The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-04-21
AGAINST TRE WORLD
New York Stock Market
Stands mistaken.
SITUATION IN EXCHANGE
Aids the Fall in Spanish Fours
to DepreSS Europe.


to Depress Europe,
New York. April 2o.-The New York
stock market offered a firm resistance
all day to the depression which was re-
flected upon it from every other ex-
change in the world, its declines at no
time reaching more than a fraction over
a point for active stocks. In the final
hour after trading on the foreign bourses
had been suspended for the day. i've
ly movement to buy developed on the
New York exchange, which wiped out
practically all the earlier losses and lift
ed the level of prices sharply above
that Of last night. The final recovery
was brought about by the disseminad ton
of a rumor that the period allowed 10
Spain for reply to the ulimatum had
been extended TO Monday, with a chance
OF a settlement being effected before that
time There were some evidences of
manipulation for the purpose of making
! last prices show striking gains. For in
stance. Burlington sold at 90&4c. and on
! the last sale jumped to 911ac. broad
view OF the financial world shows that
New York was less affected by the cri-
/ sis than any other financial center. At
no time were prices depressed to the
ondon parity AS a consequence there
was large arbIrage selling here of inter
national stocks, New York prices show
/ ing a fair profit over ondon quotations
The depression in ondon and on contin-
entail bourses was more due to the panic
in Spanish tours than to any other one
cause. These securities fell Ia per cent
in London and 81 per cent IN Paris on
forced liquidation, due to financial diff
culties in France and Spain. Whatever
depression there was on the New York
exchange seemed to be due TO sympathy
with the depression in foreign markets.
New York absorbed the offerings of its
own securities for foreign account at
prices above those prevailing abroad and
there was no heavy liquidation for local
account. 1t is to be observed that Amer
lean securities have held fairly steady
as compared with the marked weakness
Of Spanish securities. It is also to be
observed that weakness in foreign mar
kets is due in part to the dearness of
money. and this in turn is caused by the
pressure for gold to reinforce the Ameri-
can money market. The United States IS
still heavy creditor to the world, and
the continued drawing OF these credits,
while serving to fortify the financial
fabric at home. is a factor in the weak
part Of the selling in New York for for
efgn account IS due to an effort to equal
izs exchange conditions. That these Of
ferings should be so well absorbed is a
demonstration Of the sound financial |
conditions existing in this country. Evil |
dence to the same effect is given in the |
case of called money, which loaned today |
at per cent, although time money con- |
tinues to be firmly held at per cent. It |
is sill further significant of the same con- |
dition that the stringency of money /
abroad should have resulted in declines |
in the British and French government |
bonds, while United States IS of 1925 |
showed a gain today Of IL per cent for |
the registered and IL per cent for the |
coupons. Considering the contrast IN
money market conditions between New
York and European centers. it is not
strange that the days engagements Of
gold for import were very small. That |
further fmportations Of gold only await
the needs Of the local money market IS,
however, evident.
The total sales of stocks today were
264 500 shares.
PON0S
The bond market was slightly more
active, and after early weakness showed
some recoveries. The total sales were
81, OBS coo
United States new as coupon advanced
II per cent and the registered IL per
cent in the bid price. Others were IN
changed
FOREIGN STOCK MARKET.
New York. April 2o.-The Evening
Posts London financial cablegram says:
The feature in stocks here today was
the fairness in foreign stocks. the Paris
oourse being utterly demorallsed by the
continued fall in Spanish tours. which
closed at the lowest. "a per cent Ameri-
,ans were almost unstable. but there ,
was no great pressure 10 sell. and bear
position ct least IN I. Paul and Louisville 5
Tow undoubtedly exists. The manner in I
which New York absorbs stocks is much
at The markets here are
low thoroughly close-reefed and prepar- !
ID FOR war, but the Paris bourse will feel :
he blow severely. As instancing how 5
he market here IS looking ahead, It IS
common talk that war means the final :
iefeat Of the silver party In the United
states. The Paris bourse is bordering
N a panic.
Paris, April 2o.-The bourse was de- :
PRESSED today, owing 20 a fresh break
7 Spanish fours, which we're largely sold
or London account Later there was ;
ecovery on covering purchases, but :
'rfces reacted towards the close. offers /.
After the close OF the :
curse operators were excited and prices :
,uctuate3 =
GRAIN AND PRODUCE MARKET
The following official range OF prices On =
rain ard provisions az Chicago Is fur / :
tshsd by the ChrtStie-Street Commission e