The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-27
HOLIDAY Is TOO MUCH
Courage of the Bulls Daunted
by the Prospect.
STOCK MARKET SUBSIDIES
With Every Opportunity For
a Season of Gain.
STOCK MARKET SUBSIDIES

New York, May &.-The market opened
with a continuance Of the upward move
ment which was in force yesterday. Yes
terday's sharp advance brought IN a mod
crate volume Of buying orders to the COM
mission houses, which were put in at the
opening. There seems to have been also
considerable enthusiasm awakened in the
American department of the London mar
ket by the same cause. The international
stocks were bid up there before the open
ing here and the arbitrage brokers
promptly bid them up to a parity here. II
soon became apparent, however, that the
/ bull party were no more prepared 10
make extensive commitment. on the eve
Of a holiday than the bears, and the ac-
tivity soon cam etc a standstiu. The few
erish and erratic tendency of Consolidat-
ed Gas helped TO unsettle the market. Its
sudden drop was supposed by outsiders to
indicate some new possibility in the fran
chise tax law and other stocks in the same
group fell away in sympathy. When the
announcement was made of the action Of
the gas directors in reducing the quar-
terly dividend rate from per cent TO IL
pc rcent, there was some recovery in the
stocks of other New York municipal. cor
pOratiOns. As a rule the prominent high
priced specialties were weak. Sugar was
a conspicuous sufferer on account Of the
reduction in the price Of cube sugar
which presaged another stage Of a war Of
sugar producers and effectually demolish-
ed the recent ycUrrent reports of an
agreement, upon whish the stock had ad-
vanced. The extreme decline in gas was
ten points and it closed only a quarter
above that. Sugar lost six points and it
closed only quarter above that. Sugar
lost six points but rallied and closed with
a net loss of 324. Both American and Con-
tinentaI Tobacco, American Steel and
Wire naconda and American Smelling
wer epoints of weakness. Manhattan.
Brooklyn Transit and Metropolitan Street
railway covered a large part Of their
losses. When til eselling movement had
spent its force in the afternoon heavy buy
ing orders appeared for Atchis0n prefer
red and St Paul which wiped out for the
most part the few SLIGHT losses il the
railroad list. The market eased off sight
~ with the final break in the speciaIties, /
but many railroads show fractional gains
on the day. It was expected that the
demand for loans, which are made today
to carry over to Wednesday, would
stiffen the money market. but no dis
turbance- was perceptible there. Sterling
exchang emaintained its easy tone I'M
der the influence of London buying of
stocks, in spite of the demand for trans
mission by Saturdays outgoing steamers.
The total sales Of stocks today amounted .
TO 393,357 shares. including: American
smelter preferred, 3,4o0; American Steel
and Wire, 1880; do preferred. 1000;
American sugar $500: American Tin
Plate. $500; American Tobacco. 2o500;
Atchison preferred, - 40; Baltimore and
Ohio new, $500; Brooklyn Rapid Transit,
$500; Chicago. Burlington and Quincy
rights. 5000; Consolidated Gas, $500;
Continental Tobacco. q, 400; Federal Steel,
114o0; Louisville and Nashville. 5000;
Manhattan, 11600; etropolitan. 500: Mis-
souri, Pacific, 40oo; Northern Pacific $500;
Peoples Gas. 1890; Rock Island, $40: st.
Paul $500; Southern Pacific. 1000; South
ern Railway preferred, 400; Tennessee
Coal and Iron, 300: Union Pacific, 500;
United States Rubber 1900
The leading stocks closed as follows: