The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-04-02
CRUNn|NG OF PRICES
Two to Five Points Net Losses
on the Day.
SPAIN is THE INFLUENCE
Made to Play on Both Sides
of the Market.
SPAIN is THE INFLUENCE

| New York, April 1.-The process which
went on in the stock market today was a
crumbling and disintegration of prices.
| There was large and influential party in
! the exchange who manifested their conf
! dence in a peaceful settlement between
the United States and Spain, and who
| increased values OF securities by deter
mined support of prices all through the
early dealings. The buying by this Ell
ment during the morning hours was very
large, but prices kept slipping downward
/ The weight of the growing depression
proved too heavy TO carry and the at
tempt was abandoned in he afternoon
when general and heavy liquidation was
in full force Some feeble rallies at the
close indicated that some part of the
days decline was due 10 short selling
but the recoveries from the lowest were
very small and net losses on the day run
from 2 10 over points in the principal act
| i've stocks. The ground of the early con-
fidence by some operators that war would
be averted was shrouded in some mys-
terry. It seems to have been founded on
the inference that interest on the Spanish
fours. which was paid today. in spite Of
recent doubts whether the money would be
forthcoming, was advanced by the Roths-
childs, and thai the advance was based
on knowledge that the Spanish govern
ment would make a peaceabie settlement
Of the demands Of the United States But
as the day advanced, the fact took more
and more definite shape on The news from
Washington that the Spanish government
had, on the contrary. refused the demands
OF the United States. The consequence
seemed necessarily to be tha; the whole
question would be submitted q congress
for settlement. This was felt 70 involve
the abandonment Of diplomacy ard an
early resor- 10 force A, taa Indications
Usually regarded as trustworthy as .
political developments were very contra
6:ctory in the early trading American
securities after opening OF = London.
improved before he opening here ard ad-
vanced que violently after trading had
commenced il New York TINS early
weakness was n spite OF The fac, that
early advices from Madrid xe-e rather
optimistic. Spanish fours. which were
traded II ex-coupon, fell three f1I points
IN London before re rally -: 81. yhen re-
covered =. points. apparently u The early
strength shown by The New York sock
market THIS early Strength here rallied
prices several times 10 or near las, nights
leve, aid II vas not til The afternoon
that ,he naaTke; took On Us decisive tons
ct weakness. a significant fasta-e q he
day vas the marking Up % CAL loans .
s per cert. This vas due 20 80 calling
OF moderate account Of lLanz By the
New York banks BIT The shifting y
these loans developed suA.i amount o.
money Offering and The sharp s-irsn.ng
= rates was the consequence. Exchange
rates responded 20 the hardening % money
hy traclouzl decline. though tae DAYS
engagement OF god for import was only
s5o1: half a million oo!.zrs- The growth
& the selling for Washington account.
as tas day progressed was an essential /
factor n the later break II the stock
market
BONDS
Bonds rere Lot SO active a. stocks. 81. .
,as volume of liquidation Increased as ;ns