The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-05-20
STOCKS AND BONDS.

New York, May 19.-The stock market
continued inert and almost inactive to-
day. When activity developed the tone
of the market became soft, showing the
predorninance of selling over buyers or
ders in the narrow market. When prices
ceased their slow. downward tendency
the market fell into profound dizziness
and neglect, thus rejecting the unwil-
lingness of any buyers to take stocks
on an upward scale of prices. So argued
the room traders whose operations are
devoted 10 following the movements of
larger operators. AS the meager deal
ings were almost wholly made up OF the
room traders tranSa ctions, they were
drawing deductions from their own oper-
ations. In fact, the trading offered no
grounds for serious inference of any kind
beyond the obvious lesson that there is
nothing in present conditions that has
any power 10 arouse interest in stocks.
The trading started with some light
gains, due to sympathetic influence in
the London market. in which rumors
were reporte dto be in circulation OF pros
poets for the coming of peace in the far
east
The resumption of selling of United
STATES Steel preferred on the continuing
effect OF pessimistic reports from the
iron trade was the first drak upon the
other quarters.
The sub-treasuIy statement showing
gains at the expense of the banks for
the week of 81 10000 promised another
formidable inroad upon the surplus re-
serve of the banks, the more so as the
s.. 800, 900 in gold coin exported today does
not .igure in the statement. A definite
statement by the negotiator OF the New
York subscription TO the Japanese loan
rsln thcn RfrNfs ton
is to be RENTED to London helped to
explaiA the force of the demand for gold,
but Il not define its limits. Sterling
exchange showed slightly yielding ten
dency and this was said to be due 10
sterling loan bills in the market The
Bank of England maintained its discount
rate. but the open market rate IN Paris
receded and the Bank OF France state
ment showed the growing plethora of
resources Of that institution.
The weather for May was pronounced
ideal for crops, but the contradictory
strength in the wheat market neutralized
the effect of this. The severe reduction
in New York Centrars net earnings for
the quarter emphasized the effect of I'M
favorable relations by other systems.
disposition to dispute over the mafnte-
nance of rates on business diverted TO the
railroads by the interruption of lake
transportation by the strike was regarded
as symptom of the growing pressure
to secure traffic, and attention was at
tracted by the reports of drastic en-
trenchments projected by the railroads
to cut down expense accounts.
Natice late in the day of an offer for
subscription next week to a S3.oO.WO
Cuban bond issue is another factor
promising TO prolong the demand, for gold
for export. But this did not prevent
prices from retracing their previous
course in sympathy with rally in United
States Steel preferred, leaving the days
market changes again wholly insignifi-
cant.
Bonds were dull and rather heavy. with
some late recoveries. Total sales, par
value. 81. 265006. United States bonds were
unchanged on call
Quotations were as follows: