The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-21
at Advances After Active Purchasing.

New York, Feb. 2o.-The stock mar
ket displayed considerable improved
tone today. Business was on an in
creased scale and the dealings were
fairly well distributed. The speculat-
i've sentiment, aside from the purely
local factors, was favorably Influenced
by renewed foreign buying OF our Sc
curities, which was reflected in sharp
advances in the internatio stocks
The change of front abroad is due 10 a
variety of considerations. Il is being
recognized that apprehensi0ns which
bore heavily upon our speculative mar
kets month or two ago are now en-
tirely diSSipated. The prospect OF f.
nancial legislation during this session
OF congress is remote and in Europe as
we'll as in this country a decidedly en-
larged estimate from previous calcula-
tons as 10 the net gold results TO the
treasury from the government loan is
made. 1t is now figured out by eX-
perienced fnanciers that the proceeds
OF the sale Of the bonds may bring the
reserve up 10 about $120 000, 900. Treas
ury officials express the opinion that
practically all Of the bond payments
VIII have been completed by the mid
die of next month. This theory, il jus
tilted, narrOws down considerably the
chance Of danger OF disturbance OF the
money market. Todays speculation
undoubtedly received some impetus
from prominent local banking inter
ests, and rumors of progress making
toward the rehabilitation of the North
ern Pacific company exerted consider
a lnf1nanRa IN p
authority, however, current reports
purporting to forecast the details OF
such reorganization are largely con-
ectural. II can be stated that ma plan
has been passed upon definitely and
chiefly for the reason of the legal OBJ
stacles still existing. At the outset
general fractional improvements in
prices occurred, followed around mid
day by recessions on realizing sales
The upward trend of prices was soon
resumed, but the gains were not OF
special Importance until. the last hour,
when the purchasing movement at
tained full force. The commi ssion
houses report increased business. COW
CRYING a number of hitherto neglected
shares, and shorts contributed to
considerable extent toward the rally
Continued strength and activity in the
government bond market was again a
feature, the new coupon tours rising to
rs On large transaction. The gains at
the top level, in the active list, extend
ed To rs per cent in Louisville and
Nashville In the inactive shares Erie
common and preferred rose IL per
cent and } per cent, respectively.
North American exhibited an unusual
ripple OF activity in the late dealings,
rising y per cent on transactions of
$500 shares The management is IN
derstood to predict that The company
at an early date will show all debts
cleaned up. and a handsome cash sur
plus in addition. Ann Arbor advanced
per cent The closing was strong at
general fractional net gains.
The railway bond market exhibited
animation and strength, the gains be
ing widely distributed. The Northern
Pacific issues Were again conspicuous
for activity and improvement. On the
other hand, Oregon Improvement con-
sol hYes trust receipts made a decline
of S@4 per cent. to 251a per cent, with
subsequent rally of per cent Oregon
Navigation fives trust receipts dropped
As per cent, to 9212 per cent. but re-
covered to "a per cent. The aggregate
sales were S3.339. 600. The net gains
were material in many instances and
extended 10 per cent in General Elec-
trio debenrUre fives
The strength Of the government bond
market was undated. with the new
coupon fours the feature. The aggre-
gate sales were $685.. 600.