The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-07
ON The SIDE Of LOSS
Are Most of the Changes in
the Stock Market.
WAR NEWS IN EFFECT
Early Gains Lost at Close and
Losses Established.
AR NEWS IN EFFECT

New York. May 6.-There were striking
elements Of strength in todays stock
market, Notwithstanding the-fact thai
most of the days changes are on the side
of losses. The bulls had very severe draw
backs to contend with and the selling
pressure on the market was al times very
heavy, Again and again the buying was
suficient TO overcome IN obstacles and
to absorb all offerings, carrying prices up
ward on a large volume OF business II
was not until the final hour that the mar
ket finally succumbed to the burden OF
liquidation and yielded practically al
earlier gains and established losses rang
ing up 10 per cent n some OF the spe-
cialries. American stocks were heavy IN
London before the opening here, N sym
patty with a general depression in that
market. Although prices Of international
stocks had declined TO in some cases neaT-
ly a point below last nights New York
closing, there was sufficient demand here
at the opening TO overcome the greater
part of I.ondon's decline. BY esta blish-
ing a range OF prices here above the Lon
don parity, abitrage selling was made
profitable and invited The selling for
London account was the heaviest for
nany weeks and was estimated al o9O00
shares at least. The dragging tendency
of this selling was easily perceptiole in
the international stocks during the morn
ing But the balance of the list showed
a disposition TO forge ahead on its own
account. Rock Island. Omaha North
western. New York Central and the
Southwestern stocks were conspicuousiy
strong. the latter on the excellent pros
meets for the winter wheat crop in the
southwest. The international stocks
themselves were pretty well sustained the
foreign offerings being largely absorbed
some Of the specialties were conspieu-
ously strong, notably Tobacco. The mar
ket showed a tendency quite late IN the
dav. after the London offerings had oeeh
absorbed. 10 rally strongly, en- report
that the caole communication had oeen
established with Manila and with Comma
dora Dewey. The capture Of the steamer
Lafayette under the French flag assumed
growing importance in the eyes OF traders
during the last hour and induced selling
70 realize. and the dealing OF shorts oy
hears. which carried prices to the lowest
of the day at the close, when the seHins
rovernent was still actively in force me
resumption of the gold import movement
has been cited as a bull argument, OUT
the Withdrawals OF gold from London ana
EuroDe have resulted in a renewal OF
stringent money conditions. too. This
t. Turn however, weakened the specula-
civ. MARKET and has induced large selling
~ Ar,sricans. because OF the good mar
kat for them existing here and more par
ticularly the purpose OF relieving the oe-
uand for exchange. The indications were
that the New York market would nave
s,,ocAssfulIv absorbed these offerings had
g M, been for the development OF the
LAFAYETTE episode. which caused some
tinidity among buyers
Total sales Of stocks today isV'S''
shares.
tina hond market showed the effect OF
selling for London account IN some Oh
.bA specnative issues, a. did the STOCK
market. Otherwise the tone was strong
ord nrires are generally higher. Total
sales were g. $1,000,
United States four registered ana the
old roo,rs coupon advanced IL per cent
and the new fours coupon, the oid fours
rAe,stAred and the fves IA per cent in
the bid price There were sales OF me
old fours registered al an advance OF Ia
mar cent over the last sale New fours
,ag,stered H.n. coupon, 1-21h: fouTs
fours 81 os1!. coupon si.0sh; twos %; fves
registered and coupon 1lo: Pacific skies
Of 90, 1o3.
FOREIGN STOCK MARKET
New York. May s-The Evening Posts
London financial ca blegram:
"Tha stock markets were qhiet and dull
today. Consois were lower on the tenn
norary dearer money market. due to
PROVISIONS for the indemnity payment By
china tomorrow, and in consequece Of
which the uaket had 20 borrow about
?. $4,000 pounds from the Bank Of Eng
land. Americans were good and were
bought speculatively. They closed
steady. Kafftrs continue 70 improve.
The announcement f. made Of FIVE mil
lion pound Greek loan, guaranteed BY
England. France and Russia. It IS a 81
per cen. loan ard the issue price = leois
II is quoted AZ / Per cent premium. /
heard OF q rt1u1or late this afternoon that
the Transvaal government has been def
njtely arranged certain 20 grant coucss-
sions 70 the mining industry. The Spar
ism god premium S. IL Pc cent
Madrid May s.-spaaish fours closed to
day al s229 Gold was quoted A. ut15
Berlin. May s.-Thers was firm op-n-
ing on OF the Bourse today OF eucoU-sg-
ing reports from New York ard London-
Bat prices closed sasseT OF res1izations
Paris May s-BuSness was inactive ~
tire Bourse to-day. but Tire tendency was
towards firm prices Spanish fours were
uudso=6sd and c3oss5 easy. RIO Tjntos
recovered snlartly on THE report th2t tas
export duty o. copper wotl9 be NOD
Grated
LOANS AND EXCHANGE
Nsw YORK. May s-No7sv On call z7sas
pYsr cent PRIME rnsrczntHe paper CT
Per csnt Sterling exchange steady wlth
sc<usl business IN bankers a. ftkFs feT
demand a1d a. = So ass1 for sixty days.
posted rates ass4a422 Commercial
hlls y sss4 So Silver c=rf3scs:es 1881
Bar ssBve- *. We1i1zn dollar. e
cot n r-rlre rursrp-