The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-14
ARE MOSTLY LOSSES
But Net Changes on Prices of
Stocks Are Narrow.
AN ATTITUDE OF WAITING
For the Impending Seafght
Characterizes the Day.

New York May I3-Today's stock mar
ket continued in much the same unsettled
state as was the case yesterday. Early
depression was rejected from London,
where the professionals were selling
American stocks on q rUmor that the
Spanish feet was of Sandy Hook. The
improbable character Of this report gives
an explanation 10 a decline which was
obviously due 20 bear pressure. AppaT-
entity there was q disposition on the part
OF the leaders OF the bull element 10
stand by and see test of the markets
strength. The recent large and sustained
davance it was thought. had invited
large buying on light margins by the
purely speculative element. This class of
| holding Is aweakness for a bull move
ment on account OF its inability TO hold
stocks through any decline. Occasional
reactions of sufficient dimensions 70 force
the liquidation Of such accounts are there
fore considered healthful in any bull
movement. The days market did not
| indicate that the volume OF such accounts
was very large. In spite Of a vigorous
| In by the bulls, which resulted at one
| time in declines running from TO
points, there was no very large volume
of stock dislodged and the bears FASTENED
/ to cover. Some very large financial in
terests are credited with having taken
profits on tho recent rise and with being
willing to see reaction for the purpose
of getting a gain. Commission house
buying in the early dealings was large
and was quite effective in offsetting the
large selling for London account. But
| offerings were no more than absorbed
without carrying prices above yester-
days level. After the market had been
! thus tested business fell into dizziness and
assumed a waiting attitude. Confidence
that the Spanish feet had finally been
located of Martinique and that an en-
gagement with the United States force
I was imminent also begot disposition to
await the result of that engagement. AS
a consequence net changes on the day
are extremely narrow and are for the
most part losses
Metropolitan Street Railway and Man
haitian developed late strength. which
lions with the Rapid Transit commission
The course of the money market dem
onstrates effectually that all apprehen-
sion of stringency from the requirements
OF the government are past. Rates for
time money collapsed to 3G315 per cent
for periods up to six months This move
ment is said TO be due 10 a renewal OF
accumulations OF exchange for invest
ment, due to higher money rates prevail
ing abroad
FOREIGN STOCK MARKETS.
New York. May 13.-EveninE Posts Lon
don financial cablegram:
1.-THE stock markets here opened fat
today on the news spreading of Lord SAL
isbury's gloomy speech regarding the
West African situation. reported to have
been made by him at a private banquet
of bankers. Subsequently prices rallied
on the good tone OF the Paris bourse, the
reported American victories and the be
lief that the new Spanish cabinet is more
peacefully inclined. Americans closed dun
again. however. Kafflrs were dull on
President Kruger's inauguration speech /
Money was easier on the release OF about
100000 pounds in Japanese money. More
will be released soon"
SPANISH FOURs GAIN.
London. MAY 13.-SpanIsh fours closed /
at "a, net gain Of Il
Paris, May 13.-Spanish fours closed 3lS.
& net gain OF 5-16 Business was unde-
cided on the bourse today until nearly the I
close and prices were generally better
International securities improved. led by I
Italian, on reported subsistence OF the dis I
turbances in Italy. Spanish fours were
fairly supported and finished firm
Berlin, May l3-Prices were firm on 4
the bourse today. as resul; OF the &C 4
ton az Porto Rico but latter they weak I
ened, in sympathy with London and closed I
firmer on the Improvement In Paris. Span 4
ish fours rallying
THE WEEK REVIEWED.
New York. Nav l3-Brads,ree;'s hnan-
cial review tomorrow will say:
In the main. Wall street has devoted /
the present week 10 ar active bulliSh spec
ula;ion. based on the naval victory a.
Manila ard the expectation OF other sue
cesSes. as well as on the accumulated evi-
dences OF SPANS financial and military
weakness and the belief that war will be
soon decided even II peace Is rot az once
assured. TIE excited speculation IN grain
and the high quotations recorded for
wheat were also buIiish factors. mainly
because IN conjunction WITH The prospect
OF another large wheat crop. ;he prices
apparently insure very prosperous sea
son 20 the western railroads The stock
market was TOT, however. wi:hCu; spells
OF hesitation or even of sigh; re7 ctfou.
London was also rather pronounced cell
er of stocks o. the advance. professional
interests there dlsposl7E CO considerable
mounts which were bought On re C.
cl.uss = March and Aprif Its offerings
we're. however. well taken and ne volure
0 Transactions. including sz they I'D.
heavy buying orders through comm. ssse1
houses. indicates that the pzb13c Interest
81 speculation has revived The passage
OF stocks from strong iat5 weak hau6s
was however. z feature ard 80 natural
t1at toward Ire end e ne
week the market appeared - be over
Bought and had a disposition 20 rest -
the absence e further favorable zezE
ard 70 AVA, fo- developments = conasc-
tsoa Win the campo ga sEaiast cu5a ard