The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-29

rock MARX DE0IDBDL
WEAK MOST d HE DAY.

WEAK MOST q HE DAY.
Wholesale LlquidatIoa and Vigorous Bes
notwithstanding movement. Chfefl
Due to Approximations Of Disturbance
in Values on Account OF Congressions
Action on the Cnban BeIIigereney goes
tion-Notabls Decline In sugar, which
Foots Up Nearly Quarter OF the Deal
ings-Leashsr and st PauI-Bonds.
New York. Feb. 2s.-The volume OF
business IN stocks today about doubled
Thursdays record, the total footing up
10000 shares, as against $4,000 yester
day. Decided weaknesst characteriz-
ed the trading during the greater part
Of the day and at times the market
took ON a ragged appearance. Whole
sale liquidation was noted and there
was also vigorous pounding by the old
time bear leader and his following The
selling movement received its chief or
iginal impetus from Washington and
leading houses having wire connections
with that city threw over large lines
on leading Broadway commission hous-
es, putting out 1900 to $4,000 shares of
stocks for both accounts, including Su-
gar, St Paul, Chicago Gas, and Tennes-
see Coal The first mentioned stock
figured for nearly one-Quarter OF the
large aggregate of transactions and
scored decline on the day OF SIS per
cent. The se1treme decline was 3 per
cent and the closing showed a loss as
compared with yesterdays final fig
ures OF 2Z per cent. The greater part
of the selling was for account of the
inside pool, which has for several
weeks past been active in advancing
the stock. Leather preferred was
about half as active as Sugar and sold
down an extreme 2% per cent. to 59h
per cent. 1t left of at 8 net decline of
about that point The depression in
the stock was due to the continued cir
culation of circumstantial unfavera bic
criticisms Of the annual report and af
fairs of the company. For example
1t Is claimed that the current impress.
sion that the company has paid half
of the $3,000o00 floating debt shown In
the report, is erroneous, and that its
resources have been tied up as a result
Of a gigantic speculation IN hides. It
is recalled that the misfortunes OF the
National Cordage company were pri-
narily due to q similar policy st.
Paul came third in point of activity and
about only 900 shares behind Leather
preferred in this respect. An unusu-
ally large business was recorded In
Louisville and Nashville. The only at
tempted explanation for the slump was
that large interests were apprehensive
of possible disturbance of the market
in the event OF the expected heavy vote
in the senate in favor Of the recognition
Of the belligerency and independence Of
Cuba. Nevertheless, shrewd observ-
ers have for several days past regard
ed the market as toppy, believing that
stocks had passed into weak hands.
The market opened strong and higher
in sympathy with advancing London
quotations, and by liberal foreign pur-
chasing Of St. Paul and Louisville and
Nashville. The gains at the outset ex-
tended to IL per cent, In the active list
Manhattan leading. Baltimore and
Ohio rose ~ per cent on the belief that
crisis IN the affairs of the company
had been averted. In the late deal
lu6Sp fAtOHENCIe lllG DiAEC EdkbC4 "
slightly below last nights level. The
upward movement soon eliminated
and depression succeeded and continu-
ed without interruption until the last
fifteen minutes OF business. The Nor
thern Pacific shares, common and pre-
ferred, made display OF strength at
one time, in marked contrast to the
other markets, and rose Y and Y per
cent respectively on the unfounded as
sumption that a reorganization plan
had been officially formed, and even
underwritten- The selling movement
was In full force In the more promi-
nent shares around 2:30 o'clock and
aside from the losses already noted, the
extreme concessions ffom the top level
were Burlington and Tennessee Coal
3H per cent; Louisville and Nashville
and General Electric 3ls per cent: Con-
solidated Gas and Baltimore and Ohio
8 per cent; Rock Island and Pacific
Mail 25s per cent, st. Paul 2Ik per cent;
Chicago Gas 25s per cent; Manhattan,
Kansas and Texas preferred, and LAX
awana. 21s per cent and Northwest IL
per cent. A brisk covering movement
occurred about 2:45 In which recoveries
were made Of rs per cent IL Leather
preferred, Burlington III per cent? SUI
gar 15s per cent; Manhattan IL per
cent and Pacific Mail. Louisville and
Nashville and Reading per cent. The
market closed strong In tone but with
heavy net losses In many shares.
Thte market for railway bonds ex-
hfbited an improving tendency in the
early session under the leadership Of the
Northern Pacific issues, which were
helped by rumors noted elsewhere. The
gains averaged about per cent in the
issues referred to. Baltimore and Ohio
fiyes were marked up to 81 per cent. as
against the offers of So per cent, sellers
70 per cent. the final quotation OF yester
day. Late in the day the market was
somewhat affected by the depression in
stocks. The dealings were $1,1ss.000.
Government bonds also displayed
saggfng tendency and sales OF 81, 900
at slight concessions were made.
LONDON. PARIS AND BERLIN.
New York. Feb. 2s.-The Evening