The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-29

New York, March 2S.-The local stock
market today moved more independently
Of English influence than for sine time
past, the roundup Of short contracts by
the bears being the principal motive for
the dealings. The Burlington report for
February, showing an increase in the sur
plus of s27S, 39l, was more satisfactory
than had been anticipated. For some
time past Burlington has been favor
lite with the bears and today the rather
precipitate covering helped 10 give tone
to the railway list at last The stock
rose Us per cent, while the other grangerS
gained fractions. Tobacco oYershadoWed
the entire market in activity and rose an
extreme ~ per cent, to 1e9 per cent, the
top price Of the week, but eased of at the
close. The entire movement in this spe-
cialty is assumed 10 have been based upon
expectation OF the declaration OF d-v1-
dend or dividends on Wednesday next.
In well-informed circles the situation in
Tobacco looks exactly similar TO that in
Leather, some time ago, previous 10 the
declaration of the dividend on that stock.
Sugar rose IL per cent, but lost the frac-
ton eventually. The La Clede Gas shares
common and preferred, were strong, ad-
yancing rs per cent and l per cent re-
spectively In the other markets, frac-
tional gains were distributed, with Union
Pacific displaying a ripple of activity.
The market closed fairly active, with
prices at about the highest.
The stock movement for the week has
been of a professional day-to-day charac-
ter, with prices g-avitating toward a low
or level. a noteworthy fact, however, is
the demonstration in disposition OF owners
of the leading shares to part with them.
The speculative market has been shaped
chiefly by two factors of special import
ance, neither of which, however, is en-
tirely new. The RAPIDLY succeeding poit-
ical complications iE. Europe and the con-
tinued interest in the Cuban deliberations
at Washington have caused a steady drib-
bling of foreign-held American securities
on this market. The choice character of
some of the securities thus forwarded
would appear to indicate that the foreign
ers have been pretty well bailed out.
Aside from the political unrest there has
been continued apprehension of a revival
of exports of gold to Europe. In view of
the unprecedented large treasury holdings
of gold, 1t would appear that a fairly con-
siderable amount could be shipped to Eu-
rope without serious consequences. The
real unfavorable influence for a renewed
outflow would be upon sentiment and,
contrary to the popular impression, IL is
sentiment rather than reason that fire.
quently actuateS Wall street. As is We'll
known, the treasury department intends TO
use all the legitimate means in safeguard
ing its gold reserve, and in consequence
of the advance in sterling exchange rates
to within one quarter of cent or the
shipping point, a second call of about %
per cent of their holdings of government
gold is expected to be made on the depOs-
itory banks in the near future, and prob
ably within day or two. The treasury is
understood to have also under cOnSidera-
ton further advance of lie per cent In
the premium on gold bars, following up
the advance of lie per cent ordered this
week. The point has been overlooked
that the treasury will have to disburse,
old 4per cent loan. The distribution of
this amount will undoubtedly cause in
creased ease in the money market and in
the end tend to stiffen exchange and thus
defeat the plans of the administration.
The local way out of the difficulty is 20
take from ths depository banks with one
hand while with the other the treasury
meets jts interest obligations. Uncon-
firmed rumorS at the close of business
were that two leading exchange houses
were figuring upon shipments of gold by
the early steamer next week aSgregauns
100000 The general speculation lacked
important features The industrials chiefly
occupied professional dealers. Manipula-
ton in Tobacco was the star speculative
event in the group, and ell sorts or
changes were running regarding its div1-
dend and other probabilities. Chicago Gas
was also adroitly handled on rumorS OF
more favorable attitude on the part or
Attorney General Maloney on the queS-
tons of consolidation ard of the declara-
affecting the railroad list were of a routine
character, including the declaration of the
regular quarterly dividends on the Lack
awanna and Rock Island. Railroad earn
ings were in the main satisfactory. includ-
ing the Burlington report for February,
and substantial increase in the st. Paul
returns for the third week In March. The
most important net change for the week
is a net gain of 45s per cent in Tobacco.
The aggregate sales were 500, 316 shares.
Today'S bond market was dull and firm.
but otherwise featureleSS. The sales were
si97 GOO On the week this market was
irregular. with an easier tendency. The
net concessions IN the speculative issues
were light, but there were some material
declines in some Of the inactive mortgages.