The Wichita daily eagle., 1895-12-08
SELLING WAS WILD
TOBACCO DECLINES ELEVEN AND
SEVEN-E .GBTHS NET.

Morning Paper Conveys the News to the
Street that the Director. have Passed
the Dividend on the Common Shares
Selling Begins in Flood, the Ensuing
Decline Continuing, Except for Rally
the Lowest-GeneraI List Affected
Weeks Review of Stocks and Bonds.
New York, Dec THE stock market
opened active and weak. genuine sensa-
ton being caused by the sudden discovery
through the publication OF morning pa
per advertisement, that the directors OF
the American Tobacco company. while de-
claring the regular quarterly dividend on
the preferred. had formally passed the
dividend on the common shares. \ food
of selling orders was expected aad oc-
CURED. The first transaction recorded
on the stock tape was OF Se0o shares at
from 20 per cent to 20 per cent. the low
figure. representing decline OF points
from yesterdays closing. a ralley en-
sued, entirely on covering, TO 7s per cent.
Fresh liquidation in the last hour sent
the price down TO 61is per cent. The
closing was a the lowest of the day and
presented net decline OF i1's per cent
one-half OF the entire dealings for the
day and amounted IN the first fifteen
minutes of business alone to 5000 shares.
The preferred stock IS down rs per cent
The other leading industrials displayed
considerable weakness al the start. Sugar
losing l per cent. Leather preferred,
! per cent, and Chicago Gas q liberal
fraction. The recessions in the railway
list were Slight. Soon after the opening,
on a smart rally, Sugar recovered 2Ss
per cent, Chicago Gas ia per cent and
other shares fractions The renewed at
tack on Tobacco in the last hour exerted
a depressing influence on the general mar
ket and particularly the other industrials,
Leather preferred and Sugar sustained
losses OF l$. per cent each. and Chicago
Gas and Manhattan per cent. Reading
active and weak. The aggregate sales
Were 1885, 500 shares.
The industrials were also the features
of the weeks speculation. Sugar sold
up 8 per cent, TO lc612 per cent, receded TO
lo2ss per cent. rallied TO 1851 per cent and
closed with a net gain OF As per cent.
Tobacco made an early gain OF almost
per cent, to S3Is per cent then fell TO
7614 per cent, rallied TO 7els per cent and,
on the passing of the common dividend,
declined 10 671s per cent, closing at the
low point and at decline OF lt1s per
cent. Chicago Gas had an almost unin-
terrupted advance during the week. the
star gain being made on Friday, when the
stock jumped per cent, to 6S34 per cent
on the decision OF Judge Showalter in the
Hitt-Barrows care. This decision was re-
garied as practically removing all legal
obstacles to the consolida tion Of the prop
critics as we'll as blocking the long con-
tinued speculation. This made the full
rise per cent. On the following day
the price touched 20 per cent and the
stock closed at SO per cent, an advance
on the week OF per cent The railway
shares exhibited a drooping tendency.
The presidents message had no import
ant effect upon prices and the restoration
of the dividend on Northwest common
stock to a 5 per cent annual basis, exerted
only passing influence; Reports OF earn
ings OF some OF the leading lines which
came 10 hand were regarded as disap-
pointing. Uncertainty as to prospective
financial relief Legislation, the continued
securities for foreign account all contrib
uted TO check Improvement in stock
prices. The aggregate sales for the
week were ], ,45o, 400 shares, of which total,
dealings in Sugar. Tobacco, Chicago Gas
and Leather comprised 1.006. 400 shares.
Aside from the changes In prices noted,
La Clede Gas advanced 5 per cent and
Delaware and Hudson 2+ per cent. On
the other hand Baltimore and Ohio de-
ciined AZ per cent and Rubber per cent.
The railway bond market was dull and
lower today. The transactions amount
ed to $49S 600.
were moderate in volume and the mar
ket had a sagging tendency, with some
irregularity of movement. The aSgre-
gate sales were S5.125,0oo The more i'm
portant losses were in Starch firsts. 4ss
per cent and Atchison, Colorado and aP-
cific firsts, ~ per cent. The chief ad-
vance was in Galveston, Houston and
Henderson firsts, per cent. Government
bonds displayed some irregularity, Eut
the variations We're slight and today 5
bids are practically unchanged as COM
pared with the preceding weeks close.
The sales were $4,000.
State issues We're quiet, with transac-
tons aggregating $4,000.
NEW YORK LOAN MARKET.
New York, Dec. THE New York Fin
ancier says this week: The statement of
York City for the week ending December
Z. shows a continuation of the liquidation
on loans, which has been a market fea-
ture of this statement for twelve weeks
past. The loss in loans since September
Il. has been no less than 81. 10000 The
loan item for the week ending Decem Der
Z is only 50 100000 in ieXiceiss OF the low
est point recorded during the present
year. or on April last. Deposits. how
ever, on that date. were only. 500. 90 90.
as against $52l. 10000 for the week just
ended.
If the gold exports of Saturday had
been figured in the statement. deposits
would have shown a decrease. but the
heavy movement from the interior is
clearly shown in the gain OF 81 ,S05. SO in
cash by the banks. This expansion prom
ises TO continue for some time to come
If the domestic exchange figures are
criterion. Chicago quoted New York ex-
change early In the iweek as high as s.
and cents. and there have been advances
elsewhere throughout the west. Although
the recent increase in express currency
rates may have bhad something TO do
with this, the movement toward New
York has undoubtedly developed strength
and the losses through treasury opera
tioins are 10 great extent Offset by the
flow OF money 20 this point.
OF the cash increase II might be noted
70 81 %. 90 OF the total amount was in
specie, the total now held by the New
York banks aEgregatinE 1880. or
gain OF nearly 10000 since October Il.
The total gold holdings. however, are
sl4.Gaoo0 less than reported last Feb
ruary.