The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-18

Way of Legislative Judicial Pitfalls
Close at Slight Gains-Bonds Less Active
New York, March 1.-THE trading
in railway securities today bore q very
slim proportion 10 the speculati ton in
the industrials, although the market as
whole was only moderately active.
Tobacco lost precedence in point OF &C
tiyity, giving place TO Sugar, which
reached the largest total and scored the
most exceptional movement Of any in
the list. Regarding Tobacco the ira
ders are beginning 10 be little uncer-
tain as 10 how 10 figure on its probable
course, owing TO the proceedings 10
come up before the attorney general
of New Jersey on Morch %, a Trenton.
There has been an impression that the
trust would come out ahead in the le-
gal contest, but within a day or two
distressing rumors as 10 the outcome ar
heard 1t is contendsd that even If the
charter of the company is annulled il
can follow the example of other indus
trial corporations and secure a new
one under different terms. The point
is made, however, that any change in
the company's business would prevent
ii from making as much money as at
present. The old pool manipulation
is still evident in Sugar and, further
more, IL Is claimed that a we'll known
speculative corporation is bulling the
stock. The oStensible cause OF tOday's
strength was improvement in the prices
of Oreign sugars and benefits expected
from the increased bounties proposed
on German Sugars. The bill has sill
to pass the bundesrath. In the alb
sence Of any news having important
general bearing on financial conditions
the firmnesS which was displayed in the
security market could only be attribu-
ted to the operations of the trading
element. London was not a factor.
The course of prices was somewhat ir-
regular with the tons. as usual,
widest in the industrials. Tobacco was
erratic within a 1 per cent range and
eventually closed at a fractional loss.
General electric was slightly easier dur
ing the greater part of the forenoon,
but rose sharply in the late session on
liberal purchases attributed 10 Boston.
The stock closed at a net gain Of rs
per cent. Leather preferred was at
taocked effectively in the early trading
tional rally ensued. but the final price
was about at the lowest. Cotton oil
preferred was absorbed quietly, and
touched 81 per cent. In the last few
days this stock has been steadily re-
covering from the losses caused by dis
tressing but unfounded reports as 10
the dividend outlook that were publish
ed week or two ago. The railway
list was without market feature altho'
some noteworthy gains were made in
a few instances. Baltimore and Ohio
was exceptionally strong, rising is per
cent and retaining most of the improve
ment. The buying was in the inter
est Of the shorts. The Northern Pa
cific shares were less active than yes
terday, but exhibited strength, the pre-
ferred stock scoring an important frac-
tional gain. The market closed firm
with Sugar 2ss per cent net higher and
the general list showing slight gains.
The total sales of stocks today were
1872 30 shares, including: American
Tobacco $500, American Sugar 42.SO0;
Baltimore and Ohio 1000; Distilhng A.
900; General Electric 1890; Northern
Pacific preferred, 400; ST. Paul, $500;
Wabash and Lake Erie, $500.
Railway bonds were less active but
displayed some irregularity. The Nor
thern Pacific issues attracted the great
est interest. Gains noted in the early
session were not maintained and the
closing figures reveal slight declines ex-
cept for the consolS. The aggregate
sales were S2.O49.0o0
Governments were practically fea-
tureless on sales of s16,S5O.