The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-06-09
LONGS GET
INTO HOLE
Forced TO Bid Up Prices After
Bearing Them
LATE CORN CROP FIGURES
Active Liquidation Is Feature
of the Day
LATE CORN CROP FIGURES

New York. June s.-Further severe in
roads upon prices Of stocks were made
today under renewal of active liquida-
ton. In the last hour of the market
this liquidation had apparently spent its
force and in order to cover their short
contracts the room traders were Obliged
to bid up prices from 1d11s points for
the active stocks, curtsiling by that much
the extreme losses Of the day.
The principal selling was amongst the
corn carriers. and the cotton carriers
and the coal carriers were also subject
to heavy selling pressure. These move
ments were based in part upon belatsd
planting OF the corn crop, the poor con-
dition OF the cotton crop and the fears
that labor troubles will again break out
III the anthracite mining region
An unconhrmed rumor that the new
Rock Island authorities are taking steps
IT. the matter of rates that threaten wide
spread unsettlement in their territory
was current. but il was not clear that il
had anything TO do with the days weak
ness. Rock Island itself was not so
weak as some of the other stocks. The
decline of over points in Atchison and
the heavy dealings in that stock COM
bined to make it the most conspicuous
in the days trading. The 3ss points
drop in Reading was somewhat sensa-
tional in view OF the recent support in
that stock, and some of the northwest
ern stocks with important corn traffic
in, he
and Northwestern sold down to 169 and
Northern Securities on the curb went TO
a new low record.
1t was 10 be expected from the show
ing made by the banks in the Saturday $
statement that there would be some call
ing of loans and forced liquidation as a
result. The selling came from many di-
rections. London joining in the early Of
ferings on account OF the advance in the
discount rate of the Imperial Bank Of
Germany COnsols also were very gen.
eral sellers on orders from many parts
Of this country. In spite of the severe
declines today. there was singularly lit
tie talk of financial embarrassment. But
discussion in banking circles of the size
of the loans accorded to individual cap
italists. and especially among those
whose recent great fortunes have resulted
in the industrial combination process.
indicate formidable figures. It is well
understood that very large loans of this
character are in process Of repayment
and it is commonly believed that import
ant settlements have been made by phi
vate agreement. involving very large
transfers of holdings in important rail-
road systems and arousing signs OF pos
sible changes in the control
There was a noticeable firm tone today
in a few stocks which have suffered most
from some of the recent liquidation. nota-
bly, Pennsylvania. New York Central. St
Paul and Southern Pacific. But at other
points the absorption OF the offerings
was still on a descending scale and
clearly in the nature of acceptances rather
than a bidding for stock. The closing
was about steady at the rally.
Bonds were irregular. Total sales. par
value, s.. 405. coo. United States bonds
were all unchanged on the last call
Closing quotations of stocks were
as follows: