The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-05-09


Trading Is Irregular md the Activity in
spots-London Lower and sales on This
Side for Foreign Aecount-UnfavOrable
Crop Conditions Influence Traders-To-
baceo Thrown on the Market tn Blocks
Gold shippers Deny Immediate Pur-
pose to Ship Bonds sagging.
New York. May s-The stock market
today showed some Improvement in
the volume OF business. although the
trading was irregulsrly distributed and
the activity was in spots. London pri-
ces came lower and sales for foreign
account were executed IN this market.
owing TO the distrust entertained by for
eign investors and Spectators. The
traders also offered stocks freely, being
partly Influenced by reports Of unfavor-
able crop conditions. The concessions
among the standard railway stocks
| were confined to fractions. the more i'm
portant OF these losses being scored by
| internationally listed shares. The news
| OF the indictment OF the officers OF the
American Tobacco company. referred
| to in these dispatches yesterday, cauS-
ed large blocks OF the stock TO De thrown
on the market at the outset. depress-
ing the price 25s per cent, 10 62s per
cent. Sugar. Laclede Gas. common
and preferred; General Electric and
Rubber preferred. sagged ia. per cent.
with liberal offerings OF the first named
on a scale-down, owing TO reductions
in the prices of the foreign grades OF the
product. and reported light demand in
| the domestic markets. Rubber contin-
| ues to feel the influence OF the rumors
OF impending strong opposition The
| announcement that 81 500, 900 in gold
was to be shipped to Paris tomorrow
was made shortly after the opening Of
| business on the stock exchange and
at the same time. houses that had been
expected to export fairly large amounts
OF gold made positive statements that
they would not ship. This condition OF
affairs checked the downward tenden-
| cy OF the market. The foreign selling
had included Louisville and Nashville
and Atchison stocks and bonds and 9TH
er speculative mortgages, including
| Kansas and Texas seconds and South
| ern thirds. After the first hour. ex-
| cept for few scattered weak spots.
the market began 10 improve. the ad-
vances la ter in the day being substan-
tial in some instances. The shorts
were disposed TO cover and a fair am
! cunt OF buying for the long account was
| noted. The industrials again took the
initiative in the rallying movement and
nearly all Of the previous declines We're
| covered. Rubber common made a net
! gain Of 2 per cent, Tobacco improved
| 10 64A per cent and Sugar advanced TO
| 1873 per cent. against 121z per cent,
the early low point. The leading rail-
way shares rose frsctiona1y. but in
the specialties, Louisville and New Al
| bany advanced a point. A furry In
money late in the day occurred, call
| funds touching 4 per cent. but there
was no SPECIAL reflection OF this incl
dent in the speculation. The market
closed strong at the best figures, gen
eral net gains being recorded.
| The bond market displayed a sagging
tendency and was less active. Foreign
selling caused sharp losses in some in
stances, but toward the cloe a rallying
tendency developed, in sympathy with
the stock market. The principal net
losses ranged from 10 per cent. the
last in Wisconsin Central first trust re-
| ceiupts. The sales were 1892. 900.
| Governments were weak and lower
on sales of ST. 600.
In state issues. transactions were 500
| 600 at unchanged prices.
| REVIEW OF THE WEEK.
New York. May s.-Bradstreet's Fl
nancial Review tomorrow will say:
Dizziness in the early portion Of the week
was succeeded later on by speculative
weakness, with some liquidation and
renewed bearish pressure. The stock
market may be said TO have been ripe
| for a moderate reaction, as the recent
| improvement had been mainly founded
upon the belief that the adjournment
| OF congress was near. that the foreign
markets were ready 20 join in a bull
movement In American stocks and that
| emphatic declarations in favor OF sound
money on the part OF the political par
| ties should inspire general confidence.
| These presumptiOns were indeed the ba-
| sis both for the recent professional buy
| ing OF stocks and the steadine4s OF hold
ers, in the face of dullnes and public
apathy. Waiting and uncertainty are
proverblally likely 10 eliminate In more
or less liquidation and IN the present
instance the tendency has been increas-
ed by the fact that owing 10 delay on
the part Of the senate an adjournment
OF congress is not probable TIL the next
month while not only IS London decid-
edly indisposed TO interest Itself IN Am
erican securities but foreign exchange
IS in position which facilitates the ex-
port OF gold TO the continent. about
s.. Oo0. 900 having been shipped this week.
Some OF the leading bears are OF the
opinion that the market presents little
or nothing favorable 70 the short side
OF the account, and THAI, on the con-
trary, the prospects favor increasing
strength IN prices and a widening spec
ulation. Such interests seem. however.
to have revised their opinions. and IA
the declines during the latter portion
of the week the leaders OF the bear par
~ were more or less active and were
followed by the bulk OF the traders. The
bulllsh feelings which for a fortnight
past have animated the latter element
In the speculative world. was indeed al
ready weakened By the complete alb
sence OF commission orders or outside
buying. ana by the gold shipments. and
the continued indifference OF Europe %
the situation here. London. while a
moderate seller on the declines. has not
been a factor % importance. although
the growth % favorable sentiment 81
reSrd 20 American securities there has
been checked By the renewal q bearish
tendencies On the part of Wan street
ITSELF
CHICAGO NARKETs