The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-08
MARKETS
DOWNWARD
Decline Took Wide Range
Over Financial Field.
NEW TRANSVAAL LOAN
Had Most Significant Bearing
on Exchange Question.

New York, Manly Prices went down
ward on the stock exchange today With
out very clear reason, although the the
cries current for the decline took wide
range over the whole financial field on
the part of board room traders. who had
the market to themselves. The simple
fessional operators who have been 0uy-
ing and bidding up stocks to & mode--
ate extent during the week find them
selves with little company ana feel that
they have reached the limit of their couT
age in speculative commitments The
process OF selling to take o-Gd-s finds
as narrow participation in the market
as that during the advance. Prices con-
sequently recede easily and Il pretty
close proportion to the advance on the
same volume of dealings. The favor
which came in for most discussion today
in seeking an explanation fer the de-
cline was the problem OF the forelsn OK
changes and possible gold exports. The
developments in connection with tie new
Transvaal loan, for which subscriptions
were opened today, were g foremost
significance as bearing on The exchange
question. The terms OF the loan are
much as expected and the strength OF
sterling rejected the continued direc-
ton of funds toward London. Subscrip
tions for American account are snail,
but the majority of loans in this market
marked the London pressure for money
effective in New York. Only 3 per cent
of the subscriptions is required 10 be paid
on application, but the over-subscrip-
ton promises to be so great that It is
estimated that applicants Will not re-
ceive over per cent Of the amounts
asked for. On this basis, the per cent
on the total applications would amount
TO something over half the total sum Of
the full subscription. The immediate
pressure for credits in London is thus
easily understood. The pressure on the
exchange in favor of London is likely 10
relax very suddeny when the subscrip-
tions for the loan are closed. Meantime
the question Of gold exports is still open.
Another cause to which the days de-
preston is attributed was the slump in
the sinking fund bonds of the United
States Shipbiulding company. Those
bonds have never had more than a nom
inal market, but their last sale price on
the exchange was 50. They were offered
at that price today. Sales were made as
low as A. No explanation of this in
cident was offered.
The activity of the bear faction was
apparent in the circulation of rumors Of
the serious illness of a conspicuous op-
orator in stocks and also in vague as
sertions of a coming bond issue by a
western railroad for as much at IS mil
lion dollars Neither OF these rumors
was substantiated.
Favorable factors were wholly ignored.
There was a much greater show Of au-
thority today for assertions that the sus-
pended Rock Island-St. Louis and San
Francisco deal was about to be consum-
mated The market closed, in fact. with
a general conviction that an announce
ment was imminent
The decided liquidation in the wheat
market was calculated to relieve any
acute fears of damage to that crop by
last weeks weather. but the grangers
and Pacifics were notably affected by the
late liquidation. The admitted weakness
OF the foundry iron market and reports
of labor disputes on the Great Northern
and the Southern railway may have had
some influence in depressing the mar
ket. The retention of the Bank OF Eng
land rate caused some reflected depres-
sion in the London market. Amalga-
mated was well sustained. apparently on
the rise in the London price Of metal.
The market closed steady. but only
slightly above the lowest.
Bonds were irregular. Total sales, par
value. $4,000 United States rs, cou-
non. advanced y per cent and the new
Is declined u per cent on the last call.
Closing quotations OF stocks were as
follows: