The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-01
PROFITS ARE TAKEN
Following a Three-Days Up
ward Movement.
WAR RUM0RS, AS USUAL
Are the Staple of Stock
Market influences.

New York. April so.-There was quite
an extensive taking Of profits today az
ter the three days advance in prices. The
realization sales clipped something off
from the days extreme advance, leaving
net gains In the railroad list mostly frac-
tional In some Of the spectalties, no
tably Sugar there remained over point
of net gain. The bull leaders this morn
ing had to face the sentimental effect
Of early declines for Americans in Lon
don, extending to nearly point in some
cases. This meant that any advance in
prices here would have to carry the bur
den of arbitrage sales. Prices were,
however, bid UP at every appearance OF
confidence and the offerings OF the ar
bitrage brokers were quickly absorbed.
Sugar mounted nearly four points and
the other leading speculative stocks
point or over The safe arrival Of the
steamship Paris was adduced as a bull
argument, and there were vague rumors
circulated that private information had
been received In the street that the Unit
ed States squadron had already fought
a successful engagernen off the Philip
pines. The aggressive leadership Of the
big bills. coupled with these rumors, kin
died the enthusiasm Of buyers, and the
small traders followed the lead of the
big ones. Quite fair amount Of com
mission house buying was also done But
while business was still active and on
largo scale. stocks began to be supplied.
The Offering were sufficient to feed the
demand and prices ceased to advance and
before long commenced a retrograde
movement. Before the reaction had pro-
ceeded far the supply ceased. Meantime
a handsome total of stocks had been mar
keted at the advance and sellers felt the
comfortable assurance that their paper
profits had been utrned into cash in the
event of an unfavore.ble turn Of events
over Sunday There was some renewal Of
the buying demand in the second hour,
but 1t did not reach large proportions and
the recoverfes in prices after the reac-
ton were not important.
Total sales of stocks today were 166,SO0
shares.
REVIEW OF THE WEEK.
The market for stocks and bonds in the
early days of the week was the dullest
and narrowest that has been seen for
years. One Wednesday the aggregate
sales of all stocks fell to less than 50, 600
shares. In so oil a market there IS
usually a natural tendency of prices to
sag. But there was a marked disposition
in the market to resist any downward
tendency due to the conditional orders in
brokers offices to buy stocks on any
sharp decline.
The hardness Of prices encouraged a
powerful coterie Of professional operat-
ore to enter the market for a bull turn.
They commenced operations on Thurs
day. The arguments they offered to Jus
tify the advance were that a naval VIC
tory by the United States squadron off
the Philippines was reasonably certain.
and the Smelling of the Spanish works at
Matanzas had conclusively demonstrate
ed the skill and superiority of the United
States gunners and guns. Both of these
factors, it was argued. gave potent
promise in the early success of the Unit
deeper-ly1ng considerations to invite an
advance in prices. but the general public
showed no signs of a purpose to put
their money into the stock market under
the aggressive leadership developed by
the bull coterie. Some following was in
duced by this leadership. both among
commission traders and among commits
sion house customers. Whether today's
profit taking marks the termination Of
the campaign by the big bulls does not
appear on the surface. Undoubtedly the
underlying cause of the recovery in prices
is the more assured condition in the
money market and the improved bust
ness. The future on the money market
has hinged for some time on the action
of the government for a war loan. The
of the secretary of the
treasury with a number of leading fnan-
ciers served to clear the situation
The success Of the proposed loan at 3
per cent was felt TO be assured, and the
plansfor disbursement seemed to be sufi-
cient to guard against sudden contTac- /
tions and stringency. This was felt to
give promise of easier conditions in the
money market, where reserves have been !
closely held and accommodations much /
restricted for some time past in anticipa- |