The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-12
STOCKS AND BONDS.

New York Nay 11.-Today's stock mar
ket showed no signs OF a revival of spec
ulative, interest There was an upward
tendency during the first hour. which was
helped by the buying of a small number
Of stocks for London account.
The London money market is still tied
up with the subscriptions to the Trans
wall loan, or with the per cent of the
subscriptions which was required TO ac-
company the application. AS fast as the
allotments can be determined the excess
from oyer-subscription of this 5 per cent
will be returned to subscribers, and this
is expected to effect a marked relaxa-
ton in the London money market. Ster-
ling exchange here. however, held firm to-
day and its decline in Paris left the way
open for an export of gold from here TO
that point. Consequently sl.50o,o0o was en-
gagged to go out tomorrow. 1t was al
lowed to be understood that $4,000 in
gold viii go TO South America during the
week
This news was followed by decline in
the price of stocks. although is had been
quite generally expected. That the de-
cline was partly duo to short selling was
demonstrated by the recovery late in the
day, when the shorts began to cover.
They did this in the apprehension that
the monthly crop report to be given out
by the agricultural department this after
noon would not show as large deterior-
alton for winter wheat from the almost
perfect condition of April as has been
feared since the cold wave in the last
week of April. This covering movement
was again intercepted by sharp selling at
the last, and the market closed easy.
Some special influences were at work
during the day. A strong upward move
ment in Illinois Central from large buy
ing order from a single firm which was
ostensibly based upon rumors that the
dividend is to be increased. The strength
of Amalgamated Copper was due TO the
active demand for the metal in the Lon
don market. Brooklyn Transit had the
benefit of yesterdays very heavy seaside
traffic. There was continued accumuia-
ton of Missouri Pacific and of the Ma
tional Railroad of Mexico by the same
interests which have been respectively
conspicuous in those operations for some
time past. Suothern Pacific suffered from
the reports of a strike on the system,
but recovered later when il was alleged
that the Nworkmen were still at their
places. A drop OF three points in Metro
politan securities was attributed to an
unwillingness on the part OF holders TO
pay the second subscription of rs per cent
which has been called. Reports of labor
troubles on the Mobile and Ohio and the
Great Northern served to keep alive the
general apprehension which is felt over
the growth of such troubles There We're
some large offerings of United States
Steel coincident with sharp break in
the price of the bonds, when issued"
on the curb market
The unfavorable view taken on Satur-
day of the loan expansion of the banks
seemed to be mitigatcd this morning when
IL was better understood that the increase
was due to a shifting of debts due to for
eigners.
The market was narrow and uninterest-
ing throughout An example is afforded
by the fact that there was no sale of
sugar until the final hour OF the market.
The movement of prices of bonds was
irregular and generally very narrow
Transactions of last week showed de-
crease of e per cent. compared with those
of the corresponding week of last year
Total sales, par value, si.750.Ooo. United
States bonds were all unchanged on the
last call.
Closing quotations of stocks were as
follows: