The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-02
SANE AS A victory
Wall Street Regards the
Santiago Episode.
PRICES RISE AT OPENING
Final Results Mixed, Due to
Special influences.

1
meagre details of the affair and the coun-
ter-claim. coming through Spanish
! sources. did not greatly disturb this con-
clusion. 1t is not entirely a sentimental
result that prices of stocks should rise
upon news of a naval victory. for dealers
! in stocks take the practical view that
| it insures an early termination of the
war and consequent revival of commerce
| and industry. Prices bounded upward
! at the opening and a furious activity de-
| veloped, together with the buoyant tone,
the buying demand permeating pretty
much the whole list. But 1t must be re-
membered that there has been quite a
large volume of buying recently in antic-
! ipation of a naval victory. There has
also been the remarkable advance in
Rock Island, carrying with it a group OF
allied stocks in anticipation OF todax.s
action at the annual meeting on the div
dend. This meant, according TO the inva-
riable rule, large selling TO take profits
on the elimination of the event. There
was in fact enormous prOfit-taking in
! the day, which was more marked in
Rock Island and Peoples aGs The placing
| of Rock Island on a per cent dividend ba-
sis and the distribution of a 10 per cent
stock dividend was even better than ma
ny Of the rumors on the subject had fore
! told But this did not save it from the
inevitable reaction on realizing. There
was a very pronounced undertone of
strength all through the list and it was
! sufficient 10 sustain fairly well the profit
| taking in the stocks, which have re
| Gently in their turn, sustained the list.
The days net changes are in consequence
very much mixed, many important stocks
I'D ha o5x
IN others being very much reduced by
declines in sympathy with the weakness
| of special stocks. London was a buyer
| in New York and there was large COM
mission demand.
Total sales of stocks today were A.
300 shares.
BONDS.
There were large individual transactions
| in bonds and prices advanced throughout
the extensive active list Total sales were
5,225, 900.
United States twos and the old fours
registered advanced Il and the old tours
coupon. the new tours and the fives, 4
! in the bid price. There were sales of
the new tours. coupon, at 1922. a gain of
! g over the last sale. New tours. regis
tered and coupon. 121%; tours, 1912; cou-
pom. III; twos. 951a; fives. registered and
| coupon, IlU14r racine SKIES OI - 1Vi12.
FOREIGN STOCK MARKETS.
Madrid, June spanish tours closed to-
day at 6150.
Paris, June Spanish tours closed 341s,
a net gain of g. Prices were firm on the
bourse today The light rates carried
over indicated greatly reduced rates in
the open market. There was report that
the Bank of France will reduce it's rate
tomorrow from 9 to s per cent. Spanish
! tours improved on reported check Of
the American feet off Santiago de Cuba
and Italian securities improved in antici-
| patton of a solution of the ministerial
crisis.
Berlin. June Italian securities rallied
on the boerse here today, due to the ter
mination of the crisis in italy. Local
stocks were active and Americans were
! firm, in response to the tone of the Lon
don market. Northern Pacifics were high
er on favorable traffic receipts.
London, June spanish tours closed
at 341s. a net gain Of Z.
| New York. June 1.-The Evening Posts
London financial cablegram says:
More activity was observed in the
stock markets here today. Speculative
/ interest is reviving and the markets for
Americans and Grand Trunks especially,
are widening. Numerous brokers have
deserted the Kaffir market for Americans.
Grand Trunks were benefited by the ex-
! cellent April statement, showing that
/ practically the whole of the gross in
| creased traffic secured is not earnings.
Americans were bought largely here and
/ by New York. The buying of bonls for
! New York was unusually large, notably
| Union Pacific, Norfolk, and Western and
/ Northern Pacific preferred. Prices closed
/ a half dollar under the best BTazils con-
tinue to rise. Gold is in strong demand
| for Russia and Japan at rs 10d. Silver
continues strong on Spanish orders. The
/ Bank of England discount rate will prob
ably go TO 3 per cent tomorrow The Paris
/ bourse was firm. Spanish tours were
/ better there, despite the depressing cable
as TO the financial position in Spain
/ LOANS AND EXCHANGE.
/ New York. June Money on call nom
! inalIy. IL per cent. Prime mercantile
/ paper, .35zT4 per cent. Sterling exchange,
/ heavy, with actual business in bankers
/ bills at 81. $50 GASs for demand and at
/ S4S3a4Q4N for sixty days. Posted rates,
/ 81 S4l2G4S5 and S4S7. Commercial bills.
/ 81 S3a4 S3i4. silver certificates. 5sss bid
/ Bar silver. 5Slz. Mexican dollars. 45is
/ ABOUT BANK CLEARTNGS.
! New York June Bank clearings. as
/ reported by Bradst-eets for the month Of
/ May. as was to be expected in view OF
/ the better business conditions reported,
/ for some weeks past, show a gain in the
/ aggregate over that OF April and over pre-
cedinE months OF May for a number OF
years past. IN fact. there is only one
( Nav on record. that OF 1870. when The total
cleariugs were as heavy ss those in the
month just closed. TIE clearings a. =
cities for the month aggregate S5,SSo. 81. DO
a gain q - per cent over April; q 5
I per cent over May year ago, and shows
/ a decrease Of only 70 per cent from The
/ immense record 5rezkiEg total 81 Janu-
AIRY this year. Gains were the heaviest
/ IN The gra5n-gyowing sections and II The
middle states group. The only group
/ showing a decline Is that OF the New Er-
gland cities For The five months q the
( present calendar year the total clear
+ ings aggregated s.. ~ 90 80. the heaviest
total on record for the first FIVE months
( q the year. exceeding those ot las year
By . per cent. those % the low water
marx year. 1874. by = per cent, and those
. q the first Eve months q Is97 waich were
f the heaviest ever known heretofore for
/ that period, b IS per cent
=.