The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-22
MOI LARGE
Nor important of the Stock
Exchange Yesterday,
OPERATORS STILL AWAIT
Expected Naval Battle--RaIl Y
on Bank Statement.

New York, May n.-DeaIings were not
large nor important on the stock exchange
today. Operators almost without excep-
ton maintain their attitude of waiting
for the situation in West Indian waters
to clear itself. The report that the Span
ish fleet had gone into Santiago and had
succeeded in getting away again was
not generally credited. coming as 1t did
from Spanish sources. But 1t exercised
some depressing effect nevertheless. 1t
was probably the cause OK the decline
In price after the rise. The rise in Spanish
tours in London and Paris showed it was
not without its effect also in foreign
markets. There was selling for London,
which kept up a depressed tone in some
OF the internationals. New Central and
Louisville being conspicuous sufferers.
Rock Island also showed the absence OF
inside support but was bid up quickly
on tn final sales to g level above last
nights close.
The rally IN the market was due to
the strong bank statement. Prices rose
a fraction above last nights close and
in some cases a point or more. A feature
OF the trading again was the isolated
movement Of dormant stock. Pullman
and Great Northern, each with a hand
some dividend among holders, moved up
ward. The Wheeling and Lake Erie and
the Rio Grande Western stocks were quite
conspicuously active and all moved
strongly upward. Tobacco, Sugar and
leather preferred among the industrials
were all in demand. The closing was
strong at top prices. Pittsburg, Cincin-
natl Central ard st. Louis was con-
spicuous for a break of nearly points
on light transactions.
Total sales of stocks today were 1o9, 400
shares.
Increased activity early Ia the week
in the bond market resulted from the
large release Of money seeking employ
ment. The demand was, however, largely
confined to the more speculative Issues
Prices are quite generally higher and
have held steady, even through the re-
actions which occurred in the stock mar
ket
United States new tours decline y per
cent the old tours registered 4 per cent
STOCKS IN LONDON.
New York, May 21.-The Evening POST
London financial cablegram says: The
stock markete here we're idle today, but
firm. Spanish tours have risen one point
Argentines were good and Kaff1rs were
better Americans were lifeless. Grand
Trunks were strong. Brazil stocks have
risen sharply here. ! learn from an IN
doubted source that the Brazilian presi-
dent-elect is in this country and is nego-
tiating with the Rothschilds scheme for
reconstructing Brazilian finances. have
reason to believe that this scheme pro-
Tdes for a funding loan based on Gus
toms coupons on the existing debt to be
paid in bonds for three years. similar TO
the method employed by Argentina. These
plans when known are likely TO cause a
sharp rise in Brazil exchange"
STOCKS FOR THE WEEK.
New York. May 21.-The stock market
has reflected during the week merely the
series Of soundings of professional opera
tors in their efforts TO shape their course
in speculation. hTe result has proved that
the supply OF stocks in the street is not
large, and that prices cannot be moved
very far in either direction. This means
that the present levi Of prices is regarded
as fairly rejecting the factors in the out
look that make for prosperity and as
fairly discounting, also, the possibility Of
a reverse to the United States naval
forces This possibility is considered re-
mote by all observers and is a purely
negative factor. while the bushes sim
provement, tremendous favorable trade
balance good crop prospects, continued
foreign demand for cereals, great increases
in railroad earnings and growing album
dance of money and extension of credit
are al positive elements Of strength in the
situation. No doubt is felt that a decisive
advantage over the Spanish feet now in
West Indian waters would result in a
great upward movement in prices. AS 1t
is. prices are very generally higher on
the week, the grangers leading IN the rail
road list. There was a decline early in the
week on the doubt aroused on the evasive-
ness Of the Spanish fleet Tuesday prices
recovered on the governments April for
eign trade report, the shorts being driven
TO cover The advance was met by realiz-
ing however and the conviction was
strengthened that until the development
of the naval situation about Cuba the
market will continue 10 vfbrate narrowly
and largely in the hands OF professional