The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-16
CLOSE WAS HEAVY
LIQUIDATION ENDS THE WEEK'l
DEALINGS IN STOCKS

Gains But Loses Again-Defeat of
the Silver Substitute Fails to Cheer
Those Who had Hoped for Such Event.
as Much as They Thought it Would
Bugbear of the Gold Reserye-strcns
Market for Governments
New York, Feb. I5.-Dec.ded heaviness
characterized the final trading OF the
week. This condition resulted partly from
the efforts OF the professional dealers and.
to a less extent. from liquidation for both
domestic and foreign accounts. Man
haitian Tobacco and Leather preferred
were the features OF the speculation and
displayed notable weakness on moderate
offerings. The emphatic denials of the
recent favorable rumors in circulation
about Manhattan ard the unfavorabIe
character of the quarterly report of earn
inss, published today. provoked a vigOr-
Gus and effective attack by the traders.
The stock dropped 81 per cent TO l04s4 per
cent, after an early gain OF a point. The
professionals raided Tobacco on the de-
lection Of realizing by insiders Incidental
10 the encouraging annual statement of
opera tons. The resulting loss reached
rs per cent, with a subsequent rally OF
Is per cent. \ decline OF % per cent IN
Leather preferred, despite reports OF i'm
provemeat in the alther trade and Of
some surprise, but the room scalpers
brought out the old argument Of the pas
sage Of the dividend against the stock
The concessions in the general market
were mainly fractional. Sugar improved
about point on further advances in for
eign beet and domestic refined sugars. but
eventually lost the gain in sympa thy with
the weakness in the other shares. The
closing vas moderately active and heavy
in tone.
The weeks speculation has been unsat-
isfactory 10 all but the brokers, who de-
voted their exclusive attention 70 quick
turns in the market. There has been gen
eral complaint among commission houses
over the tullless of business. The pro-
greSS making towards repleniShing the
gold reserve Of the treasury, incidental
10 the latest government bond issue. and
the reports and GOSSIP in relation thereto.
have been IN pivOta, Influence IN NaN
street. In the last few days IL has be
come clear to experienced financierS that
the net gold receipts 10 the treasury from
the new 100000 issue Will fall cOlS-d-
erably short of early ant!cipations, ex-
cited by the exceptionally large OVersub-
ScriptlOns. This, OF course. is due 10 the
fact that fairly large proportion OF the
successful bidders VIII, in all probably,
draw their gold from the treasury and
thus defeat the very object OF the loan.
Investors have adopted cautious policy
until the course of the money, exchange
and mercantile paper markets can be
more clearly forecast than at present.
The failure of the free silver defeat n
congress to stimulate foreign purchasing Of
our securities and the selling for the same
in tsreSt, attributed to increased friction
over the TranSvaal situation, together
with the predictions of prominent EUrop-
can financierS OF any early sharp revival
OF gold exports, exert depressing in
fiuenCe upon the local speculative leaders
Trade reports are less encouraging, al
! though returns OF railroad traffic are
mainly favorable. The general market
movement have been fairly active in spite
of the holiday interruption, and the course
of prices erratic. The industrials at
tracted the greatest speculative attention,
it'll ugar and Tobacco foremost and tiuc-
tuating widely. Evidence Of active ma
nipulatiOns by insiders was manifest in
each case. The first named was marked
up per cent, 10 ll01s per cent. IN antici-
patton Of the early declaration OF the
regular dividends. A reaction TO 111A
per cent followed, on the Introduction Of
a bill IN the United States senate providing
for the removing Of the differential on
the staple. Subsequently, on successive
| advances in foreign and domestic grades
| of the staple the price rallied TO llSis per
! cent. The annual report of the American
! Tobacco company was much more favor
able than the street had anticipated, and
covering of shorts coinc.dent with ITS
publication. caused a rally to S}A per
cent, as against 10 per cent. the early low
point. a reaction TO 1875 per cent occur
red on retaliation sales, but the net gain
was 32s per cent. Manhattan jumped
points, 70 1lSls per cent. on reports OF
lease TO the Metropolitan Traction com
pany. Denials Of the story. and the IN
favorable report for the December quar-
ter were responsible for slump 10 1882
per cent. The final quotation was 1oo14
per cent. The aggregate sales were ~
JO4 shares.
The railway bond market today was
fairly active, with a downward tendency
in prices. The dealings amounted 20 SSls,-
I .rs.sf ~ns=
4 moderate in volume and firm tone pre-
vailed, although some irregular!ty in val
ues was noted. The total business was
S6,7l2,O0O.
The market for governments was strong.
with the exception of a Z per cent drop
in the old fours. Marked strength and
exceptional activity characterized the
dealings in the new fours coupon. y
single transaction Of $4,000 took place
and the aggregate sales reached N,029, 90.
For the week the unusually large total
of 6, 967, 60 was recorded, the business be
ing chiefly in the new fours coupon
Slight concessions IN prices were gener-
ally made and reports o. the liquidation
interests that had secured large proper
ton OF the new loan were current
LOAN STATEMENT.
New York, Feb. l5.-The New York FL
nancier says this week: The statement
of the Associated Banks Of New York Clty
for the week ending February %. Is 70 De
/ regarded as favorable. although 1t Is not
exactly what had been expected
The increase of .. 81 800 in the loan Item,
for instance, would be taken ordinarily 70
mean that business was expanding, but u
Is not safe 10 judge a sudden increase
in loans following a government bona IS
sue as Indicative OF such a revival The
sudden change in cash holdings, was. OF
course. TO have been anticipated, but the
bank report is a little belated IN cover
ing the entire week. The treasury has.
since one week ago Saturday received IN
the nelghborhcod OF fifty millions In
specie. This does not all come from the
banks, but 10 IS TO be doubted whether
their payments constituted only the
amount shown in the statement
The SIX national banks acting as gov
eminent repositories, now hold, accord
ing 20 close estimates, from eight 20 ten
millions OF treasury gold This - secured
TO the government By special deposits OF
United States bonds.
The legal increase OF S.Af-5o was
brought about n part By the excess Of
interior receipts. and by operations with
the treasury on bond account
Philadelphia, Feb. I5--Ciearings. Ss.s@,-
100: balances. tl.Sy2, 81. week. }s,5iS.sl
balances. &-7se,54s
Chicago. Feb. 15-C7earlnEs. -. "a ,O45.
Money on call steady a. per cent OF
time. car per cent
s. Louis. Feb. I5--Clearngs, - Ss-s3s.
cent New York exchange, = cents cls-
count
GENERAL Markets
KANSAS CITY.