The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-04-18


Interest illuminated Bearish Asgres-
siveness-London Liquidation in Ameri-
cans-Commission House Buying Nil
Railway Business III Distributed
Sugar Leads the IndnstriaIs in Volume,
is Weak aud Declines-Bonds-
New York. April 1.-THE speculative
temper today underwent change from
Immediately previous conditions, Illus
trating the proverbial uncertainty OF
affairs in Wall street The course OF
prices was generally downward, re-
f1ecting the effect OF realizacions on
Wednesday and Thursday, and the
practical elimination OF the short in
terest- The bear contingent exhibited
aggressiveness, being further encOur-
aged by liquidation in American secur-
tiles by foreign dealers. There was
hardly a trace OF the commission house
buying which within a day or two past
has been an encouraging feature. The
distribution of business in the railway
shares was poor, only one stock, 81.
Paul, recording a fair total In the
industrials, Sugar counted for over one
fourth OF the transactions The stock
was weak, a fact which caused some
thing of a shock 10 the average specu-
lator. The danger OF the widespread
bull sentiment on this specially, was
recently referred 10 in these dispatches.
The decline was in the face OF further
advances in the price OF foreign grades
OF the product The reactionary ten
! dency OF the market was most marked
in the late dealings. The lack OF sup
port in Sugar exerted an unfavorable
sympathetic effect upon the other in
dustrials. The stock in question de-
clined an extreme 212 per cent, TO l23
per cent, closing at 1881 per cent. The
Cotton Oil shares were comparatively
active and developed marked heavinesS
on further unfavorable rumors regard
ing the probable action on the dividend
on the preferred stock, which is paya-
bic in June. The bears made repeat
ed drives in efforts TO compel liquida-
ton and depressed the common rs TO
IL per cent, and the preferred 5la per
cent, TO 5412 per cent. with fractional
recoveries in both instances. Chicago
Gas ran of sharply on a report that
the opposition company had won its
mandamus suit, but recovered the loss
again broke a point on selling induced
by advices that victory for the Ogden
company was a foregone conclusion.
Continued liquidation by inside inter-
ests depressed Tobacco ~ per cent at
the outset but IN the late dealings the
stock was taken by brokers identified
with the management, and was marked
up 2h per cent, 10 69I2 per cent, react
ing point at the close, in sympa thy
with the heaviness of the general mar
ket. The railway list moved within
a narrow range, Louisville and Nash
vile. Southern Railway preferred and
Missouri Pacific scored fractional loss
es. Manhattan was exceptionally
weak in the final dealings. declining to
1881 per cent on realizing sales. The
closing was weak at about the lowest
OF the day.
The railway bondm arket displayed
aggressive strength in the late session
on a renewal of foreign purchases and
some local investment demand. Part
of the gain was lost in the afternoon,
| the market being affected by the weak
ness Of the stock speculation. The
/ sales were s., S54 900.
Government bonds again showed i'm
provement, slight gains being scored
on purchases of $50, 500.
! In state mortgages 5000 Louisiana
consol tours brought 9S& per cent
BRADSTREETS STOCK REVIEW
New York, April 17.-Bradstreet's re-
view Of the week says: Increased &C
tivity and advancing quotations have
given a much healthier appearance 20
speculation. The movement which de-
veloped this week has been amended
/ by number Of gratifying circumstan-
| ceS, among which a leading place should
| be given to the temperance OF public
| interest and TO the fact that attention
has turned from the manipulated IN
dustrials TO railroad shares, aud the
| more legitimate specula tives generally
| The bullish demonstration Is 10 a Ger
tain extent. based upon the expectation
OF greater business activity with the
progress OF spring. and the prevalent
| impression that despite the damage al
ready done TO winter wheat The sea-
son opens auspiciously for other crops.
The belief that the session OF congress
will soon terminate was net without
effect, while the relegatlon Of foreign
controversies TO a position OF secOnda-
~ importance had a tendency 10 revive
speculative confidence. Above all.
however. the changes In London's at
stocks was calculated TO produce a de-
cided impression here In fact the
weeks bullish movement IN our market
Is in a measure q reflection OF what
IS going on IN London. where more or
less OF a speculative revival is in pro-
grsss, the enormous and long pent up
investment demand there having dem
onstrated its power by a marked rise
in conSols and home" securities. South
Africans, 60 long the absorbing specu-
lative feature OF the London market
are now in disfavor and, as would Be
natural, the speculative attention OF
the British public has IN a measure
turned toward American stocks Wall
street lays much stress on the presence
OF Mr.. J. =. Morgan IN Europe. anr
whether correctly or otherwise, credits
that gentleman with having his lnfiu-
ence 10 assist the movement IN Ques-
ton II cannot. indeed. be said mat
purchasing OF stocks for foreign &C
count has been on q large scale. New
ereheless. revived interest n our mar
ket has been shown by foreign invest
ors and spectators, and orders fOr
bonds OF the better class have come
from London IN sufficient volume % az
feet that department very favorably.
Il should also be noticed that the local
investment demand for the new gov
eminent fours has bee-n a feature. the
quotation raising from III 20 lis Per
sent The floating supply would seem
20 have been absorbed and even higher
prices for the tours are talked Of