The Wichita daily eagle., 1901-06-29
STOCKS AND BONDS.

New YORK, June 8.-The acton or the
stoc kmarket today was more notable
as coming practically on the last day
available for the money perfecdons. div
idend and interest disbursements due on
the first day OF the month. which is made
anxious. That the stock borrowing made
on Friday carries over until Monday This
anomilly in the movement OF prices is
undoubtedly due il part to the fact that
the bears were over confident in their
anticipation Of the effect Of these ad-
verse factors. The early strength IN the
warket was largely due TO the technical
explanation that accounts Of the failed
firm which were closed out under the
rule were almost wholly on the export
side OF the market. 1t IS said that stocks
had 10 be bought under the rule to close
the contract, thus creating a forced de-
mand which qept UP prices The firms
accounts covered & fair assortment OF
the principal speculative stocks on the
exchange and the total number of shares
bought in for their account amounted 10
q 200 together with S1l go par value Of
bonds. Apparently the only stock sold
for their account -was gas and electric
company OF Bergen county. The promo
tion OF that enterprise had been assisted
BY the firm and common supposition in
Wall street was that its securities fig
ured in the collateral Of the s. 10000 loan
by the Seventh National bank, which was
the direct cause Of that banks sUspen-
sion. The severe condemnation expressed
by the comptroller Of the currency Of
the collateral of that loan and implied
b. the clearing house committee IN their
refusal to assist the bank left very little
demand for this stock when it was Of
fered on the stock exchange for the ac-
count Of AIarquand & Co. on Monday OF
this week it sold on the exchange for 101iL.
The first sale today of 800 shares was at
30 cash. The next sale was at % cash and
the stock subsequently sold at 469. in the
regular way. While the settlement Of the
firms stock exchange contracts was in
progress other business was almost at a
standstin. The expectation among the
traders was that with the conclusion of
the settlement prices would sag away
again. hut after the sales under the rule
had ceased TO make their appearance on
the tape the money rate began to yield
under large offerings of loanable funds.
Equally significant Of the relaxation Of
the money situation was the sharp recov-
cry IN sterling exchange from their down
ward course yesterday. This was attrib-
uted 10 the fact that persons who antic-
ipated nee dof money at the end OF
this week had over supplied themselves
from too abundant caution, and with the
expiration OF the period this afternoon
when the FUNDS in hand would be requir-
ed they let 90 part of heir avainlaD.e
supply Of money. The covering movement
in the last hour was the most active dur
ing the cay and resulted in establishing
a final level Of prices which is quite gen
orally point or more above last night
The most conspicuous stocks oil the ad-
vance were Atchison & St. Paul. which
gained ~ each. There we're gains Of
points or over also by Louisville. Erie
first preferred, Chicago, Indianapolis and
Louisville, Lackawana, Denver and RIO
Grande preferred and Illinois Central.
Evansville and Terre Haute rose points
over the recent prevailing bid. Among
the specialues there were gains Of "a to
81 by Tennessee Coal. Colorado Fuel.
North American. central Electric and
american Linseed preferred Tomorrow
bank statement was not a factor as no
one processes 70 be able to accurately
forecast its showing in view Of the weeks
disbursement The easing of the money
rate today and the expectation that the
money market viii be relieved next week
by large disbursements were looked to
for z Guide to sentiment more cheer
ful situation reported in Berlin was
factor in the strength Of the today's mar
ket- The -ond market was dun but
prices advanced IN sympathy with stocks.
Total sales par value g 10000.
Z. S. bonds were ali unchanged on last
call.