The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-04-01
MARKET N MYSTERY
Hidden Inducements Which
Put Traders at Fault.
OUTLOOK NOT PROMISING
Aside From indications of
Peace With Spain.
OUTLOOK NOT PROMISING

mysterious Inducements ali day in the
stock market, which nothing in the pup
lie news served to explain and for which
the gossip in Wall street found numerous
and contradictory explanations. The open
ing slump, in which losses ranged from
TO . points and upwards, seemed to be
in svmpathy with an earlier decline in
London. the more as the selling of Amer
leans in London was said to be for New
York account of operators who were ca
ger to take their profits in yesterday
rise to wait for the opening in New YORK.
But the opening prices here proved 70 De
the lowest for the time being, and there
was an eager demand Immediately mani
fest for stocks all through the list. ms
demand continued with only snort perl
DDS of cessation throughout the morning
session, and rallied prices almost or quite
TO last nights closing level. The natural
inference from this would be that IL the
earlier selling in London was Tor Ne"
York account, it was for mahpulaINe
nurnoses. The strength in the New York
market found a response in rally on the
foreign exchanges in the prices of securl-
ties and also of Spanish securities. which
were also depressed early in the day on
pessimistic reports from Madrid. The
latter portion of the day saw pessimlsuc
decline in prices in New York with only
occasional periods of steadiness, most
stocks falling below the opening prices
and closing at or near the lowest. Inc
appropriation by the New York legisla-
ture of a $, 900, 900 emergency tund TOT
defense was the nominal motive OF the
later decline. Although early the whole
of the days business was done at prices
below last nights level, and although the
net changes are all on the side OF losses
extending between l and points Tor most
stocks and over that in special cases, II
was very obvious that a large and rotner
eager demand for stocks was satisfied du-
ring the day. and 1t was the prevailing
impression in the street that the opening
decline was manipulated to give opportu-
| nity 70 satisfy this demand. Aside from
| the bullish sentiment created among the
room traders by this undertone or
strength and the belief that the demand
| for stocks was due to some hidden mo-
| tive or undsclosed information regard
| ing SPANS intentions, the general out
| look was not considered promising. The
money market reflected the uncertainty
| in the outlook more accurately than did
the stock market. Lenders are holding
out for stiff rates for time money and Dor
rowers are not disposed TO pay the rates
| asked. as it is certain that any prospect
! of peace would Immediately result in an
abundance of money. The general neglect
of the time money market and the resort
| of borrowers to call loans resulted in a
| stiffening call of rates today. The eX-
change market was dull and neglected,
| the further importation of gold being
largely dependent on the outcome of the
| controversy between the United States
and Spain.
The total sales of stocks today were
| 49,, $50 shares.
BONDS.
| The bond market was less active than
stocks, and prices showed a tendency to
sag throughout the day. Total sales were
81, IT'S, 900.
United States new tours, registered, and
the old tours, registered, were II per cent
higher, and the fives Il per cent higher
bid.
SPANISH FOURS LOWER.
Madrid, March 31.-Spanish fours closed
today al 72.50.
Barcelona, March 91.-Spanish fours are
quoted today at 1880 on the bourse.
Paris. March 31.-Prices on the bourse
today opened fairly firm. but soon large
offerings of Spanish stock depressed the
market Spanish tours closed at 81 1916
against 531s yesterday. After the bourse
closed Spanish fours advanced to 52}s pei
cent.
/ New York, March 31.-The New YorE
Evening Posts London financial cable
gram says:
The stock markets here were unsettled
today, prices sesawing within wide lin
its all day. A feature was the shorp droT
in Spanish tours from 81 TO 511l per cent
due entirely to the large block OF stool
hanging over the market for immediate
liquidation. They improved later ant
closed at 52k per cent. Americans were
good and closed strong. but there is
disposition TO check all dealings pending
political developments. 1t is believed tina
unsettled politics VIII prohibit the closin,
of the stock exchange as usual on Easte
Saturday. More gold will probably leav
the Bank of England tomorrow for New
York.
LOANS AND EXCHANGE.
New York. March 31.-Money on cal
nominally 1izG2 per cent. Prime mercan
tile paper. 5Q614 per cent. Sterling ex
chang firm, with actual business il
bankers bills at as3G4S4 for demand
and at ST. Sessa4 for sixty days; poste
rates, s4sIHQ4s2 and s4S41kd4s5. Com
mercisl bills. s4SO]444s0a4. Silver certif
Gates. 55iz@5sif. Bar silver, 55Iz. Mex
can dollars. IS.
, GOLD FOR IMPORT.
New York. March S1.-Lazard-Frere
l have engaged $4,000 FOR import
, TREASURY STATEMENT.
Washington, March 31.-Today's state
! ment OF the condition OF the treasur
|, shows: Available cash balance. s226. Isl, 81
gold reserve, sI73ss6.7S3.