The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-05-10

ing, and Moderate Commission Buying
is Cheering Fsctor-No Foreign Self
ing and Americans Higher in London
Rallies In IndustriaIs Which Suffered
Earlier In the Week-AuthoritIes on
/ Financial Matters Diagnose the Gold
Movement as Normal
New York, May 9.-The usual cover
ing movement incident 10 the hak-holi-
day was noted today n the stock mar
ket. There was absolutely no news
bearing on the financial situation but
the appearance Of very moderate COM
mission buying helped a cheerful sen
timent- The market opened higher but
soon eased on fraction under realiz-
ing orders. The inquiry from the shorts.
| however, served TO sustain values and
on the subsequent operations some
| sharp advances were scored. The alb
| sence OF foreign selling and a slightly
higher tendency in American stocks in
London were favorably regarded The
| industrial list furnished the chief move
ments, sharp rallies being noted in some
4 OF the shares which had suffered severe
| " in the depression early in the week
Rubber preferred jumped 3 per cent, 70
so per cent, and La Clede Gas fmprov-
| ed 10 IS per cent Bay State Gas moved
\ irregularly within a range OF about q
| point. but left of only slightly changed.
| Buffalo, Rochester and PittsSurg pre-
ferred advanced Z Per cent, 10 IS per
| cent, being influenced by the rise in the
common 10 20 per cent Street gossip
1 L.. - -
| the stocks mentioned. The grangers
| and other leading railway shares were
| featureles, aside from the fact that 81.
Paul reached the largest total OF any in
| the entire list The export probabilities
| were but lightly touched upon but
| bankers usually we'll informed looked
| for al least one shipment OF 81. 90, 900 by
| Tuesdays German steamer. The spec
| ulation closed firm in tone at general
| fractional gains.
Purely fractional considerations were
| the important factors in shaping Wall
street sentiment during the week. The
withdrawal Of s5.S5o,O0o in gold from
| the treasury during the week and rae
| indications that the drafts upon the
government reserve would probably be
continued caused some apprehension.
which would appear 10 be premature at
this time, owing TO the fact that the
treasury holdings OF free gold at this
time amount 70 Sis, S3S, 491. Exper-
fenced bankers contend that this re-
serve will be aoundantly sufficient IN
Ill the balance Of trade shall have turn
ed in favor OF the United States. II
should be recalled that the influx OF
gold at this season OF the year IS nor
NAL and that the gold IS simply for
war$ied in the settlement OF tnterna-
tional trade balances. At the moment
the cheapest form of remittance IS the
precious metal. At the outset 81 was
believed that the shipments would be
checked by a general advance 10 5-32
cents in gold freights by the steamship
lines, but the action taken failed to stop
the exports. The advance referred TO
Involved a rise OF about 81 cents IN the
gold point for bills. The adoption OF
the gold standard by the Russian gov
eminent and the efforts now being made
10 complete this most important firan-
cfal project have resulted in the pay
ment of a premium for the metal for
warded TO Germany. regardless OF ex-
change conditions In addition to the
outward movement 20 Germany. gold
was also shipped TO Paris. although IN
changed rates barely allowed the trans
actions.
In the weeks early dealings there
was some spirited selling both for for
eign and domestic account, and general |
material concessions occurred which |
were the more pronounced on the inter- |
national stocks and the induStrlalS. The |
trend OF prices was checked for a time |
by rumors OF an early adjournment of
congress, but reports that the senate |
would not concur in the resolution
adopted by the house. together with the |
apprehension OF a revived Cuban |
belligerency agitation, started renewed |
selling. The crop news was conflicting |
and was reflected IN changing prices IN |
wheat and stock values A favorable |
item was the heavy over-suoScTption |
to So 600 600 Of the New York City 3ia |
per cent bonds and the expectation that |
the issue would probably go abroad. |
Railroad earrings We're satisfactory in |
the main, and including some OF the an |
nual reports of the Vanderbilt lines. |
Although the last mentioned were very
favorable. they were unable 10 prevent |
the respective stocks from recording |
important declines. In the specialties. |
Great Northern preferred was con-
spfcuous for a rise Of S per cent on the |
reported acquisition by the company OF |
large anthracite coal fields. Tennessee |
Coal Colorado Fuel, Illinois Steel and |
Sugar reacted sharply, and Sugar. on |
rumOrs OF definite acquisition Of a |
leading compe titor, jumped per cent,
TO 50 per cent Realizing sales caused /
& secession TO 2sA per cent. La Clede |
Gas securities reflected liquidation. J
Rubber broke sharply on reported i'm |
pending strong opposition. and Tobacco |
was depressed IN connection with the /
indictment OF the president and other /
officials OF the company. The railway |
list ssgged in response 20 general con-
dit3ons but the losses were less severe i
than n the industrial group. Cali /
money rates touched ( per cent toward /
the end Of the week but liberal offerings
sent the rate down 20 2iz per cent and 3 !
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