The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-05-23

Sugar, Tobacco and NEUTRALITY-SUSPICIOUS.
Sells Americans In a Small Way-Judi-
ciaI Aspects of Manhattan-Nots so Much
Political Gossip Goins-Bears Cover
Freely In Tobaceo-GoId for Shipment.
Early Next Week, EspeciaIIy-RsiirO@d
| Bonds Ouiet-GOssrnments Dull.
| New York, May 22-Three stocks r.
Heved the market today from practical
| stagnation, Sugar. Tobacco and Manhat
tan. The last mentioned was the only
one in the railway list that attained
respectable proportions. even such an
old standby as St Paul figuring for
less than 5000 shares. London was a
moderate seller OF Americans, but its
/ operations were on a small scale. The
! dealings, while no less strictly profess
! ional than usual Tor some time past,
were given an appearance Of animation
at times, owing to spurts Of activity
| in the three stocks mentioned Manip-
ulation was plainly the motive power,
but in Mania tan some genuine buying
was noted on the news late in the day
| that the appellate division OF the su-
preme court had declared rapid transit
unconstitutional. Aside from this de-
velopment and the engagement Of 81
1Oo. 900 in gold for export by tomorrow's
steamer, there was no noteworthy in
| fiuence bearing on the market There
| was a marked falling off IN the amount
OF political gossip. The speculation
| opened weak and lower, but the con-
! cessions made were fractional and
| firm tone soon developed. under the
| leadership of Sugar and Tobacco. In
| side support was evident in the first
named and the discovery disposed tn
shorts 10 run to cover. The stock rose
| 70 1245s per cent. as against 1928 per
| cent, the early figure. The initial price
/ Of Tobacco, was at decline OF Z per
cent, in sympathy with the depression
/ in the general list, but in this case also
| effective strategy on the part OF pow
erful interests was soon discerned and
a rise Of 21za per cent, to q per cent, Oc-
| CURED. Round amounts Of the stock
! changed hands, the bears covering free
ly. The decision in favor OF Manhat-
! tan was not generally known until
late in the day, but the traders turned
fn and whooped the stock up 25sper cent
TO 1855 per cent, with the closing at
the best price OF the day. The en-
| gagement Of gold for shipment failed
TO affect the market despite a further
hardening tendency in the foreign ex-
change market, which IS regarded as
foreshadowing shipments early next
week. An advance in the rates on
specie freights made by different steam
ship lines was not expected 10 check
the affiuX of gold to Paris, as IL Is re-
allied that the gold is forwarded as an
exchange operation and for remittances.
The improvements in the general list
were fractional, aside from advances
of IL per cent each in Consolidated
Gas and Cordage guaranteed. The
market closed strong at the top level.
Railroad bonds were quiet and lacked
feature, but were firm in tone. The
aggregate sales were $S45, 900. The more
important changes were: Advances:
Consumers Gas f1rsts pa per cent; IN
ion Pacific AS trust receipts per cent
Alton and Terre Haute frsts IL per
cent; Chicago, st. Louis and New Or
leans fives IL per cent and St Paul
generals, Detroit Gas fives and Pitts
burgs and Western firsts 1 per cent.
Declines-Spokane and Palouse firsts
trust receipts per cent; Susquehana
and Oregon Improvement consol fives
trust receipts 1 per cent
Governments were dull but steady on
sales OF $4,000
FOREIGN STOCK MARKETS.
New York. May 22-The Evening Post
London cablegram says:
The ante-hoIiday dizziness continues
IN stock markets. Except for English
Ia "a.
before the settlement, which commences
near Whitsuntide
The bank Of England bought $4,000
in American eagles. further rise in
the Dutch rates on London indica ties
possible gold shipments TO London.
The Paris bourse was steady.
REVIEW OF THE WEEK.
New York. Gay 22.-Bradstreet's re-
view OF the week says: Speculation
during the present week has been even
narrower and more professional than
before. The tone, however. has on the
whole been steadier, and the appreheu-
sive feeling IN regard 10 political results
as bear factors, accumulates that large
holders Of securities have not been af-
fected by the recent iiquida ting ten
cency, but that the latter was confined
10 the smaller semi-professioGal bulls
The exhaustion OF selling from this
quarter has imposed check upon bear
ism activity on the part OF the room
traders, and the absence of any decId-
ed pressure on the market has been
no less significant than the total lack
OF outside interests. commi ssion houses /
as a class being almost idle. London
has not been factor either way.
Among the incidents OF the week is !
the news that J. P. Morgan has placed |
an option Tor IS. 500. 600 Of the new North |
ern Pacific prior lien four per cent bonds
with a London banking syndicate. the /
belief being that the securities VIII be 1
taken up in the autumn
This week $ gold shipments have been /
comparatively small. amounting 10 80 |
$50. 900 end in the early part OF the week 1
IL was understood that the special or /
ders" for gold from Germany had been /
filed There seems 20 be some Uncsr- /
tainty about this. however. and the ex- 1
istence Of a considerable inquiry for 1
exchange would in any event tend 20 /
force rates 70 q level az which gold 4
would move to London, as the record 1
for many years past shows 20 be q 1
normal proceeding at this sea son-
SO far as speculative interest dcveI-
opeSi il was mainly IN connection with I
the manipulation % some CT the indus
trials.