The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-03-12
/ DECLINES ALL DAY
Shares One to Two Points
Lower, and Some More.
BOND MARKET Is WEAK
Spaniards on Foreign Bourses
Move Downward.

New York, March n.--There was 2
brief show of strength by some stocks
in the early trading this morning, prices
thaviug been advanced on the London ex-
change above the New York parity OF last
night. The advance did not reach the
London level, so that there was consid-
cradle arbitrage buying FOR London ac-
count There were some buying orders
also which were executed through the
channel usually employed by Washing
ton operators. This buying soon came 10
an end and gave color TO the suppositlon
that the orders were merely placed for
effect. The whole list soon yielded 20 de
preston and the decline was only occa-
sicnally arrested by unimportant rallies
during the rest of the day. The strength
displayed by American securities in the
early dealings in London was in strong
contrast to the weakness of Spanish gov
ernment bonds. which were soorly sup
piled either in London or Paris. The on
l. rational explanation that seems avail
able fer this movement is that London
felt that there was a prospect of avoid
ing hostilities between the United States
and Spain and was alarmed by the Span
ISL governments actual financial straits.
Sentiment on the local exchange with re-
gard TO values was not in accord with that
of London, as is shown By the days
Declines which run between one and two
points ali through the list and over that
in exceptional cases. The fall of prices
was ar no time violent, but the offerings
of securities We're constant and there was
no support apparent at any point in the
list. There was, indeed, a less actual de-
hon Nv Do Nv he.
other grangers, the price having crossed
Pennington during the day and closing
above. Kansas and Texas preferred was
exceptionally weak and fell at one time
81 points. The extraordinary weakness Of
exchange made it possible today for the
great importers to withdraw gold from the
Bark of England in spite of the virtual
premium asked by that institution. The
demand in Paris for gold was reflected
also in stiffening of the discount rate in
Paris. Yesterdays late decline in local
call money rates proved to have been ma
nipUlated and the rate steadied to IL per
cent gain today. The local banks con-
tinue TO lose money to the interior, and
how far this movement is. offset by the
receipts of imported gold will not be def
initely known until tomorrow's bank
statement The decline today in the ev-
changes of the New York clearing house
banks to less than sl09, 000, 900 indicates the
decreased use of money. The banks are
contracting their loans. but quite the
large part of this contraction goes to
release sterling exchange which was used
as collateral and which IS being liquidated
for the importation of gold.
The total sales of stocks today were
1856, 900 shares.
BONDS.
The weakness in the bond market today
was rather more marked than hitherto
bur business was not on 4 large scale.
Total sales were 81, 220 900.
United States new tours are l per cent
lower. the old tours coupon p per cent,
and the registered 4 per cent lower bid.
New tours registered and coupon, 1895;
tours, registered. 11015; coupon, 1l2; twos,
$751;: registereda and coupon, I1115; Pa
cifc skies of 80, log.
FOREIGN STOCK MARKETS.
Paris, March lion the bourse today,
Spanish tours were quoted AT So 5-16. They
closed yesterday at SOS The market was
agitateG early in the day and ruled fiat.
Subsequently business became more IA
vorabie and the day closed with a gen.
eraI Improvement.
Berlin March u.-Prices opened firm on
the bOurse today operators being favor
ably impressed with the remarks Of the
British first lord of the admiralty, the
Honorable George j. Goschen, when he
presented the navy estimates in the house
of commons yesterday. But subsequently
prices were depressed. owing TO the down
ward movement Of Spanish tours. The
local department was maintained. Amer
lean securities were irregular. Canadian
Pacific improved and the Northern Pa
ciGGS were weak biIt recovered
London, March u-Spanish tours were
quoted on the stock exchange today at
555s. against 55i4, the closing price Of yes
terday. American securities, after a dull
and weak opening, were firmer. but rather
inactive. There was no demand and the
trading was merely professional. Amer
lean eagles TO the amount of l02. 90 pounds
We're withdrawn from the Bank Of Eng