into which It has again re-
lapsed- The volume OF dealings tsu back
nearly 70 the level which was reached
previous 10 last weeks squirt OF specula-
tive activity. The diminished interest
showed q tendency 70 become congsstst
in = few stocks. Tue strength OF these
had some influence IN sustaining the gen
ersl market. but this waned in the latter
part Of the day. The opening made a
good show OF strength under the com
bined influence OF favorable fnterpreta-
ton OF the government crop report pub
ltshed after the clcse yesterday. and the
rumors which came thick from London
that peace was imminent n South Africa
The crop report had the greater effect on
account of the short selling which has
been done BY the bears during the past
week in expectation OF a showing OF
great deterioration II the crops Not
Eithstanding the decline in condition Of
the winter wheat crop during the month
and the decrease in acreage OF the spring
wheat crop experts are able 20 figure
bumper crop on the government showing.
first of the month, which IS the date of
the governments computation. were also
taken as an Ohsetting factor 20 the IN
favorable features OF the report The
short covering which developed yesterday
afternoon was therefore continued E1th
energy this morning There was 81 at
tempt nevertheless. 70 distinguish in de-
tail the effects OF the reports as bearing
on different states The spring wheat
grangers were consequently strong, while
the Texas. Missouri ard Kansas lines
were held back Il sharp raid carried the
Texas and Pacific Down - from the
high point and Missouri PsCins itself
fell under last night The whole market
suffered from realizing Gntn the az
gressive movement IN Missouri Pacific
checked the decline. This stock touched
deud- There vas a rUnor that the corr
pany's bonds which have the option OF
exchange into stock and which pay per
cent. are 20 have the option exercised
n their behalf The pressure on the
Texas and Pacific was attributed to a
change IN the ratio Of It's proposed ex-
change with Missouri Pacific stock.
The Mexican Central issues we're large
" dealt IN connection with a report of
funding plan which would bring the
stock nearer 70 dividend claims. The
appearance OF controlling Standard on
interests in the directorate of the Ameri-
cen Linseed company vas responsible for
the strength OF those stocks and OF Ma
tioRal Lead. which It Is said VII benefit
from the change. a number II the high
priced speciaities such as Sugar. Anal
gamated Capper and American Tobacco
fuctuated feverishly under the influence
Of what seemed purely speculative opera
tions- There we're some sharp adsnces IN
less prominent specialties which were un-
explained. including American Express.
North American. General Electric. Vir-
ginis, Carolina Chemical. aud others. In
which the gains ran from 20 points
The money market was free from dis
turbance, but reports OF a transfer q
several million dollars ii currency %
Philadelphia yesterday n connection With
steel cancellations was an influence on
sentiment. Ths selling pressure gained
force at last, and the closing was heavy
al about the lowest ard generally below
last night, declines from the TOP ranging
from ] 10 points IN the principal active
stocks. The sale Of leo shares OF North l
western preferred vas made at l3 paints
lower than the precedinE sale.
The demand for bonds was wei cis-
tributed and prices advanced. Total 1
sales. par value. 3 1880 United States
bonds were all unchanged oa the last
call
Closing prices OF stocks were as FOL-
lows.