The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-11-08
is FAIRLY BOOMING
STOCK MARKET PUTS IN A BUSY
HsLr-H0LiDAY.

gressiye Strength all Along the Liae
AID Broadening Tendency Bank State
ment Generally Discounted and Cuts n.
Figure-Closins Is at About the Fest
| After Generally Good Advauces-Weel
Reviewcd-The Bank Statement.
New York Nov. THE volume of bust
Tess today was upon an extraordinary
scale for a half-holiday. reaching 31s. Got
shares. q record that has not been ap.
preached on any Saturday since the
| Venezuelan episode. Aggressive strength
was displayed all along the line, with
| the broadening tendency Of the market
ard the ease with which the offerings
were absorbed exciting great interest and
comment. The buying was largely by
commission houses and the low-priced
shares were unusually prominent. The
upward movement halted around III: 80
O'Clock on the appearance of the bank
statement, showing decrease in Legal
reserve OF 1852, S25. Operators who had
| overlooked the fact of the heavy with
drawais from The banks in the early par.
of the week were disappointed at the ex-
hioit ard sold a few stocks, but the Of
ferings were taken without a ripple and
the advance resumed with renewed Wig.
| or. In a number of instances the bes.
figures recorded in the present rise wera
reached. Characteristically wide fuc.
| tCations occurred in specialties. Metro
poli:an Traction, exceptionally, jumped
IL per cent, reacting point later Con-
solidated Gas gained 8 per cent, and 9TH
corded, despite further advance in eter
lingxchange. The trading was we'll dis
| tributed, with Sugar, Reading, st. Paul
and Burlington recording the heavies:
dealings. The advances in the avtive
shares extended 20 2 3-S per cent in Su-
gar. Manhattan,in the early operations,
rose per cent, but later developed con-
sidrable irregularity, closing IA per
cent, net, higher. The market left of
strong at about the best prices.
The total sales of stocks today were
SS56,6O0 shares, including: American To-
bacco. $500; American Sugar, A., 500; Bur
lington and Quincy, 24,S00; Chicago Gas,
$500; Louisville and Nashville. 5000.
Manhattan, 5000; New York, Susouehan
ma and Western preferred, $500; North
ern. Pacific preferred, 800; Ontario and
Western, 5000; Reading, 35. 400; Rock Is.
land. 10000; St. Paul. 34,S00; Tennessee
Coal and Iron, $500; Union Pacific. $500:
Western Union, 25,S00; Southern Rail-
road, $500; Southern Railroad preferred.
$500.
THE WEEK REVIEWED.
The stock speculation of the week was
animated and many stirring phases were
presented, aggressive strength and ey-
IRENE activity marking dealings. The
pivotal factor in the market was the
change in the general busienss and finan-
ciai outlook and complete abatement OF
the monetary stringency. Reports on
every side Of the starting of industrial
and mercantile operations on a large
scale, and further animated speculation
in the cereal markets encouraged expec-
tation of impending radical improvement
in the earnings of the railroads and>stim-
ulated enormous purchases of our stock
and bonds for local and foreign account.
and the shorts were scattered in all d.
rections. The return to normal figures
for call and time monetary accommoda-
tons and a consequent revived inquiry
for mercantile paper caused great en-
couragement in and out of Wall street
and the furore with which the stock mar
ket opened on Wednesday morning was
dramatic in point of anticipatory inter-
est. In word, the market movements
have not been more violent at any time
since the Venezuelan episode. On Mon
day call money had been scarce at 81 per
cent and time funds were practically I'M
obtainable for short periods. while there
was no market for mercantile paper But
late in the week call money fell TO 3 l.,
per cent and time money was in abund-
ant supply as low as per cent for all
periods, while prime mercantile paper
was readily discounted at 6I7 per cent
An interesting development was the com
plete disappearance OF, the premium on
gold and the anxiety of the people who
had previously Withdrawn the coin to
exchange it for currency. Heavy ac-
cumulations of gold at the banks, owing
TO the refusal of the sub-treasury officials
to receive il except subject to temporary
delay, are expected to result in payment.
of clearing house balances and at the
custom house in the yellow coin. On
Wednesday the exchange market broke
2 cents for actual and one cent for post
ed. Sterling under the offerings of ex-
change that had previously been boarded
but during the latter part Of the week,
partly on the ease in money here and its
hardening tendency abroad. and particu-
larry as result OF payments for gold by
importers and covering by shorts, the
market advanced sharply. The closing
figures were at 1856 1884 for actual
demand and S4S2 IA and 81 SO 1-2 for SO
day bills.
Bay State Gas was a conspicuous fig
ure of strength on the settlement be-
tween the conflicting interests and con-
sequent discharge Of the receiver. TIL.
unexpected declaration of a dividend OF
4 per cent on Tobacco. common. was fo,-
lowed by an erratic 1G-point movement,
the distrust entertained of the manipI-
lators by the street precluding success
fui marketing of stock by insiders, as had
been anticipated. Prices generally fiuc-
iuated violently. the early top level re-
cording gains over the preceding weeks
close of TO 10 per cent. the last in Su-
gar. A sharp reaction in prices occur
red on Thursday. on realizations, partly
inspired by unfounded stock jobbing al
armist reports, but the market steadiei
later and most OF the declines were re-
covered. Some stocks had the best prices
IN the present movement az the
close.
BONDS.
The railway bond market developed ag
gressive strength on enormous dealings,
With special inquiry for the bonds OF re-
3sntly reorganized companies
Government bonds were also IN active |
demand and advanced materially, or |
arge investment orders. a feature OF |
he market in the mid-week dealings wa. |
: break OF L. per cent IN silver ceTti- |
icztes, 10 81 IL per cent The decline /
vas subsequently, recovered The stock |
market left of strong at net gains OF 90 4
per cent, with the grargers, southwest
rms. and industrials leading. The sg-
yrsSats sales were 2c02-s55 shares
The bond market during the week dis
played buoyancy on heavy transactions.
all varieties OF mortgages.
Foreign houses purchased large blocks /
Z the leading issues The Reading and \
-r1iSo- marriages Ee-1 the leaders in