The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-06-20
STOCKS ARE
STRONGER
Weak Opening Is Followed
with a Rally
TRADING INTENSELY DULL
Steel Stock Takes on An Up
ward Impetus
TRADING INTENSELY DULL

New York, June Batter week open
ing this morning the stock market deeI-
oped a degree Of strength that closed
| higher than last night. with net gains
| running to a point or over in the most
| important speculative stocks. The trad
ing became intensely dull and approached
stagnatiOu AT times at the higher range
| OF prices, and the close was heavy but
only slightly below the best Ths days
dealings barely aggregated half a mil
lion shares, and there was a consider
/ able congestion OF operations in Reading.
the United States Steel stocks and IN
Atchison.
The steel stocks were under pressure
at the opening and had declined sharply
in London before trading began here on
what was alleged 20 be selling for the
New York account. There is a general
conviction that the liquidation which has
been going on in these stocks IS due to
the special needs OF a large interest in
the corporation and there was indica-
| lions today that the stock being sold rep
resented collateral for large maturing
loan The decision Of the United States
Steel authorities 70 maintain the schedule
Of prices II this years level and the Of
fetal assertion that large orders for steel
rails for 1904 had been booked gave an
upward impetus To the stock The COM
mon touched 80, but closed at 2s1s. and
the preferred stock at the top price al
81. After a rally had set in for the stock
the second mortgage bonds were forced
down by considerable selling ordered 70
s.. with fractional recovery al the "a 81
The coslers were kept in the upward
movement and the principal buying OF
them was attributed 20 q speculative
combination OF professional operators.
Rumors were circulated OF a very favor
able showing Of the net earnings for
May by Reading. while the upward move
ment was i'm progress. The rise reached
> points in Reading Atchison was also
in conspicuous demand and was helped
by favorable reports regarding crop pros
poets in its territory The decline in the
cotton market was a favorable factor
for the whole list So was the prospect
Of favorable bank statement. although
the money market has little immediate in
1uence on me STOCK market OWING 10 the
| disproportlonate ease of call loans as
compared with the time loan rates which
are firmly held. With a gain for the
banks on sUb-treasUry operations Of 81
/ 9t5. 600. due principally 20 the high rate
of disbursements OF account OF pensions.
the indications are that receipts on bal
ance on the interior movement have been
sufficient 10 bring the net gain for the
cash It was OF the banks up to $5.0o0,0.0.
1t is not expected that the loan account
will show any such contraction as that %
last week since the liquidation in the
stock market has been largely suspended.
But neither IS an important increase in
the loan account anticipated II is hoped
therefore that the surplus reseres OF the
banks will show considerable recupera-
ton. As this item vas small for the
season last week the promise Of recupers-
ton IS viewed with satisfaction. espe-
cially with the period OF semi re-
duirements for money approaching.
Bonds were dun and irregular. Total
sales. par value. 3 2I00o9