The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-04-25
STOCKS AND BONDS
DULLNEsS CONTINUES AND THE
MARKET Is ON THE SAG.

Americans Lower In London Gives the
Initial Tone to the AIarket-European
Exchanges Begin to Take the War More
Seriously-Consols On q Small Fraction
Effect Of the Rise la Wheat-Prices
Decline to the Ciose-Average Set Loss
is Sharp Fractiou-Graphic Review of
the Week-The Exchange Situation.
New York, April 24.-The dullness Of the
trading Continued today, and the market
sagged from inanition. The lower prices
Of American securities on the London ex-
change gave the tone 10 the opening here.
where prices Of the international shares
promptly adjusted themselves 10 the Lon
con parity, except IN the cases Of Reading
and Southern preferred. These two stocks
were an exception on the London exchange
in showing fractional gains over the New
York closing. But New York declined to
ADOPT the London view of them. and sold
here al decline about proportional with
me otner in;ernatfonals. Advices from the
d
riocs View of the war than has been taken
since the first trading on Tuesday after
me Easter holidays, and the outbreak OF
hostlties Consols were OF a small frac-
lion and cable adv:ces from sources that
have perssrently belittled the Greek claims
admitted serious reverses to the Turks.
The decline in the internationals was on
consonance with the rise in wheat. con-
sistently with Wall streets new PRINCIPAL
OF counting hurtful to stocks what is bene-
ucial to grain prices. For the rest. the
features Of interest in the days market
were exceedingly scarce, and were confined
10 peculiar conditions affecting stocks The
bears attacked Missouri Pacific with re-
newed stories Of financial difficulties ard
probability of a receivership. The, stock
rallied slightly from the decline, on official
deriaLS OF these rumors, but the net loss on
Inc Gay amounted to ~ per cent. Console
GATED Gas was affected by the continued
agitation for legal restriction of the price
or gas to 81 and fell 2 points without rally
ing. There was a slight rally in the list
az one time, but the selling pressure was
resumed and prices declined TO the close.
Ihe average net loss was sharp fraction,
American Spirits and Omaha being an ex-
cepton with gains. Minnesota Iron sold
at a per cent, against 70 per cent bid yes
terday, and closed at IS per cent bid
Ihe total sales of stocks today We're As
6lo shares, including: American Tobacco,
1870; Chicago Gas, $3.50; Southern Pacific,
$50: st. Paul, 400
REVIEW OF THE WEEK.
The course of the stock market during
the week might b summarized as an ex-
IRENE decline on Monday on the first trad
ing after the news of the actual outbreak
OF war on the Macedonia frontier, a rally
Which carried prices above the level of the
previous Saturday, and succeeding stagna-
ton showed little variation and transac-
tions reduced to the smallest proportion
so FAR as any general influence on the mar
ket was concerned, interest has centered
entirely on the war news. New Yorks ex-
perience was unique. The stock exchange
here was the only market for securities OF
-'rst rate importance in the world that re-
NAMED open. The London and continent
tai exchanges were all closed in accord |
ance with their custom of observing Eas-
teT Monday as holiday. Ihe market crisis |
caused by the outbreak of war conferred |
in New York and this market had to bear |
the burden of the worlds sales. No quota |
tauons for British consols. that unfailirg |!
barometer Of European safety, had been |
attaiDable since Thursday preceding New |
York was therefore cropping somewhat |
oEndly for an accurate indication of the |
real Importance to the new turn OF affairs |
by European financieTs. Bearing in mird |
tie lugubrious prophesies that had been |
ndulsed il by European statesmen of the |
DISASTROUS results which would likely fol- |
low the failure OF the concert of the pow
.rs" 20 avert war between Turkey and |
Greece. il is not surprising that New York |
2verdiG the selling of stocks on Monday. A
arge amount of selling was done by arb-
rage houses, and dealers leaFei to the |
conclusion that it was all done for foreign
account. Prices slumped to a sensational
iegree. The wary might have perceived a
warning in the fact that when prices reach |
d the low point there was some buying
If stocks for foreign account, and foreign |
selling of wheat az the high point here vas
still more in evidence. But these develop
ren;s only caused a slight pause in the
course Of events, and 1t was not until Tues
lay that New York allowed itself to be
convinced that its fears regarding the i'm
rebate consequences of the war had been
exaggerated. The London markets show
Il fall in consols of only 7-l6 per cent,
IS compared with a fall OF 5 full points
ipca the outbreak OF the Russo-Turkish
var IN 1877. Prices OF American securities
hoved 4 recovery on the larger part of |
ne less scored in New York and the next
lays transactions showed that a full re-
overy had nearly been prevented by the
loubt aroused by New York's apparent
;mGity. Wednesday carried prices above
"a Curlay's closing. and London showed
deposition TO carry prices for Americans
ill higher Opening prices there showed
aims. but New York had consistently de-
Ened TO conform to the London parity,
nd prices there yielded after the opening
ere.
THE EXCHANGE SITUATION.
The sC:1e What dc-noralized condition ot
mind which prevailed on the New York
took exchange Monday was accompanied
y the conviction that exports OF gold were
n immediate prospect. Demand sterling
Ills were sold al $751;. and over. This
vas held TO be up 10 the goli-expordng
o'nt. But this Illusion passed. with 9TH
rs, during Monday hight On Tuesday -
ecame known that the foreign bankers
al determined that gold exports would
OF be profitable unless demand bills held
{ sSss4. that call loan rates n London
acksd tho hardening tendency that was
xpected. and that the Withdrawals OF
old from London for japan had ceased
o. a time An increase IN the exports
rom New York for the week. OF s.. OK. eda.
nd the buy;ug Of securities here for for
.gn account put the finishing touches 10
&c gold export scare, and the rate for de-
land sterling were barely held steady for.
- res. n -ba vraeS a. 8. 81 81. Il il /