The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-23
NET LOSSES GENERAL
Market Rebounds on Sugar
Late in the Session.
LOCAL FRANCHISE STOCKS
Weak on the Special Session
Bonds In Sympathy.

New York, May 22.-The market drifted
downward almost uninterruptedly today
unit. the aggressive upward movement in
Sugar developed late in the day. This
pathy, and prices retraced their earlier
downward course. They only recovered 10
Saturdays level, however, in a few cases.
Losses on the day are general but are
within point in most OF the railroad and
prominent stocks. There was no real sup
port TO the market al any time. the out
side interest in securities being about nil.
Neither was there any serious pressure OF
liquidation. The result was a dull and
apathetic market, with the bears niobling
here and there TO develop weak points IN
the hist. They were not aggressive in
their tactics and did not dislodge any
large amounts of stocks. the market be-
coming practically stagnant whenever the
short selling was desisted from. The
dropping tendency of prices was never
theiess marked and was assisted by posi-
tive weakness at few points. The stocks
Of companies which profit by franchises
ciaIly weak on the assembling OF a spe-
cial session of the Legislature to act on
the franchise tax bill. Metropolitan Street
Railway, Manhattan. Consolidated Gas
and Brooklyn Transit all showed conspic-
uous declines, extending from 8 to points
and over in the case of al but Manhattan.
Third Avenue was conspicuous exception
TO the group and rose points on a pro-
posed new stock issue These stocks
drifted during the day on political gossip
regarding the chances of the franchise
taxation bill and all showed notable raj
lies, the net losses being small except in
the case of Brooklyn Transit and Con-
so-idated Gas, which closed points lower.
The grain-carrying railways. both in the
west and southwest were favorites OF the
bears, on continued talk OF crop damages.
Anaconda Mining. American Smelling.
the iron and steel stocks generally and a
number of other new industrials showed
conspicuous weakness. On the other hand.
New York Air Brake was marked up 10
points. The afternoon rally was induced
by the vigorous upward movement in
Sugar to ISL on very large and confident
buying. The uneasiness of the shorts over
this demonstration of strength drove them
to cover in other stocks, making the close
quite active and firm. The holding in
London withdrew the usual influence from
that osurce. Money continued abundant
and easy and the foreign exchange mar
ket abated none of its firmness. though
there was no large demand for bills.
The total sales of stocks today amount
ed to 1851 shares, including: American
Steel and Wire 1880; American Sugar,
5000; Anaconda. / 800; Atchfson preferred.
28,000; Baltimore and Ohio. 800; Brooklyn
Rapid Transit. 65. 400; Chicago, Burlington
and Quincy rights, 141O0; Chicago. Bur
lington and Quincy, 21.sOO; Consolidated
Gas. 300: Continental Tobacco. 400:
Federal Steel. 21.1O0; Louisville and Nash
Vile L. 900; Manhattan. 1880; Metropolitan
Street railway, $780, Missouri ociAc o 900:
Northern Pacific. 500; Pacific anil. $500;
Peoples Gas $3.50; Rock Island 100: st.
Paul $50; Southern Pacific. 400: Ten
nessee Coal and Iron. $500: Union Pacifis
600; Union Pacific preferred, 3 90: United
States Rubber, 300 Silver bullion GER
tificates 40 G00