The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-03-16
MARKET IS POZZL|NG
Twice Down and Twice up is
Its Course.
NET RESULTS LOSSES
War Scare Does Not Account
For Everything.

vi LV0l ylililiS'
New York, March 15.-The movement Of
stocks prices today was confused and the
market very puzzling. Decidedly lower
quotations for Americans in London
caused an unsettled tone at the opening.
Prices partly responded TO the London in
initiative but did not fall further than
the London parity. A furious buying
movement quickly developed which lifted
the level Of the whole market strongly
above. last nights closing. The buying
was most conspicuous in the local ana in
dustrial specialties but there was no lack
of strength in the railway list, either,
the grangers being especially heavy.
Heavy realizing met the advance and
wiped out large part of it when the first
hour had expired. This was the most act
i've period of the days trading. There
then ensued a slow and laborious recoV-
cry, which developed higher prices than
the first squirt. And yet this second adj
vance also was wiped out in practically
all cases except some Of the speclaltieS
and the day shows net losses IN most Of
the standard stocks extending 10 point
extreme range of the market was trav
ersed four times during the day. There
was very little in the news 10 explain
these conflicting movements. Wall street
opinion of the political outlook was on
the surface less apprehensive. The move
ment of Spanish tours in London and
Paris, which partly recovered after an
early decline, reflected growth of sim
liar opinion there. But this was prohu-
bly, derived in part from the strength Of
the New York market yesterday and this
morning. London sold freely here on the
morning advance, and there was heavy
realizing besides, attributed to very pow
erful local market interests. The charac-
ter of this realizing suggested that the
advance might have been manipulated,
but the usual procedure for such man
euver by a powerful combination is to
bid up the price of Americans in London
by cable orders, the supply of stocpkS be-
ing limited there and results more easily
attained. But London prices were lower
this morning. The early advance was
materially helped by the aggressive
strength of the local traction stocks en-
account of the belief in antagOnsn to
rapid transit plans in influential quarters.
Metropolitan Street Railway was at one
time up points and Manhattan 314 points.
-
showed net advances of over a point. The
retrograde movement of prices seem TO
be as ASSOCIATED from any news of the
day as were the advances. Realizing of
profits offers the only level today in spite
of additional engagements of gold foe i'm
port. Actual rates for demand sterling
declined 14c, and the actual rate for sixty
day bills as we'll as the posted rates for
both long and short sterling fell PC eB
sides the engagement of gold for import
from Europe to New York, a shipment of
81, 100000 was announced from Australia
for San Francisco. There was no easing
of the local money rates in response 10
these movements.
The total sales of stocks today We're 49,
100 shares.
BONDS.
The bond market was strong up to the
closing, when prices eased off in sympathy
with stocks. The total sales were s., 10000
United States new tours advancer IL
per cent, and the fives p per cent, and the
OIL! tours registered Il per cent bid.
FOREIGN STOCK MARKETS.
Madrid, March 15.-Spanish fours were
quoted at 70 against 1850 yesterday.
Paris. March 1.-THE bourse early in
the day was agitated and weak. Later it
became Quieter and a better tone pre-
vailed, on London quotations, which
caused stocks to rally, Spanish four ex-
cepted, which, after declining to 81 9-16
per cent rallied and closed at 80 per cent,
unchanged from yesterday.
Berlin, March 15.-There was a better
under current on the bourse today. Amer
lean and Canadian Pacific securities were
harder and Italians were easier in re-
Spouse to the tone of the Paris boursc.
New York, March 15-The Evening
Posts London financial cablegram SAYS;
In spite of Lord Salisbury's illness the
stock markets here opened better today,
ia the absence of further disturbing news.
but on heavy selling of Spanish and other
stocks from Paris, all the markets
slumped. Americans at one time were
vely fat. There was no support from
arbitrage houses and prices here were be-
low the New York level. Then two big
New York houses turned arc ind ard
bought, prices rallied simultaneously,
Paris stopped selling with the result that
the bears FASTENED to scramble in, caus-
ing prices in all the markets to close at
the best. Spanish fours nuctusted be-
tween . and 5334 per cent. closing at g
cent. Grand Trunks were better III sym
p2thy with Americans, ana South Amer
leans were better on the Paris market
which are still most unsettled and fever
ish, however. The suicide Of a stock bro
ker does not indicate fresh financial trou-
bic. In spite of the heavy premium on
gold by the Bank of France. l understand
that shipments from Paris 20 New y ork
still pay. There is an impression in good
quarters that the Bank OF England may
raise the price of eagles on any further
considerable Withdrawals. The London
market is 81 and consequently the hank
of England monopolizes the discount bust