The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-03-07
LONDON IS HIGHER
INTERN TIONAL S OCKS RISE TO
BETTER FIGURES.
This Gives the Market an Opening Firm
of Room Traders--Last Hour Decidedly
Weak and the List on the Down Grade--
Big Break in Baltimore and OhtO--
Bears Hammer Southern Railway
Sugar Handled Extensively on the Bear
Side--Close is Heavy and Lower.

| New York, March 6.-Speculation on
| the Stock Exchange, which has been
largely in the hands of the traders for a
long time past, was more professional
| than ever in its character today. The
advance in American securities on the
London exchange this morning brought
prices Of the international stokes to
fiwures above those current here and
the arbitrage houses became specula-
tive buyers in the early dealings in this
market, which impaired TO il firm tone
Small selling, however, by the room
traders, soon counteracted the good in
fluence Of foreign purchases and a re-
action set in which sent the figures
down a fraction, except in the case OF
Baltimore and Ohio. This stock was
pressed for sale on a renewal OF the
rumors that the next dividend was in
doubt. While some long stock was
brought out, it is believed the short in
terest in the shares was largely increas-
ed. AS a result the shares broke Az
per cent and closed at the lowest point
touched. The stock has been declin-
ing steadily since Jan. IS, when it sold
at s51a per cent, the lowest point today
being 52A per cent, a loss of 124 per
cent. The earnings have also been de-
Creasing along with those Of all the
other railways of the country and OF
course this fact gives some force TO the
bear run1Ors which crop up whenever
a raid on the stock is contemplated
Before noon the general list had recover
ed its tone, the industrial group lead
ing in the Improvement which followed
and which was checked about 10 O'Clock
the market became Stagnant. Before
2 o'clock the bears began to hammer
Souther Railway preferred on reports
that the seaboard air line was making
a heavy cut in rates which was likely
to precipitate a rate war and the stock
broke IA per cent, closing Is per cent
above the lowest. During the last
hour speculation was decidedly weak
and the entire list moved downward I'M
der the leadership of New Jersey Cen
trail, New York Central and the grang
erS, the market closing heavy and in a
majority of cases below the closing
sales of yesterday. Sugar was most
largely traded in of the whole market
and chiefly on the bear side. the trans
actions resulting in d net loss on the
day of rs per cent, the last sale being
made within Il per cent of the lowest.
There was considerable board room
talk in reference to the approaching
dividend, doubts being expressed on the
one side that it would be at the usual
rate, while on the other offers to pur
chase the dividend at 2R per cent were
made. 1t was expected that a direc-
tors meeting to act on the question
would be held today but only the exc
cutiye committee met and it was an
nounced that they had not considered
the subject Of dividends. The DiStill- |
ing reorganization committee was to |
have met today, but, owing to the death |
Of a brother of Chairman Hartshorn, of
the committee, a meeting was not held. |
The bond market during the day was
somewhat more animated and prices |
We're fairly well held until the last hour !
when, under the influence of the weak |
ness of the share speculation, prices |
trended downward. The aggregate |
sales were 1901 800