The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-12-04
STOOD FROM UNDER
PRESIDENTS MESSAGE CAUSES SOME
FAsTY SELLING OF STOCKS
Heavy Sales of Sugar Stock with Wide
Fluctuations Between the Tariff
BClls-Otherwise Market iirm.
Advancing on Proper handling.

NEW YORK, Dee 3-The controlling in
fiGence in the stock market today Was the
presidents message Before II WAS pub
lished iuklings of its tenor touching sugar
had been received by houses which oper-
ate for the trust managers. This fact WAS
evidenced by the course of the stock and
BY the heavy selling therein. Sugar
opened !. per cent higher, hut was immv-
diateiy forced DOWN : per cent TO si$s per
cent. At The lower figures bull move
ment was ST arted. based on the resump-
ton of work at two of the trust refiBerie-,
and good buying carried the price W , 5
Per cent 10 s054 per cent. But the i'm
provement was not maintained and on
large offerings tie stock broke 4 per cent To
So. per Cent, the low point of the day.
This figure WAS reached Just as the text
OF The presidents message reached the
street. TIE bears renewed their demon
STATIONS against the stock. using TIE
recommendation for the removal or the
protective principle III the sugar schedule,
but as usual The thing har been discounted
and the stock took nn upward turn, rally
lug "a Der cent TO eil4 per ceur, with a
final reaction of p-r cent, making a de-
cline on the day Of 21s per ceul. IL Was
known the president would suggest a plan
for the reform of the currency aud the
general feeling In speculative circles WAS
that the Publication of the presidents
recommendations would nave good effect
on share values. Consequently, despite
the Influence of the depression In
sugar, the general market was fairly well
held during the morning aud early after
noon. Aud when the message had been
hastily scanned By tie street there was an
evident desire on tue part of the shorts 10
cover aud the room traders took the bull
side oi the market with the result that the
market recorded general advance, the
improving tendency continuing to the
close The advance in the rates of sterling
exchange and the great probability of gold
exports on Saturday would have had IA
weakening influence on share values under
ordinary circumstances, but today they
were not features of the situation.
Pacific Mail declined Ia per cent from
tine opening price. rallied u per cent ana
closed At reaction Of ! per cent, making
loss o. Is from the closing quotation OF
Saturday Tobacco rose 3 per cent to %
per cent reacted. To 90 per cent and raj
lied 10 % per cent Chicago Gas declined
] Il per cent. sold up IS per cent, but a re-
newal of he selling Caused II loss of la per
cent, Of which Ia per cent had
been recovered At the close. All
of the granger group made
gains on the dHy and closed at or near the
1$1 per cent. The other Changers are up
= per cent. Tire stocks tenefLted by the
united action of the sales agents in liking
rates and production. Delaware and
Iack4wanna made an advance OF 2l4 per
cent and the others OF the group made
4 al per cent advance, except Read ing.
when Is down per cent on sales by Phil
aielphia. Lake Shore rose Is per cent TO
123J5 per cent. lost tie entire advance
ana rallied TO 1856 per cent Ia the final
sales. Lead opened per ceut
higher and then broke ~ on fears that
I he president would treat IL like the other
protected articles, but subsequently re-
covered l per cent Lead preferred felt off
l& per cent. The changes Ia the rest OF
the lis, IN the main are ID the direction OF
h lgher prices.
The bond market WAS strong during the
but In the afteruO' trading
there was some recessiGus. The CLOSING,
however, was firm. the trau-acJlous being
large, the total being l,CO1. 800