The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-14

dition or May I induced considerable re-
alizing BY the short interest The decline
IN the condition Of winter wheat was
hardly 50 great as expected, but the 4 tkaD-
coneG acreage proved larger than sup
posed. The professional Shorts we're dis
posed on the whole TO take their profits
ana they were urged 70 this course Dy the
additional argument that the favorable
weather since the first OF the month must
represent q notable Improvement IN the
crop sine the date the circulation OF ru-
fuors OF a favorable turn IL the antnra-
cite strike situation but no lnIOrma ton on
this point was forth coming. Apparently
the liquidation forced by the more urgent
discrimination BY money lenders against
collateral was completed yesterday ana
there were no such formidable preacnes
III the prices Ok high grade stocks as on
yesterday when that feature was strong
sentimental influence against the market
Some Of the wide advances scored To-Day
IN TACT simply represented sudden recOF-
cries or partial recOVeries from yester-
days severe declines The money sltua-
ton was somewhat easier today althOugh
loans were made again as nigh as per
cent The foreign banking houses We're
very large leaders in the market and the
continued decline IN exchange reflected
further borrowing from foreign money
markets. under which the money rate
weakened. The selling Of exchange IN TINS
operation IS in effect going short IN the
exchange market and represents require
ments for exchange 10 be met IN the fu-
lure 10 some extent II IS SpeEQla ZION On
IN future volume Of our exports which de-
ponds most largely on the size Of the
coming corn crop. Buying OF stocks Tor
London account was strengthening FAC
tor in the market. The lower rate for
money still ruling abroad makes il pro-
ritable for domestic buyers OF American
stocks 10 purchase them in London and
hold them with money borrowed there. As
the floating supply in London is small,
the technical effect is TO induce purchases
in New York by the arbitrage brokers' to
cover this demand in London. while the
shipments Of stocks from New York are
relieving the demand for credits on the
local money markets. Yesterdays sharp
relapses IN some stocks weakened Sceptl-
cism as to many recent rumors CT the
source Of recent demand for stocks, said
10 be for control by large interests But
the Louisville and Nashville episode and
the known character Of some Of the recent
distribution Of Reading among other rail-
road interests keeps alive all the concit-
Judgement of stocks in strong bonds Tor
control. The state of suspension OF the
Northern Securities case clearly does. not
prevent the progress Of plans for control
as the question involved there Is one OF
method ia holding stocks after they hive
been secured. \ Tumor circulated today
although emphatically denied that the
Northern Securities interests Intended 70
abandon their present plan resulted IN
a drop n the stock on the curb 20 -
which IS its first fall below parity. The
stock market closed duh and firm.
The bond market was dull nd somewhat
irregular. Total sales. par value. Sz.3lov5'
United States IS and IS declined : per
cent on the last call.