The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-04-23
CLOSE NEARLY At TOP
Stocks Half Recover the
Losses of Thursday.
RISE IN SPANISH TOURS
These and Americans Lead
London'S Recovery.

I
ports from London indicating d somewhat
feverish ACTIVITY in the speculation in
Americans. with a tendency to rebound
from yesterdays depression Cable inqui-
ries from the other side indicated an eager
anxiety there TO know what tack Wall
street would take. This was sufficient to
admonish the bears who sold in Yesterday
afternoons slump. 10 cover their con-
| tracts. The covering OF the shorts was
coupled with some buying for London ac-
count Inc result was very sharp advanc-
es all around. This advance was almost
lost at ono time during the morning. but
IN the late afternoon the buying was re-
newed, carrying prices to the highest OF
the day, with only a slight reaction at the
CLOSE. The net result shows rather more
| than half of yesterdays losses retrieved.
The market was highly speculative. all
day and the favorite stocks were the
highly volatile specialties. such as To-
bacco which was exceedingly erratic all
day and very active, and Sugar In the
| railroad list the grangers and the inter-
nationals led in the trading. a raid upon
Peoples Gas, which carried that stock
down over 2 points, was the impeIIing
cause in the morning reaction The stock
fully recovered its decline before the
close. The conditions in the world s money
markets had a salient effect on the secu-
rity market The handspring of the money
markets action was the decreased demand
from banks in the interior Of the United
Gates for funds, Chicago exchange on
New York rising to par. This had the
effect of relaxing the New York demand
on London for gold, and as a consequence
no gold was engaged for import today
Although rates for time money and COM
mercial paper remained firm, call money
was to be bod on the exchange at per
cent. The sub-treasury made heavy pay
ments on account Of the navy, resulting
in debit balance at the clearing house
Of 81, 256.564 Part of this doubtless went
into the exchange market and helped to
retain its fine tone. despite the buying
/ by London of securities. The resultant
relief Of the London market from the
pressure for gold, accompanied by a rise
in Berlin exchange on London, gave prom
! Use of easier money there and relieved
the situation in Paris as well. The result
was a cessation of the heavy liquidation
| for Paris account. The selling Of Amer
lean securities, which had been large for
| both Paris and London account was
checked. These improved conditions were
reflected back on New York and helped
the recovery. There were, besides, san
guine expectations that the war would
be short or that the pope would still pre-
vail upon Spain to abandon Cuba There
was a curious story current in Wall street
that some of the operators in American
stocks had been buying Spanish bonds as
a hedge, on the theory that if Americans
went down, the Spanish bonds would go
up, as in the case Of a Spanish naval VIC
| tory. In the expected event of an early
American success the profit on Ameri-
cans, it was argued, would more than
wipe out the loss on the Spanish bonds.
The total sales Of stock today were
237, 800 shares.
BONDS.
The bond market was not as active as
that for stocks and prices held only about
steady. Total sales were $685., 600.
United Safes new fours registered de-
clined g per cent, the coupon z per cent,
and the old tours registered 4 per cent
in the bid price. Others were unchanged.
FOREIGN STOCK MARKETS.
London. April 22.-Spanish tours closed
on the stock exchange at 325s per cent,
a net gain of Is per cent
Paris, April 22.-Spanish fours closed on
the bourse at 50 1916 per cent. net loss
of Il per cent Business was hesitating at
the opening but afterwards there was
decided improvement until the close
Transactions were limited. After the re-
dapse Spanish fours steadily recovered
After the close Of the bourse Spanish
tours we're quoted at 1915 per cent.
Berlin, April 22-Discount IS hardening
and prices opened weak, owing to yes
terday's news from Wall street After
wards there was a general recovery. on
! the rise in the price of Spanish tours on
| the west bourses.
New York. April 22.-The Evening
Posts London financial cablegTam says:
The stock markets here opened fat
today on war conditions and then recov-
cred on covering by the bears and GER
tain amount of genuine buying here and
from Paris. Spanish tours and Ameri-
cans led in the recovery. but business
closed under the best. AS indicated in
previous dispatches the condition OF the
London markets favors stagnation rather
than heavy selling as a result OF the war
but on the other hand no Immediate ma
teriaI recovery is now expected. but In
stead a gradual dwindllng of prices.
/ Gold Is in less demand for New York at
rs l0&4d but eagles left the Bank Of
England today. The Paris bourse was
/ distinctly better on the London lead but
the financial outlook there is gloomy.
/ Whether France viii assist Spain fnan-
cially is much discussed"
REVIEW OF THE WEEK
! New York. April 22.-Bradstreet's hnaa-
I cial review tomorrow Will say:
"On che whole. the speculative world
! has received the serious developments Of
the present week with cslmness. The
long preparation through which the stock
market here has passed n the last Two
months, and the fact that weak buu ac-
counts have been reduced TO minimum
/ BY the preceding liquidation. account IL
T a large measure for this fact. The trad
ing contingent here, who took entire
( charge OF The market, IN the comp, -
/ absence % any public interest. seemed
{ in fac. vee-y nervous ard were decidedly
/ prompt 70 cover their short contracts on
+ any rumors indicating that SPAN would
! withdraw from is position or :hat the
! course ot acton mapped out BY congress
might be delayed- The market. n spite
F OF the very belligsreat aspect q affairs.
+ had several such rallies. mingled with rs
waiting ard duilness II the early days
/ q the week. ana L,on3ou's free offerings
/ seemed . be ABSORBED I ga: Be noted.
/ however. that railroad bonds II which
! there has besa no speculation ard 70
short interest. we-s relatively teavie-
than the stock market. the course %
which was influenced b. those c.-cs1n-
+ stances.
COTTON