The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-06-16
GET
SET BACK
Level of Prices Sank Lower
Each Hour
OCCASIONAL RALLY COMES
Market Closes Heavy and at
Lowest Point

New York. June I5.-Prices Of securities
had decided backset as a result OF to-
days trading. Pressure developed from
the outset and with only occasional haIts
and small fractional rallies the level of
prices sank lower throughout the day.
The close was heavy at the lowest
The stocks in which the great bulk OF
the trading occurred have lost all the
way from 10 5 points from Saturday $
level. This includes the principal coal
ers. grangers. Pacifcs and Southwesterns.
The question whether the market was on
the eve OF revival OF speculation for
the advance was thus decisively answered
and there was a corresponding relapse
in prevailing sentiment about the stock
exchange into dependency and appre-
hension. There was no important devel-
opfnent OF news TO account for the de-
cline, but IL was obvious that the urg-
ent demand from the uncovered short
interest had become mostly satisfied.
while the investment demand had drop
ped out with a sharp recovery in prices
from Wednesdays low level There was
which had the appearance OF releasing
on speculative accounts which had been
secured at the low levels. London took
part in the selling and western wire
houses also sent orders on an important
scale. The selling was no larger later
in the day. but prices yielded without
resisting power and there was no at
tempt perceptihle TO support the market.
The result is to open up former doubts
about the motive OF the selling and the
extent to which liquidation may now be
pursued on the decline.
The uncertainty over the corn crop.
which fell into the background in the
satisfaction over the government report
on wheat came into play again today
and the jump in cotton called attention
afresh TO the dangers of that crop. Last
weeks feeling that the elimination Of
the western floods left that factor am
ply discounted gave place today TO the
realization that statistics of railroad
earnings from that region for several
weeks TO come must show the large in
roads upon traffic and then large ex-
penses for repairs Of the damage caused
by the floods.
The assembling OF the coal miners
convention and the extension Of the lock
out in New York building trades revived
anxiety over the labor outlook
Money was easy but sterling exchange
recovered here and ran off sharply, both
in Paris and Berlin. AS a consequence
there was close calculation of the gold
export by tomorrow's steamer. keeping
alive expectation on that point. The
close. however. was without an announce
ment of an engagement. The recupers-
ton shown by banks in the Saturdays
statement leaves the surplus reserve still
at low level for this season Of the
year and there is a disposition to await
with great interest the compilation Of
returns TO the comptroller for June g
Of the condition of national banks
throughout the country. The inference
from the foreign trade statement for
May. which shows a falling off in total
exports compared with last year. OF
over two millions. is that our exports
of manufactured products are declining
as the exports of agricultural products
were slightly above those OF last year.
The news from Loondon that prom
inent financier has booked a passage
home for this week after authorized in
timations had been given that his vaca-
ton might be exteiNed into A,Sis>.>gss
was made use Of by the professional
operators with unfavorable effect.
The bond market was dull but irregu-
lar. Total sales. par value, 81 ESQ
United States bonds were all IN
changed on the last call
Closing stock quotations were as
follows: