The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-21
EARLY GAINS VANISH
In the Selling of Stocks Late
in the Session.
HOLDERS NOT WILLING
To Risk a Turn in the Market
Over Night

New York, May N.-The indispositior Of
stock prices to move widely pending the
decisive naval engagement in West In
dian waters. became even more pro-
nounced today than during the early part
OF the week. Today the professional trad
ers were apparently unwilling 10 wait over
night for turn in the market. In the
last hour they sold stocks they had bought
in the morning the process involving the
wiping out of all the earlier gains except
for a small number of stocks which
showed special elements Of strength. hTe
supply of stocks was small and prices
moved up quite easily on the buying move
ment. but the demand was equally small
and the sale of holdings involved the re-
turn Of the price level almost exactly to
last nights level. There was the same
tendency as had been manifested for some
time past to take up particular stocks or
groups of stocks and advance them indie
pendently of the market. Today the local
fractions were selected. hTe movement
began in Brooklyn Rapid Transit and its
price rose 2 points before the others of
the group were affected. Later Manhat-
tan. Metropolitan and Third Avenue all
:oo6 up the movement and rose between l
and 8 points. Various reports were put
out TO account for the movement There
was selling for London account during the
morning, but this was offset by some
small outside buying through commission
houses.
The money market continued very easy
in all departments. foreshadowing another
strong return by the bankers tomorrow.
This is an element of strength so far as
ii indicates a relaxation of the withhold
ing Of credits. But better demand for
money. showing the resumption of some
of the projects which were interrupted by
the stringency at the time of the outbreak
of the war, would be regarded with salts
faction.
Sterling exchange recovered a fraction
in spite of further fall IN the London
discount rates. The recent easing In the
money rate in London is evidently not
entirely normal being due in part to the
artificial measures taken by the Bank of
England to strengthen its gold reserve.
Total sales of stocks today Ewere 283, SO
shares.
BONDS
There was very little movement or ac-
tivity in the bond market. Total sales,
81. 625, 900.
United States old fours, registered, de-
clned 4 per cent in the bid price The
last sale today of the new tours, coupon,
at 122s showed a decline off, per cent
from the sale on the last preceding day.
New tours. registered, and coupons, 1913.
tours, 1854; coupons, 1O91a; seconds, IS;
fves, registered and coupons, HOE Pacific
skies of '99. 1854.
FOREIGN STOCK MARKETS.
Madrid May 2o.-Spanish tours closed
today at $685. Gold was quoted at 90.
Berlin May 20.-Prices on the bourse to-
day were firm, owing to the decline in the
price of grain and the rise in coal and
iron shares. Italian securities are improv-
ing.
Paris, May 20-The bourse today re-
fected London's frmness. Spanish tours
declined on the rise in the rate OF ex-
change. Gold mine shares closed with a
general Improvement on the announce
ment that the water difficulty in the
Transvaal had been solved by the dis
coyery of a huge cavern fun. capable of
supplying the whole Transvaal.
THE WEEKS REVIEW.
New York, May 20 Bradstreets Finan-
clal Review tomorrow will say:
Waiting for a decisive action between
the hostile fleets in the West Indies has
had a tendency to restrict speculation and
keep the public out Of the stock market
London has been a fairly large and con-
slant seller of stocks here and the mar
ket at times has appeared weary and over
bought; yet the undertone has been
strong. the bearish element cautious and 1
the tendency OF prices was in the main
toward a higher level. The professionals, /
who for the time being control the specu-
lation, are Influenced more or less hv
belief that a victory of any decided char
acter would result in a sharp advance. and
the London selling is understood to pro- /
coed from a speculative uneasiness due !
to fears about the general state Of Euro /
pean politics and not to dstrust OF the
position here or :he chances Of the United
States in the war. Spanish securities. it
may be observed. show renewed weak /
ness, the Spanish tours in London falling
from 3f4 to S2H, while the gold premium
at Madrid, after dropping TO a. has risen
to So
LOANS AND EXCHANGE.
New York. May 2o.-Money on call nom /
inally IL per cent. Prime mercantile pa /
per, 4G5is. Sterling exchange steady. with /.
actual business in bankers bills al 81 SsQ /
4 S6ia for demand. Posted rates. SfS}14S7. |
Commercial bills. S4S2T4S21s. Silver Ger
dfcates 57l4G57iz. Bar silver. 57i4. Mexi- /
can dollars. 45lz.
TREASURY STATEMENT.
Wash ngton, May 20.-Todsy-s statement /
OF the condition of the treasury shows: f.
Available cash balance Se05. 20. s76; gold re- /
serve, STA .623. s25
GRAIN AND PRODUCE MARKETS