The Wichita daily eagle., 1896-11-29

Hfgh-Priced Shares-L:quidatiou in the
specialties-Ssws Encouraging Enough,
But the Speculative Sign Is Not In the
Right Ouarter-Favorable Bank State
ment, With Continuing Increase in De.
posits--Reyiew of the Week.
New York, Nov. 2s.-The stock market
today on moderate and indifferentIy dis
sributed dealings sagged sharply under
aggressive movements by the bears
against the high-priced stocks and liqui-
dations in the specialties. The last men,
honed influence has been decidedly mark
ed OF late, particularly in the usually
neglected stocks, including LaClede Gas.
The common fell per cent, to q per
cent, but made full recovery, while the
preferred declined 3 1-2 per cent, TO y
per cent. The supreme court decision af-
tecting the company's charter, which has
5een long pending, is expected to be rem
aered on Monday and the suggestions
made by the traders that the opinion
would be unfavorable caused the slump.
The news of the day was encouraging,
but owing TO the peculiar speculative con
The items included in a favorable bank
statement, and the October report of the
Burlington showed. an increase in sur
plus after charges OF S207, 1876. The stock
nevertheless, scored an extreme decline
n the active railroad list Of l 1-2 per cent.
New Jersey Central on the continued milo
weather, brche 2 per cent, which checked
activity in the anthracite coal trade. The
losses otherwise except in few instances
did not exceed fractions. A ripple of firm
ness was apparent in the early trading,
but the selling pressure soon turned the
scale The closing was at about the
lowest
The total sales OF stock today were os4,
6ll shares, including: American Sugar,
1880; Burlington and Quincy Is, 300; Ch,
cago Gao, 4.9o3; ST. Paul, $500.
WEEKS REVIEW.
The course OF prices during the week
was disappointing TO the bulls, as ef-
forts TO establish a higher range were
nu,lified by persistent bear aggression
and a constant dribbling out of long
stock. 1t is believed that the short in
terest has been materially increased,
however. The liquidation was most pro-
nounced in the high-priced stocks and in
the specialties and was superinduced by
the almost complete disappearance OF
investment and outside speculative inter-
ests, and the apathy OF leading operators
usually identified with the long side of
the market. The declining tendency was
checked early in the week and rally oc-
curerd on advices of easier monetary
conditions abroad and the discovery of a
large short interest in American securi-
ties In London, incidental to the first
naking-up day for the fortnightly set
tlement. The dealings for foreign account
Were iDlV on the SAILING eide aopds
ton that was attributed to the uneasi-
ness regarding the probable actioh of con
SreSS in connection with the Cuban aues-
ton and expectation of continued unfa-
Vorable traffic returns by the granger
lines These condition also assisted the
local bears and restricted dealings to a !
considerable extent. AS usual, the indus
trials were affected by specific develop |
ment5 in certain instances. Sugar was
hammered in connection with the tempo !
Tary suspension of some of the reflneries |
over Thanksgiving holiday. Consolidat- |
ca Gas broke I! 1-2 per cent, TO $50 l..
pr cent, on disappointment over the
generalization Of the recent extreme bull
ils1 gossip regarding a probable 10 per
cert scrip dividend in addition to the
regular quarterly disbursement. The |
declaration Of only l per cent dividend !
in Leather preferred precipitated a de. |
H.
Viohs reports Of the improvement in the
conpany's financial status and in trade
conditions had led the street to expect
a more liberal policy
BONDS.
A contraction Of business was noted In
the bond market and prices eased off IN
sympathy with the downward trend in
stocks and dealings were chiefly confiE-
ed TO the reorganization issues and no
narrow fluctuations. An investment de-
nand for government bonds, partly slim
u,ated by the drop in money rates OF 20
2 IL per cent basis, carried the various
issues up sharp fractions, including the
currency bonds, which are usually inac-
tive
The stock market closed weak at net
lossss averaging about point The ag-
gregate sales were 1885, 500 shers
Speculation in bonds during the week
was mainly uninteresting and lower
prices prevailed. Some of the inactive
issues huctuated widely, but the changes
in the active bonds were slight. The
sales were s6.S05, 900.
Governments were active and higher
on investment buying. The sales were
1924. .ooo
Silver certificates were without notable
Change on transactions of 023,000.
NEW YORK BANK STATEMENT.
New York. Nov. 2S.-The weekly bank
statement shows the following changes:
Reserve, increase s2.106. .050: loans. in
crease Ss.S56.200; specie. increase $751;
500: legal tenders, increase s5,25 200; de-
posts. increase Si4.3I9,000. circulation.
decrease Sl13.0o0. The banks now hold
sS1. Al. .6a5 in excess of the requirements
of the . per cent rule.
New York, Nov. 2S.-The Financier
says this week:
The notable expansion which the New
York banks have shown since election
continues. The clearing house state
nent for the current week is altogether
gratifying. the increase in loans being .
significant OF the develop
nent OF trade in all lines. While this in
rsase does not represent altogether
'IrelY commercial or mercantile devei-
'pIa1rts, A large proportion Of il is of
his cha rca ter. In two weeks the banks
= New York have increased their loans
20 less than s1S109, 600, and the expan-
ion since November has been So. .409,
90. Never IN the history OF the banks &.
las such development Of business been
manifested IN the same length OF time.
y any other period. il IS safe TO say. a 4
emand for money equalling the present \
aovement would have resulted in g very
III market. but in the present instance
his tendency is checked By deposits,
irce TIE banks have gained in deposits
10 less than $50. .196. 200 which VIII inCfi-
2-e 70 some extent the release OF funds
oarded previous 20 election. The clear
IS house vaults now contain $40. 500 600 9
I gold. an increase since election Of over
@. .0o4 060 and the increasing use of legal
sn!ers arises probably from the ex-
aaage OF gold at the sub-tre6Sury. 4
reat deal OF cash in the form OF legal
an6ers came from the interior during
he week. owing TO the scarcity Of ex-
mango, and the treasury disbursements i