The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-04-08
LITTLE PITY FELT
TOBACCO OVBRDOBS THE BUSINESS,
AND so BREAKS
That Being Considered the Proper and
of the So-CalIed Conspirators in That
Stock-General Market Keeps Up and
Notwithstanding Expected London
Panic on the Csban Resolutions Fails TO
Show-Closs at Fractional Gains.

New York. April THE feature OF
the share speculation today was the
fact that the general LIST proved supe-
rior to pronounced weakness n Ameri-
can Tobacco. The stock mentioned.
even reduced 10 full shares, surpassed
any of the list in extent Of trading, and
scored an exceptional loss Of AS per
cent, closing al the lowest OF the day.
This development was regarded gener-
ally in stock exchange circles. with a
feeling akin 10 satisfaction as demon
strating that the conspirators in the
stock had overshot their mark, and
were now the victims OF their own ma
chinations. The break in Tobacco was
variously explained. One report was
that the traders, detecting attempts on
the part Of insiders 10 unload. had taken
away the market. The decline was al
so attended by unconfrned rumors Of
injunction proceedings 10 restrain the
payment OF the 20 per cent scrip divi-
dend, and il was finally stated that
meeting of the authorities of the stock
exchange had been called 10 investigate
the methods Of the management OF the
American Tobacco company. The last
report was denied by an officer Of the
exchange. Influence upon the general
markets were Of a negatively favorable
character. II had been expected that
the decisive vote in the house IN favor
of the recognition OF the Cubans as bel
ligerants would be marked, on the re-
sumption OF business on the London
stock exchange after the Easter hall
days, by heavy selling OF American Sc
curities in that market. London ca
bles, however, previous 10 the opening
of the local exchange, reported only
trifling changes in American rails IN
either direction. Consequently, the op-
ening dealings here were characterized
by firmer undertone. Other favora-
BILE factors were the encouragement
Of gold for shipment. despite the contin-
ued strength OF exchanged reported in
crease in the disposition on the part OF
bankers TO purchase commercial paper
and the continued ease OF money. Am
erican Sugar was helped by advances
in foreign and domestic grades OF the
product and Union Pacific trust receipts
were unusually active and strong on
| improved prospect for q readjustment
of the Indebtedness of the Pacific rail-
roads TO the government. The mi
tial prices, while irregular. displayed an
| improving tendency and important frac
| tional gains occurred in Sugar. Burling-
ton, Southern railway preferred, Ten
| nessee Coal and Louisville and Nash
| vile. Reahzations later caused sharp
recessions in some instances, notably
| in Mania ttan and Louisville and Nash
! vile, which yielded ~ per cent and rs
per cent respectively. London was a
conspicuous seller OF the last mentioned.
and also sold st. Paul, Union Pacific and
| other internationals. The traders also
put out lines OF shorts, but without
much impression upon prices The
selling movement was exhausted before
midday, and under the leadership OF
Sugar and Union Pacific most Of the
early declines were recovered The
market closed firm with fractional gains
general.
Bonds were rather dull and without
I changes of consequence, although The
tone was firm. The transactions am
ounted to t64S, 900.
Governments were steady on sales OF
| $500.