The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-04-02
FAILS TO CONTINUE
TUESDAYS ADVANCE III STOCKS
WAS FOR ONE DAY ONLY.

All Anticipations of Permanence Based
on Misunderstanding of the Occasion
for the Recent Adyance-Iudustrials in
the Lead. Led by Tobacco, Which is
Subject to the Influence of Dividend
and Other Conjectures Late Selling
Movement General Close Dull and
Heavy-Bonds Active and Higher.
New York. April I-Today's stock
market indirectly indicated the source
Of yesterdays animation, rescting a de-
cided diminution OF the short interest
People who had not appreciated the
situation were inclined TO look today
for lively advancing speculation,and
they were disappointed. The volume
showed a considerable falling of and
the operations were poorly distributed
with the activity in the industrials as
group entirely disproporiiOnate 20
the movement in the railways. To-
bacco figured for nearly One-third OF
the entire dealings. The speculation
in this stock overshadowed in inter
est the trading in the other shares. ow-
ing 10 the continued manipulation and
the long drawn agitation regarding a
possible compromise with the opposing
interests and the dividend action like
ly 10 be taken by the directors az to-
days meeting. The directors were in
session together part of the day and the
dividend announcements were withheld
until after the close Of the exchange.
The stock moved in erratic fashion in
response 10 various estimates as 10 the
probable amount OF the dividends. Al
the outset weakness was evident. the
price receding is per cent, TO ssh per
cent AT the low level inside buying
caused rally to 90z per cent. a re-
action TO sSA per cent followed, and in
the late dealings another rally to S9S.
per cent. In the street late in the az
ternoon, bids of 90 per cent TO 90 per
cent were reported on the dividend an
nouncement. The directors declared
the regular quarterly dividend of 2 per
cent on the preferred, a dividend in
cash of . per cent and an extra disburse
ment Of 20 per cent on the scrip on the
common stock. The scrip dividend is
estimated, with the stock at 80 per cent
as equal 10 81 500 on twenty full shares:
or at 80 per cent. the curb bid price, IL
would be equal to 81 900 on twenty full
shares. The general market opened
firm, but soon shaded of slightly all
around. The bulls soon interposed and
checked the reactiOnary tendency. Su-
gar advanced IL per cent and import
ant fractional gains were reported in
Burlington, Rock Island, Distilling and
a few other shares. Manhattan jump
ed 2 per cent, to 107i7 per cent on the
news of the approval of the extension
privileges by Mayor Strong. Read
ing was in good demand late in the
day and rose Ia per cent. The bonds
of the company were more active and
were traded in at advancing prices.
The afternoon speculation presented
but few features of interest. London
was alternately a buyer and a seller.
but its operations were not large. In
the final dealings a general selling
movement occurred, causing fractional
bed 20 revived rumors Of impending
gold exports. The close was dull and
recessions. This movement was ascri-
heavy.
Bonds were active and higher with
special strength in the Reading and Nor
thern PacifiS issues. Sales s., 900. 900.
Governments were we'll held on deal
Of OO0