The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-08

Industrials the Main Business, Tobacco
Attaining to Great Prominenee-Balti-
more and Ohio Collapse the Event In
the Railway List-About Receiverships
in Genersi-Comparative Non-ImPort-
ance of London-Bank Statement
New York. March ..-Amercan Cotton
OIL stocks attracted attention by rumors
of unsatisfactory trade conditions. which
II was alleged might affect the dividend
prospects Il seemed a little early 70
discuss the preferred dividend. as Il as
not due until next June. A director OF the
company informed a representative OF the
Associated Press that for the first i've
months % the fiscal year up 10 February !.
the earnings had been in excess OF those
for the corresponding period OF last year
and had been fully up 10 the requirements
for interest on the debslture bonds and
the proportion Of the dividend on the pre-
ferred stock for the Eve months and The
outlook was for improvement il the COM
pany's business. The preferred rallied
per cent The general list was devoid
OF feature. aside from General Electric,
which advanced Ia per cent on maElpula-
zion BY a new pool in the stock Fr2c-
uOnal concessions occurred IN Q NUMBER
OF instances, in sympathy with the depreS-
SION in Tobacco. but in the last hour a
general upward movement carried prices
20 the level of last nights final nsures-
The closing was dull and firm.
The speculation OF the week has been II
fiuenced 10 a large extent by outside con-
sidera tons, notably the political unrest
abroad and rhe Cuban belhgerentcy reso-
lutions. Except in one or two instances
the bulk of the operations have been
conducted by the professional traders IN
the industrial shares The arg umenJs
employed against the active securities n
this class are practically unchanged To-
bacco early displayed strength on cover
ing by shorts and gained IL per cent, 10
50 per cent. Reports of an impending
issue Of preferred stock and OF aggressive
action by the opposition TO the trust
caused heavy selling, q considerable pro-
from the inside. \ decline 10 7lss per
cent reSulte. with a final recovery 10 1S9s
per cent. United States Rubber shares
were unfavorably affected by selling N
connection with the retirement OF the
president and OF powerful interests IN the
directory. The common stock sold on
per cent 10 27la per cent, and the pre-
ferred per cent, 10 s. per cent The first
mentioned was supported at the lower
range and improved 20 34i2 per cent al the
close. In the railroad list the most i'm
portant development was the elimination
OF the financial embarrassment or the
Baltimore and Ohio railroad IN the ap-
pointment Of receivers for the property.
For a long time previously, experienced
railroad men and financial experts had ex-
pected such a contingency. A strong
reorganization commission has under
taken the work of rehabilitation and. Il IS
understood, enjoys the cooperation or I'M
pOr-ant foreign interests in the prOpS rty.
The best information is that the company
has a floating debt OF between $i2.s0, 90
and Sl5.O00cID and that about s3O. Ooo.oc0 will
be needed 10 place the company upon a
solid physical and financial basis The
stock. as result OF the development not
ed. sold down 20 the lowest point ever re-
corded for il, q per cent, and the loss for
the week is ~ per cent The consois
fiveS Of 1888 dropped IL points, 10 Sllz per
cent, and the fives Of 1893, 2ls per cent, TO
SDIe per cent. the latter subsequently, rally
ing 70 s. per cent The depression was
accelerated by the assumption OF heroic
treatment in the impending reorganiza-
ton. The reports OF railroad earnings
have been favorable in most cases. Money.
both on call and time. has been easy, indi-
cations pointing 70 a broader market for
mercantile paper. The impression pre-
walls IN well informed financial circles that
the bankruptcy Of the Baltimore and Ohio
marks the end of a long list Of railway
recetvershipS. Further progress towards
Strengthening out embarrassed systems -
noted in the publication OF plans OF re
organization for the Oregon Short Line.
Charleston Il is believed that CONTROL
ing interests IN Northern Pacific securi-
ties have practically agreed on broad
outline of reorganization and this i'm
preston has been reflected in improve
ment in the securities. Thus far no de-
tails have been divulged- The sterling eX-
change market has exhibited a hardening
tendency, and reports OF general trade
show a reacttonary turn London has not
been an important factor. aside from
operations in 81. Paul, which has been
bought on the favorable traffic statement
for the fourth week in February, and IN
the anticipation Of the dividend decLara-
ton on the common stock at the meeting
OF the directors on Thursday next. The
net changes in prices for the week, aside
from those noted, were unimportant as a
rule, but with most stocks fnclining to-
ward lower level. The aggregate sales
were !. pa l3S.
The bond market today was without
special features. The volume OF business
was moderate and the tone was firm
Northern Pacific issues were in cOmmand
and contributed largely 70 the total OF
$40 O0 The market during the week was
well held on a diminished business. The
Northern Pactfics displayed exceptional
strength on the influences elsewhere not
ed The conSol fives made special ad-
vanceS and show q general gain OF ~ per
cent The trust receipts were a. per
cent The formal announcement OF the
receivership OF the Pittsburg and western
resulted IN a break OF per cent, 20 s. per
cent. subsequently, on the adoption OF
protective measures, a rally occurred 20
70 per cent. The comparative prices on
the balance OF the list shows slight gains
in most issues. The aggregate sales were
$, 81. 60
Dealings IN governments were on a large
scale and a firm tone was noted. The
greater part OF the trading was in the
new fours. The aggregate sales Were
$50. 0p1. Prices during the week were ire
gular and a. the outset a saEg1ng ten
dency prevailed IN the late operations
marked Improvement occurred in The price
OF the new fours The total sales were
state bonds were inactive. only s. go
Virginia centuries being dealt in. az shad-
ed figures.
Silver certificates were without feature.
The transactions footed Up 800. "a 3 ;
per cent ard - per cent
NEW YORK BANK STATEMENT.
New York March THE FinancIer this
week says. The statement of The clear1r Z
house banks ending March - favorable,
viewed y a general sense, exhibiting as y
does. a continued expansion in loans. and
an aggregate increase since February S.
OF since The bond call OF Secretary Car
Isle was issued % $3.50. 10 Net de-
posts. however, are almost E-z-iO-ary
The surplus FOR The current week against
the statement for February > shows -he
reduction = excess cash % have h-=ea
something Ike seventeen millions. Ztl-E
f. about two millions - thar he increase
OF loans. as noted The banks lost n
cash during TIE pas- siI days, the gain n
s-@cie having been Offset by a IoEs IN Legal
tenders The latte- rejects TIE outgoing
movement % money, bu- re exact co1dt-
ton which prevails = perhaps Ooscu-s1
b. Transactions which have been going On
with the treasury o. bond account TIE
increase = specie makes the totaI noE n
New YORK hanks. according . the s-zts-
rne1r. 49,. t5's. Which = compared S.-1
=. ~ 80. reported February E The loss
% The New YORK banks IL thus sixteen
Millions. Tie total cash lost 70 t5s New
YORK banks n -hat tine has been 81 ga -
o. TIE movement which nzs beer gong
o. for some tine toward t1e = terror has
been somewhat checked. and ne -norsy
make; wic5 several important points 3