The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-20
STOCKS AND BONDS.

ar animated shaking out Of speculative
accounts in todays stock market and
o shary reaction from the recent pro-
lcnged advance. It became evident soon
after the opening this morning that the
real elimination OF the rise had occurred
Yesterday. The leading speculative in
terests in the market apparently took
advantage OF the stimulating influence
of yesterdays excited rise in Illinois
Central to take profits. This morning
there were some operations that seemed
10 represent continued efforts 10 adj
vance the market by one or two OF the
important speculative parties whose joint
efforts have induced the late rise, but
the effective support OF the principal
speculative interest was lacking and the
professional traders We're able TO detect
sales to take profits for that account
They needed no other invitation 10 turn
aggressively to the bear side and sold
the list throughout with great freedom
Prices gave way readily and fell on an
average from one 10 two points below
last nights level The bears were so
precipitate in their selling that they
were obliged to bid quite urgently for
stocks when they came 10 take profits,
causing some good rallies With the
demand from shorts satisfied. the mar
ket yielded again and closed dull and
irregular.
The whole movement was technical
and was as little affected by news of
the day as the previous advance had
been. The activity of the bears was
evident in the circulation of alarmist
rumors afterwards denied. One was
that Mr. J. P. Morgan was seriously
i'll Another was that fresh judicial
decision had been rendered against the
United States Steel bond issue. The
earlier weakness was confined 10 stocks
which have been favorites during the
bun campaign, but active selling Of the
United States Steel developed under the
influence Of these rumOrs and carried
that stock down 15sc below last night.
The long continued rise in stocks has
made the professionals alert for signs
of reaction, which was considered over
due. The short selling from time II
time has encouraged the bulls to extc-i
the advance and force covering. \ large
petition Of this short n .ouat vas forced
out in yesterdays juI-p III prices. acd-
irc to the technical weakness Of the
market today. The ss.sr.ag of interest
nv outsiders, which vas first manifest
> esterjay, a,s5 faciiitate3 the profit
taking by the insiders IN the Gull cam
paign There was no favorable news to-
day which has not been under discus
sion fer some time past. but N the
changed sentiment of the speculation.
additional consideration is given by the
national convention of coal miners and
the effort 20 bring about general strike.
The too abundant rains where wheat
harvesting is in progress and tho con
tinued drouth in Texas also received
more attention than hitherto.
Sterling exchange was still firm here
declined at Paris. both movements tend
ing TO increase the pressure on New
York for gold. Various new bond issues
which are being advertised. indicate
large requirements upon the supply Of
credits, in addition 10 the demands for
the coming somi-annual settlement In
dividual causes aggravated the weakness
Of some specitl stocks. Doubts were ex-
pressed over the maintenance Of the
present dividend rate OF Colorado Fuel
Minor incidents of the dey were de-
clines OF 10 points in International
Power. 1 in RUtland preferred ana -
each in Ice preferred and Brooklyn Tn
ion Gas.
Bonds were weak. in sympathy with
stocks. Total sales. par value. s3llo.oo0
United States bonds were all unchanged
on the last call
The closing prices OF stocks were rs