The Wichita daily eagle., 1895-03-05
THEY TOSSED HATS
STOCK BOXERS CHEER THE AD-
J0URNMENT OF CONGRESS.
Market Starts Strong and Active with
Sugar stock Wantei-Checked by Sales
of ArbitraEe stocks for Foreign Ac-
count and an Attack on General Elec-
tric-Market Grows Heavy-Resding
Weak-Sugsr Sold Down. but Reacts
Renewed Selling ACKNOWLEDGEMENTS
ton Faces About. Closing Strong.

New York. March 4.-UDon the an
nouncement of the adjournment OF con-
gress on the Stock exchange today a
few brokers threw up their hats and
cried .'hurrah" AT the opening OF bus
mess the market was strong and active.
there being an especially good demand
for Sugar The upward movement was.
however quickly checked by free selling
OF the arbitrage stocks for the foreign
account followed by sales by the local
bear traders, who made an attack on Cen
eral Electric on a rumor OF an unfavor-
able decision by the United States SUI
preuie court on the Bate patent case
which had been decided against the pat
ent in the courts below. The stock broke
i per cent. to 2s per cent. rallied to 265s
per cent on denial of the reports and
fell off to 25-s per cent when the decision
was actually handed down declaring the
patent void. During the last half hour
there was a sharp upward turn in the
stock. the price touching 2.ie per cent
on the covering of short contracts. the
bears becoming desirous OF hauling in
their lines when they realized that the
decision simply left the General Electric
it's present position. In the final trading
reaction OF Z per cent took place max
ing the declines from Saturday only Is
l. i
the shares this year was 35i2 per cent on
January 10. and the lowest figures were
made today. The action OF the court has
been largely discounted. but the deprecia-
ton of the property is due as much TO the
general speculative depression as to any
special causes. No other of the cleo
tricai company stocks is much dealt in
on the New York Stock exchange The
only one in which any trading has been
4 Electric
OF New York. which broke from 1n2 per
cent on January to % per cent on
January 81. with rally TO % per cent
on February %, which was the last sale.
The market generally became heavy be-
fore the close of the first half hour.
Reading showed most weakness and sold
down TO ~ per cent. recession OF per
cent from the previous sale In the
final dealing the stock regained y per
cent. The declining tendency of the gen
eral list continued until l O'Clock. Sugar
being sold in heavy blocks and breaking
from 93iA per cent, the high price OF the
morning, TO 81. per cent. with a quick
rally to 92S per cent. and a final re-
action OF !. per cent, making n gam on
the day of y per cent. other shares
, o'clock there was a renewal of the sell
ing in which Delaware and Lackawanna
fell off Il, per cent. and the general mar
ket a fraction. The temper of the specu-
lation underwent marked change soon
after delivery hour and the sellers or
the early part of the day became buyers,
the purchasing movement lasting to the
close, which was strong In tone, with a
recovery of isQ1H per cent, the latter in
Chicago Gas and New Jersey Central
The bond market ruled quiet and In
the main lower for the greater part OF
showed an improving tendency and the
net results of the day were about
evenly balanced as TO declines and ad-
vances. The total sales We're $1,000.