The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-01
WATCHING THE ONE
BALTIMORE AND OHIO PROPERTIES
ENGROSs ATTENTION.

Shares Close at a Decline of Thirteen and
Three-ouarters for the Week, and With
Terrific Slumps In Bond Issues-Bears
Always Equal to the situation, Notwith-
standing the Roads Meeting ObIisa-
tions-March Interest in Doubt, How
ever-Efect of the Senate's Cuban Vote
New York Bank Statement.
New York. Feb. 2s.-Interest in the APP
parentculmination of the crisis in the al
fairs Of che Baltimore and Ohio road
dominated other considerations in today'S,
as in yesterdays stock market. The
stock closed at a net decline Of 15Ss per
cent for the week; the fves OF 1928 Al q
loss of 49, per cent and the consol iives
of 1888 were Offered down 10 q per cent,
seller - per cent, as against 1Cs per cent
the last previous sale. Rumors uDfavOr-
ably affecting the financial credit OF the
company have become an old story in
Wall street during the past year and have
been set down by officials OF the company
10 bear operators both here and in London.
The non-payment of the COL. cations Of the
company has been repeatedly predicted,
but upon each occasion the money has
been forthcoming, and within the past few
"a
from 20 the effect that the March lntereS,
had been provided Tor and that there was
a fair prospect OF q satisfactory readJGSJ-
ment of the company's affairs. \ syndi-
cate was recently formed 10 prepare
plan OF organization, involving the -SSue
OF collateral trust loan Tor three years,
10 take up the floating debt of the com
pany. A proposition had also been con
sidered 10 establish s,line 10 be called the
Baltimore and Northwestern railroad, en-
bracing the PittsburS and Western and
the branch of the Baltimore and Ohio
| from Akron 10 Chicago Junction. All OF
| these projects were 70 be conditional upon
a satisfactory report by expert, Stephen
Little, as 10 the financial condition OF the
company. The pronounced weakness OF
the securities has predisposed the traders
| 10 take Fhe worst possible view OF the
outlook and officials OF the company, both
| in Baltimore and in this city, were today
mute when interrOgated as 10 the condl-
I ton of affairs. p TO the close OF bust
ness IL could not be learned positively
| whether the March interest had been pro
| vided for.
There was pressure against the market
! IN the final hour and nearly all OF the
| early Improvement was lost. Specuia-
! ton left of active and weak IN tone al
| net general losses Of fractional extent.
The total sales Of stocks today were no.
! 63 shares. Among the more prominent
We're: American Tobacco 1850; American
! Sugar 1850; Baltimore and OHIO 126o0;
| Vile and Nashville $500; St. Paul $500;
Western TO- 500
| Speculative conditions at the opening
| and close Of the week were in marked
| contrast, illustrating the proverbsal un-
| certainty attending operations In Wall
| street. A decidedly bullish tone prevailed
! at the outset, based upon liberal pur-
| chaseS OF our securities for foreign ac-
| count. The cheerful sentiment was
| heightened by the large increase in the
! treasury gold reserve, bringing the figures
Up 10 S13.52, S1S. Confidence was also de-
| rived from the easier tendency Of the
/ money and commercial paper markets, the
| good showing of railroad earnings and
| from predictions that the treasury oper-
! ationS for February would show a small
| gain in revenue apart from results on
| bond account Another favorable factor
| was the opinion that sufficient improve
| ment will occur in our foreign trade move
| ment this Spr;pg to appreciably lesson the
| outflow Of gold usually Incidental 10 that
season. some stress was also laid upon
| a. rise in bullion. An upward movement
! was started which attained considerable
! proportions in the Vanderbilts, prominent
| International stocks and some of the in
duStrials. Commission houses bought lib
| orally and the distribution of the trading
was unusually good. Owing to a series
| of important disturbing Developments. the
| favorable influences noted were subse-
| quentiy over cast and prices began a
| downward trend which, toward the end
| of the week, gained such force in certai n
| securities as to arouse considerable appre-
| henS.On regard the possible sympathetic
| effect upon the general speculation. The
| annual report of the United States Leatn-
| er company evoked a storm of hostile com
/ ment and its publication precipitatsd a
4 Hood OF selling orders. Gloomy forecasts
| of the outcome OF the expert examination
| IN progress regarding the finances OF the
| Baltimore and Ohio railroad, and finally
! apprehension as to the possible effect OF
the practically unanimous vote In the
| United States senate, in favor OF the rs-
! cogni ton OF Cuban belligerency and indie
| pendence, provoked wholesale l!quid ation
| and persistent and effective raids by the
| bears. One leading commission house
/ was credited with sales Friday and Satur-
| Gay Of between 60,O 600 and 5000 shares
| The severeSt losses were scored in Sugar.
| the gTangs. Leather preferred, Tennessee
[ Coal, Louisville and Nashville and few
| other shares, The breaks in Baltimore
| and Ohio and Leather preferred were sen
sationaL The first named fell 10 & per
! cent, as against SO per cent last week s
| final sales; rallied 20 30 per cent on the
| denial Of ne unfavoTable reports, and
| eventually receded TO Zlss per cent, with
the final transaction al pa per cent
| Leather preferred slumped 70 5sl4 per cent.
| as against 6Sy3 per cent, the top price Of
| the week The net decline was &c per
| cent. Other important losses were. Cot
| ton Oil preferred 6is PER cent. La Clede
| Gas preferred So per cent; Tennessee Coal
| and Western Union rs per cent. New
! Jersey Central, Tobacco and 81. Paul o.
| per cent; Cleveland, Cincinnati. Chicago
| and St Louis. Burlington and Rock Island
! Pa per cent; Lead 2ls per cent and Louis
| Vile and Nashville . per cent. The total
| sales were 1.476. III shares.
| The railway bond market today was
| affected by the depression in stocks, with
| the mort important business in the specu-
| lative issues. The volume Of business
! was abouve the usual aggregate and was
| well distributed. The dealings amounted
10 Si.099coo The leading net declines
were: Reading second incomes, trust re-
! ceipts "a per cent: do thirds 1 per cent;
| Northern Pacific oonSoi fives per cent: DO
| trust receipts "a per cent; Wabash deben-
| lures, series 3 Is per cent. PttssbuTg and
/ Western firsts IL per cent; Kansas and
/ firsts and DO seconds IA per cent and
| AtchisOn adjustment fOurs per cant.
| Governments were slightly easier IN tone
| and sales were made OF so, 90 The
railway bond market for the week re-
| spOnCed 20 the course OF stock pr.ceS and
decided movements we're noted IN some IN
stances. particularly in Baltimore and
Ohio issues. The cor sol fiv@s OF isss were
/ offered down 10 81 Per cent seller 20 per
cent against y per cent TIE preceding
week and 90 fveS OF Is-5, siunVed a.
| per cent. 20 q per cent. owing 20 the
| tangled condition Of the company : affairs.
| The Northern Pactfcs were also cOuspic-
uous IN the dealings and advanced mater
| tally on expectation Of steps in he near
future looking 20 tde rehabilitation % the
property. The aggregate sales we're So
GO 90.
The final figures show concessions az q
rule with declines Il The sI-sc uIzt.vs 81
| sues extending % 3 per cent n Kansas
! and Texas seconds.
Governments for the week we're Jess &C.
! tive Fractional concessions occurred on
| dealings OF -. 10
Slight advances were oo-ed or sac
fEzr 80 y =