The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-05-24

L
Rise in Grangers-CIose at General I'm
provements - bow the Professionals
| Have Worked the Political Situation
During the week-Bonds.
| New York, May 23.-The industrials
were, as a group, the point Of activity,
today, but the greatest aggressiveness
was displayed by Manhattan. The de-
cision of the supreme court against
the consduutionalbty Of the rapid trans
it act has caused a decided reversal Of
sentiment regarding the stock, particu-
larry as the financial community at
| large had not expected any such action
The stock was bought for both accounts
causing an advance OF pa per cent, to
1914 per cent General Electric was
favorably affected by the decision also.
as the prospect Of a remunerative con-
tract with the Manhattan is considered
TO have been greatly improved thereby.
BuIlish gossip as to probable widening
of the scope Of the company's operations
| is also current. The result was an adj
vance of 2$ per cent. Consolidated
Gas and the Cordage shares stiffened
| sharply and higher quotations were
noted for other industrial properties,
| aside from La Clede Gas, which broke
I IA per cent on liquidation by holders
| tired Of the protracted delay in the lit
| igation affecting the companies char
| ter. Tobacco rose small fraction ear
~, but IN the closing dealings was raid
ed by the bears and dropped rs per cent,
TO 66A per cent. Realization of prof
| its was partly responsible for the de-
| cline. The Changers, Louisville and
| Nashville, and Southwestern preferred
| absorbed the limited interest in the
regular railway list and made general
progress toward a higher level The
last mentioned rose 1 u per cent but 1t
did not retain the full improvement.
Chicago, Cincinnati and Cleveland and
st. Louis jumped rs per cent on light
| dealings and the Southwestern gained
| important fractions. The professional
dealers continue to make the f1uctuation
being compelled to diiate to the extrem-
ity Of tediousness upon the political pos
sibiiities, in the absence of immediate
| germane considerations. The gold with
drawals were utilized as a speculative
argument, fully as practicable, and al
|
the outflow OF the previous week. some
uneasiness is manifested over the decrea
sing gold reserve. Sterling exchange
rates were we'll held throughout and to-
ward the close the market displayed
strength, and advanced to 4S9. Long
! bills andtables were also slightly high
| er and expectations of a considerable
eff1ux of the yellow metal the coming
week are general. Foreign operations
were on limited scale and were main
| ly for the short account, except in Nor
| Thern Pacific issues, round amounts Of
those securities being taken for Euro
pean account in addition to consider
1 able block marketed in London by Mr..
J. P. Morgan. There was a dearth Of
news having a general bearing upon
the market, aside from the crop reports
| which were in the main satisfactory.
Reports from all the large milling and
farming interests OF the northwest point
10 reduced acreage of wheat and an
unfavorable season, up to date, but the
adviceS received by the large specula-
| tors, which are almost always more
accurate, have induced them 10 sell on
the theory Of large crop of spring
wheat and more than an average crop
of winter wheat. Corn has not started
|
| there is believed to be every indication
of decided change in this respect with
in the next thirty days. The market
generally displayed a more decided
tone in the closing dealings and advan-
ce5 in prices were made. especial move
ments being noted in some of the indus
trials under strong manipulation. The
| speculation in this group was the fea-
| ture Of the market, with Sugar regain
| ing its old-time prominence. The stock
ran off 2%4 per cent, early, TO 30 per ceft
| but was taken vigorously in hand and
rose TO 125 per cent, closing at about the
| best. Tobacco left of at 66A per cent,
a gain of IL per cent after an early ad
! vance 20 ISIS per cent. The Rubber
shares were fav0rably affected by the
reconciliation among the leading inter
ests precluding a contest at the annual
| meeting early in the week. After a
drop OF per cent, 10 1904 per cent,
several rallies and reactions occurred
until near the close, when a rise 10 107k
per cent took place on the decision
against the rapid trancit project. The
| speculation OF the week left OFF strong,
| with the standard shares recording net
gains of 1924 per cent
Railway bonds were dull today with
were $4,000. The market during the
week was quite firm. foreign orders be-
| Ing executed in some prominent issues,
| including Southern fives and the North
ern Pacifics. The changes show net
gains, extending to ~ per cent In Pitts
| burg and Western firsts. The princI-
| pal issues show gains OF a point or
| thereabouts. The sales were s., 707, 900.
Government bonds were quiet but
prices were well held. The transac-
tions were I57. 900. State bonds were
without notable change on dealings OF
$1,000.
NEW YORK BANK STATEMENT.
New York. May 23.-The Frnancisr
says: The decrease OF s.. sos 900 in the
loans IS an unfavorable feature OF the
| statement Of the Associated Banks OF
New York City for the week ending Nay
| o. Viewed in the light OF the expans-
ion which has been noted in that item
OF late, the sudden falling off Is not
easy OF explanation. II does not seem
probable that the checks shown on the
current expansion viii be more than
temporary. since the increase OF only
| SO. 900 coo this season compares with a
total expansion Of 81. CO., 600 last year.
made during a period covering bout =
weeks.
The contraction OF the current week.
however. augurS a lesseniug demand.
and indicates further heavy exports OF
gold soon. The banks gained in cash
| during the week S3,SS5.50o This gain
IS In the face OF exports Of s.. 700 90.
The advance IN the price ef domestic
exchange az the larger commercial cen
ters indicates that the movement has
not run its course YET. although the