The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-06-17
ARE
YET LOWER
Close Is Better Than During
the Day
BULLS ATTEMPT A RUSH
They Are Met by Bears Who
Sell Freely
BULLS ATTEMPT A RUSH

New York. June IA comparison Of
today's last prices with those Of last
night gives no idea OF the wide fuctua-
tons in the days market. The principal
speculative features were from one 10
over two points lower than last night.
and within a range running from a frzc-
ton to between IL and points of the
low level touched on Wednesday last in
many cases The days movements. while
generally small therefore represent a very
substantial recovery from the low point
OF the day. But when it was attempted
to rush prices up late in the day. TO
much bove last nights level, pressure
was renewed TO sell and prices again
fell back TIE close, however was firm.
bu livery dull and near the top level. The
inference drawn from the action OF the
market that perennial SPECTATORS tested
the market on the short side ENCOURAGED
resistance in a substantial buying de-
mand- The buying by the bears TO cover
was substantial element in the rally.
and when the attempt was made to carry
the movement further pressure TO sell
was again encouraged In addition &C
count must be taken Of what looked like
further liquidation during the early hours
this morning, the weakness OF yesterdays
market having awakened fears that a
further extensive decline was in prospect
1t was evident also that when PRICES ap-
preached last week low level. buying
of an investment character again came
into the street. The deduction drawn by
the average operator at the end OF the
day was that attacks on the market
would encounter substantial buying
horsepower and that the urgent Hquida-
ton of the character in evidence last
week was no longer oyerhanging the mar
ket. On the other hand, attempts 10 bull
the market aside from the probable lack
of money resources seemed to encounter
heavy selling at the high levels.
The prospect thus indicated of a dull
and sluggish market Is viewed not with
out satisfaction in financial quarters gen.
orally. That the resources which have
been accumulated by such a painful pro-
cess of liquidation should be Immediately
put back into speculative use with the
needs OF the coming autumn still TO be
met, is a course generally disapproVed by
bankers and those with large property in
terests. During the early decline today
the suspension of the probable decision Of
the coal miners convention was OF i'm
portant influence. The final action by the
convention and the improvement in feel
ing CT the two sides to the controversy
which has resulted from the incident is
regarded with vast anxiety expressed
over the crop news during the eaIly part
of the day, but the weekly crop report
and the reaction in wheat and cotton
served to relieve this somewhat. Atchison
was consplcuously weak and rumors OF a
possible reduction In the dividend con-
tinued to circulate. TIE paymena Of an
installment OF the subscription on the
consols issue calling for $15.00.0o0 IN the
London market added 70 the depression
there and was reflected here. Sterling
exchange also ruled strong with a threat
of further gold exports. The recrimina-
tons incident to the law suit over the
United States shipbuiIding reorganiza-
ton and the tone of the testimony IN the
suit against the lease of the Metropoli-
tan Street railway by the Interurban
company were the subject Of wide dis
cussion IN Wall street and caused very
unfavorabls impression in the market
The suicide of an official Of the banks
was also used during the morning 20 sell
of stocks. but ne prompt assurance that
no financial irregularities were involved
took away that effect. The reduction in
price Of the copper weakened Amalga-
mated in the early dealings. but the later
recovery rumor OF a cut Of the price OF
pig iron did not interrupt the recovery.
Bonds showed an early weakness and re-
covered in sympathy with stocks. Total
value. par value. s2.3e000o.
United States new IS advanced IA per
cent on the last call.