The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-24
OUTSIDERS STILL OUT
And Prices Drift UneasiIy Up
and Down
BUT CLOSING NET LOWER
Money Continues Easy--FOr-
eign Exchange Hardens.

New York. May 23--Neglect OF the
stock exchange by the outside public con-
tinued 10 be the marked feature OF the
trading, and, as is usual in a narrow mar
ket. prices drifted uneasily up and down,
following the erratic movements OF special
stocks. Dealings were evidently almost
wholly confined TO the professional eie-
ment, who seek profits in a days turn
Of prices. AS this class OF dealers watch
pretty closely for what other people are
dong and proceed 10 90 likewise, the net
effect in a days business, or taking one
day with another. is not large. Yesterdays
late upward movement was followed by q
realizing this morning, ana later by a
sharp advance, which was practically
wiped out before the close. Sugar was
the center Of interest IN the market, and
rebounded quite strongly from the early
pressure, together with the affiliated glu-
cose stocks. But realizing took of all the
early grain left at the last FIVE points be-
low the highest and near the low point
OF the day. The early rise in Sugar was
accompanied by a strong rally in the New
York municipal stocks Consolidated Gas.
Manhattan, Brooklyn Transit and Metro
poliJan rising from 10 points. This con-
current movement in the leading special
ties gave quite an appearance of strength
TO the market for time and other stocks
gained in the upward movement. Weak
ness in wheat and especially the reported
selling from the southwest helped this
=, 2 frrz do
age and news from abroad that American
wheat was practically UnsaieabIe at pres
ent prices. helped the late break IN Grang-
ers and Southwesterns. There was a
growth over the persistent hardening ten
dency OF foreign exchange. The actual
rate for demand sterling touched 1874 to-
daay, which Is near the gold export point
The continuing ease in money suggests
that the methods employed 70 finance the
Philippines payment 10 Spain has forced
something OF a redundancy in the local
money market, resulting in the rather
artificial stiffness OF exchange rates. EX
change on Berlin also hardened a frac-
ton today, although that money center
was reported to be buying American
stocks from London.
The newly floated Industrial stocks con-
tiuued conspicuously weak. Anaconda
broke points and in outside markets
AmaIgama5ed Copper. the payment Of sub
scriphons for which was completed yes
terday fell 70 par. which is the subscrip-
ton price. The closing on the exchange
was easy in tone, though rather dull. ana
showed net losses in all but a few eases.
The total sales OF stocks today am 0u2ted
to 4S9 295 shares. including: An rlc9n
Steel end Wire, Gao: Sugar. 90, ~. Amer =
can Tobacco, 800; Anaconda. 45N0; Ann
Arbor preferred. 800; Atchison preferred,
q. 500; Brooklyn Rapid Transit. g. so; Chi
cago, Burlington and Quincy, Il i0C; Con-
soIidated Gas. $3.50; Continental Tobacco.
200: Denver and Rio Grande. 800: Fed
eral Steel, 10, so; Glucose. 500: MAMMA
tan, L, 500; Metropolitan Street Railway,
8. go; Missou-i Pacific, 5.c9); New York
Air Brake, 800; Northern Pacific, 500;
Peoples Gas. 500; Rock Island, 45eo; 81.
Paul, 5000; Southern Pacific. 2,2lo; United
States Rubber. 300; Wheeling and Lake
Erie. 800.
The leading stocks closed as follows: