The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-29
BATTLE OF The FAKES
Contradictory War RumorS
Clash in Wall Street.
EFFECT OF THE HOLIDAYS
Is to CurtaiI Operations
Close Near the Top.
EFFECT OF THE HOLIDAYS

Close Near the Top.
| New York, May 2s.-Ths fact that today
was holiday IN London and that Mon
| day would be holiday both IN New
| York and London had the effect OF cur
failing speculative operations in stocks.
Taels were owo conflicting reports in cir
culattou. both coming by different routes
from the same point in the West Indies,
alleging that che United States feet had
been sunk and Admiral Sampson had
! been killed, end another thas Commodore
'Schley had penetrated the harbor Of
! Santiago and sunk che Spanish feet. The
market sold of on the first and recovered
on the second but dealing were not large
noe the movement wide In any case. Prices
we're sluggish outside Of special stocks
and Anal changes were small Rock Island
and Peoples Gas were pushed UP again,
after q preliminary reaction. apparently
to Snake of some weak following. Their
price was sustained with come difficulty
at ths close and was manipulated by the
evident purpose of making the last prices
the best. The same thing was manifest
in other stocks. Great Northern contin-
ued Its upward course and added nearly
Ave points to its recent remarkable ad-
vance Illinois Steei rose four points adj
ditionai but reacted two points. New York
Air Brake rose two points but lost nearly
all Of IT. There was a reaction after
the recovery, coinciden+ with the pJIblioa-
zion OF the bank statement. which was on
! its face favorable But tho expansion of
| over S, 900, 900 in loans, while suggesting
! activity in business, goes with the kDowl-
edge THAI supplies Of commercial paper
have not been large in the market nor
has the demand for time IoanS been eager.
The Inference is that the loan expansion,
outside Of the demand for speculatves in
the stock market, is to be accounted for
largely by loans made on sterling ex-
! change as collateral, an oper alton involved
in lending abroad money which IS due on
exchange bills but not drawn. The Close
| for stocks was however, near to top prices
and the manipulation was generally
fraction above last nights closing price.
Total sales of stocks today 126, 400 shares.
THE WEEK REVIEWED.
Prices of stocks show some substantial
gains over those Of a week ago, though
| the latter part of the week has been
falling off in activity and somewhat set
tied tendency. The advence early in the
week was largely based on the unfounded
report that the Spanish feet in West In
! dian waters had already been annihila-
ted. and the later tendency is not sur
/ prlsing.
The later resistance to decline has been
encouraging to the bull element and the
belief is general in Wall street that the
powerlessness of Cervera's fleet TO do
mischief has been demonstrated and its
ultimate defeat by the United States for
! ces is confidently expected. The financial
world looks forward to this defeat TO
bring into play many factors Of strength
| in the speculative outlook. Most potent
| Of these is the condition of the money
market, which may now fairly be de-
scrlbed as plethoric. Although the vol
ume of bank clearings al over the coun-
try Indicates a larger use of money than
even in 1892, funds continue to flow to
New York from other domestic centerS.
The United tSates treasury continued to
J
York banks gained over Sc, 900. 900 from rhis
source this week. In spite Of the large
loan expansion Of over 5000 900 the sur
plus reserves continue. therefore, 10 pile
up Under ordinary conditions the re-
sUlptfng cheapnesS of money would start
/ an export movement of gold. But the
continued heavy excess Of merchandise
exports and an active foreign demand
this week for our securities, keeps the
balance in our favor. The country's net
gold import for the fiscal year will ex-
coed 500. 600 COCO which has never been
approached except in 1881, when Il was
over ss7. 700. 600. There has been at the
same time. a largely increased output
| Of gold by the home mines, the product
for the present year being estimated at
$50 600 900. The idea that the government
requirement for carrying on the war
would result m any serfngency IN money
rates has been entirely discarded by fnan-
cial authorities. With the heavy expan-
sion of the gold currency and oontln-
uing favorable trade balance, which IS
added TO the flaming OF In foreign travel
and IN expenditure by travellers abroad
on account of the war, & is natural that
an era OF higher prices anlofindustHal
and speculative activity shoul2 develop.
Tho frnness Of stocks IS undoubtedly
largely based on the presentation OF Sach
/ a Development
BONDS.
The bond market has broadened during
The week and has given evidence of IN
vestment buying at home points. Prices
are considerable higher an around Unit
ed States old tours have advanced = per
cent and the fves u per cent IN the bid
price Others are unchanged United
states bonds Cor today: New fours, reg
istered ana coupon. 1914; fours register
ed. l0Slb; coupon. 10; seconds. registered,
81 fives, registered and coupon, ilo%i;
Pacific SKIES Of 90. lo3l9.
SPANISH VICTORY FAKES.
Madrid May 2S-Spanjsh fours closed to-
oay 4, 5aS0 Cold was quoted a So
Paris May 2s.-Spanish fouTs closed at
SOS. a ret gain OF 7-ls. Stocks on The
bourse today had tendency 70 be firm;
but there were few transactions. Spanish
fours improved moderately on the report
OF an alleged victory OF the Spaniards n
me waters OF Cuba
Berlin. May G.-BuSiuess opened strong
ARE