The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-13

While the Changers Come In for Good Bust
ness Along With Louisville and Nash
viIIe-st. Paul Dividend Takes an En-
eOuraSinS Turn and the Westinghouse
General Electric Difficulties Are
smoothed over Gains in General Elec-
trio and Tobacco. Which Latter Yet
Holds Prominent PIace-Bonds.
New York. March 12-Interest in
Wall street today conferred in the prob
able action OF the board of directors OF
the St. Paul railroad at their meeting
10 act upon dividends for the half-year
and the deliberations OF officials OF the
General Eelectric and Westinghouse
companies regarding an amicable and
business-like agreement TO abate the
ruinous competition that has been going
on for a long time past. on the first
point the expectations OF the financial
community were fulfilled, as the divi-
dend rate on St. Paul common stock
was increased 10 4 per cent yearly basis.
Regarding the Electric companies. ru-
mors of an agreement to be shortly an
nounced had been current in the street
for several days past. It was even
stated that an agreement had been
signed several days ago subject 70 the
ratification today OF the respective
boards OF directors. The arrangement
concluded today covers division OF ter
ritOry, establishes mutually satisfactory
prices and other ESSENTIAL points. and
Will be hailed with satisfaction by the
nT 20
whose money has been for a long time
past dissipated in the conduct Of ex-
pensive patent and other legal suits.
After the exciting manipulation OF the
industrial shares of the past few days, a
relief was today afforded by more
general disposition TO trade in railway
shares. Louisville and Nashville and
the grangers were in demand and exhib-
tied decided strength. as did most of the
entire list. The government crop stats
tics and the expectation Of the increased
dividend on ST. Paul were the contrib
UtOry influences on the last mentioned
group. Violent changes occurred in the
industrials. Tobacco retaining its prom
inence. with General Electric ranking
second. London was not a factor IN the
speculation, although the arbitrage
houses brought some st. Paul
The market opened with a firm tone
end a more general distribution OF trad
ing. The dealings in Tobacco were
heavy. one transaction of 1900 shares
being noted at 70. The stock rose rs
per cent. but at the top notch liberal
sales occurred and the improvement
vas not sustained. The closing, after
an erratic course, showed a gain of IL
per cent on the day. Activity developed
in General Electric and advance was
made Of per cent. Late in the day. on
a rumor of hitch in the negotiations
the stock was freely offered. and de-
clined 2K per cent. 1t closed practic-
ally unchanged. In the general list the
extreme gains were in Burlington j.
per cent. Rock Island rs per cent and
st. Paul, Sugar, Distilling, Reading
and Cotton Oil preferred l per cent
Dealings in the securities OF the reOr-
Ganized Erie railroad were begin today.
The common stock opened at 1855 per
cent, sold down to 142s per cent, and
closed at 15Is per cent The first pre-
ferred moved between 4OI4 per cent and
5000 per cent and the second preferred
changed hands a I "A per cent. The gen
eral lien q per cent bonds sold at sac
Go. The raid on General Electric around
p. m. temporarily weakened the tone
of the general market, but a firmer tone
developed on the declaration OF the St.
Paul dividends. The closing was strong
at general net gains. extending to l per
cent in many shares.
Railroad bonds were quiet. but gen
orally firm. The transactions aggre-
gated 1926, 900
Government bonds were without i'm
portant change! The dealings footed I'D
81, 600. Renewed activity developed IN
silver certificates, 5000 being traded in
at 69sGH per cent.
BANK CLEARINGS.
Philadelphia. March 12-ClearinGs
s9,124.S4; balances S1,521, 7S2.
Baltimore. March 12-Clearings 81
765 046; balances S442. 490.
st. Louis, March 12,-Clearings S4Ol2.-
164; balances S5S4,3sI. Money quiet. 60
per cent. Exchange on New York p
cents bid.
LONDON AND PARIS.
London. March 1.-THE weekly settle
ment of the Bank of England issued to-
day shows the following changes as
compared with the previous account:
Total reserve. increase $50, 900 pounds;
increase 329 900; bullion, de-
crease 1881; other securities, decrease
500. 900; other deposits, decrease Sc, 900;
public deposits. increase $4,000; notes
reserve, increase 81, 900; government Sc
curities unchanged.
The proportion OF the Bank OF Eng
lands reserve 10 liability, which last
week was 6I.S3 per cent is now 62.46 per
cent.
The Bank OF England's rate OF dis
count remains unchanged at per cent.
Paris. March 12-The weekly state
ment OF the Bank Of France, issued to-
day. shows the following changes ss
compared with the previous account.
Notes in circulation. decrease 100000
francs; treasury accounts-current, in
crease S.375. 900; gold IN hand, decrease
4 025. 900: bills discounted, decrease % /
SIS. 900: silver in hand, decrease So, 900. I