The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-04-16


pont Morgan to London-Market Opens
With Snap and a Rush of Buying Or
ders-Realizing sales Ensue-ReIaPses,
steadies ard Closes at Fractional Gains
Bonds Strong.
New York. April 15.-Today's stock
market fell considerably short of gen
eral expectations, so far as activity was
concerned. This was particularly dis
appointing, as at intervals show or
animation was made. The tone OF the
| speculation, however, was unmistaka-
bly, strong. A gratifying development
and one that offset firmer tendency
in exchange rates was renewal OF in
terest in American securities by for
eign dealers, giving some confirmation
of the current suggestions that the Wis
il Of Mr.. Morgan TO London will be IA
vorably reflected in this market thro'
awakened investment demand for our
railway securities. The continued &C
emulation of idle capital in London
is causing opera tors at that center 10
redirect their attention TO this market
| Well informed financiers, however, still
deprecate the disproportion Of activity
OF shares to the large volume Of bust
ness in the industrials. There was again
today a moderate demand for securities
by commission houses. The early dea-
lings were characterized by a certain
amount of snap, but after the first rush
Of buying orders was executed, the
market yielded on realizing sales and
the temporarily unfavorable effect or
an advance in pc sted rates Of exchange
of a half cent. The market soon Sled-
died, however, and then relapsed into
decided dullness, prices, however, being
well held. Considerable interest was
manifested as to the probable figures
at which Tobacco eX the per cent
cash and % per cent scrip dividend
would be quoted at the opening. the es-
Inmates ranging from 20 10 ~ per cent.
The continued talk Of injunction pro
ceedings to restrain the management
from mading the scrip disbursement,
also added to the prevailing uncertain
ty. The initial price was 7 per cent.
against 81 per cenc, the final figure OF
yesterday. Subsequently, decided hea-
viness was noted, and a recession oc-
CURED to IS per cent. The eX-stock
left off at 6S24 per cent. Cash sales
were frequent during tn day, and an
early rise of III per cent, to ssh per cent
was succeeded by a slump to S21a per
cent at the close. Officials of the AM
erican Tobacco company again denied,
up to the close of business, any knowl-
edge of injunction proceedings. Trans
actions in the scrip were made around
20 per cent, at intervals during the day
Louisville and Nashville advanced l
per cent on the foreign buying previous
ly referred to. The top prices of the
grangers were scored in the late after
noon. The bull pool in Sugar again
cut out the pace, advancing the price
is per cent, to 23s per cent. The de-
cided strength Of the Sugar market and
the wider margin of profit now being
obtained by the trust from the differ
ence IN price between the raw and
the refined product is the text for the
upward movement. Taking of profits
caused a reaction Of per cent, which
was followed by partial recovery. In
the specialties, Illinois Steel jumped 31k
per cent to 70 per cent. Ann Arbor pre-
ferred rose per cent, Canadian Pacific
rs per cent, and Pullman, Michigan
Central and Louisville and Nashville
! per cent. The closing was firm at
general fractional gains.
The total sales of stocks today were
1858 shares, including: American
Tobacco 1900; Chicago Gas 1000; Am
erican Sugar $4,000; Burlington 1900;
Distilling 300; General Electric 5,400;
Louisville $500; Northern Pacific $500;
St. Paul II 200; Western Union 300.
Bonds were strong with the more no.
table advances in the inactive issues.
The improvements extended to 2I5 per
cent in New York and Manhattan
Beach f1rsts. Morgan's Louisiana and
Texas skies gained IL per cent, Ches-
apeake and Ohio fives rs per cent, Wa
bash debentures seconds, st. Louis
Southw WESTERN seconds. and st. Paul and
Cioux City firsts IL per cent The
sales were $1,762. 900.
Government bonds were firm on sale
Of 81 ,225, 900.
New York. April 15.-The Evening
Posts London Financial cablegram:
The demand for investment securf-
ties is spreading and even shows signs
of reaching American railways. Brok-
ers here report they have had more in
quiries today for stocks and bonds than
for weeks past, and the feeling in re-
gard to the market at the moment is
decidedly more cheerful.
The Paris and Berlin markets were
quiet and featureless. Paris has taxi
en- little gold from the open market
here with a view, il is said, Of remit
ting 10 SDain