The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-04-05
GAINS ARE SCORED
STOCK MARKET CLOSES GENERALLY
AT BEST FIGURES.

Steel Combines Eject Felt in the Re
| lated shzres-Metropolitan Traction
| Yields on Strike symptoms-Grangers
| Gain in Fractions-week's Review
Bonds for the Day and Week.
| New York, April 4-The resumption
| Of business upon the stock exchange al
| ter the holiday was characterized by a
fairly active and advancing market.
| The foreign exchanges were closed on
account of Easter holidays and the local
dealers had the speculation entirely 10
themselves. The distribution of bust
ness was Indifferent but important
gains were scored in many instances.
| The industrials attracted the most az
tention, with Tobacco especially note
worthy for activity and erratic fuctua-
! tons. a slight gain in the stock was
noted at the outset, but under heavy
| offerings from the traders the price
sagged 2 per cent, to IS per cent. A raj
ly to $685. per cent quickly ensued, but
| the stock left off at a loss of q per cent.
| Sugar gained a point on pool buying.
| The improved outlook in the iron and
| steel trade was reflected in a gain of
| per cent in Tennes see Coal and under
similar influences, Colorado Fuel rose l
| per cent and Illinois Steel 23s per cent.
| Metropolitan Traction was unfavorably
affected by rumorS Of an impending
strike on the system and yielded pa per
cent, to l02ta per cent, on liquidation
On stock exchange logic, Manhattan, on
the foregoing development, advanced
pa per cent on the assumed possibility
of increased traffic. Susquehanna and
| Western preferred broke "a per cent,
recovering all but Il per cent of the loss.
! Alton and Terre Haute advanced 2A
per cent on the news of the ratification
| by its Shareholders of a lease to the Hi
nois Central for ninsty-nine years in
consideration Of a guaranteed annual
dividend of "a per cent. The movement
in the grangers and other leading shares
was confined TO fractions, with gains
general The closing was generally at
the best figures of the day.
REVIEW OF THE WEEK.
Although the volume of business IN
the stocks IN the week has been com
paratively nght partly owing to the
practical double holiday at the close, the
speculation has not lacked develop
ments of the most sensational order, re-
calling to a considerable extent the tur
|
RADIO company. We refer to the extra
ardinary performance Of the managers
of the American Tobacco company in
| contrasting within a short three months
| the passage Of the regular quarterly div
idend Of the common stock and the
| declaJtion on the recent dividend date
| OF a disbursement on the common stock
of per cent in cash and 20 per cent in
scrip. When the dividend was passed
| the step was considered to warrant an
investigation by the governing commit
| tee of the New York stock exchange,
and ii more than probable that the re-
cent totally unexpected liberality Of the
directors will call for a vigorous inves-
! tigatfon by the same body as TO the
strategy employed. For a long time
past the manipulation Of the street has
been MIXED right and left on alter
nate rapid rumors of the most conflict
! ing character. For example, the trust
had or had not compromised with the
opposition; it had or had not purchased
the plants of important rivals; the price
! of Its product had been raised and final
| ~, an important rivel was alleged to
| have closed and glowing and mysterious
! suggestions foreshadowed the action
| taken in regard to dividends. Early in
the week a concession of per cent, to
851a per cent occurred. At the low range,
the stock was freely purchased by
brokers identified with the management
and the shorts were compelled to cover
up to 907s per cent. The final sale on
Tuesday, the day before the dividend
meeting, was at S9%z per cent After the
close 95 per cent was freely bid. The
initial price on Thursday was at the
last mentioned figure, but an outpour-
/ ing of stock caused an eventual recess
sion to S91A per cent Large blocks Of
stock changed hands and intense excite
ment marked the dealings. The Subse-
! quent speculation was less important
! and a net gain for the week of only Ss
per cent Is noted The general market
movement was irregular but a firm I'M
| dertone prevailed and stocks were pur-
chased with more confidence than for
some time past although the dealings
were strictly professional in character.
a favorable development was the non
engagement of gold for shipment, de-
spite an advancing tendency in ex-
change rates. The comparative ease Of
the money market pending the April
disbursements, reports of freere move
ment Of the corn crop and encouraging
| railroad returns would ordinarily have
| stimulated an investment demand for
| securities. A development of the first
| class was the agreement entered into by
| the steel manufacturers 10 restrict pro
duction, advance prices, establish rates
and provide joint selling agency. Lon
don was not factor in the market and
the local spectators were uninfiuenCed
by foreign political happings. The
| grangers were in brisk demand, with
| Burlington and Rock Island in the lead.
The trade development noted above
I % ~,
| Illinois Steel and Tennessee Coal and
| Minneapolis Iron improved about per
cent each. The aggregate sales We're
| 7e4711 shares
BOND MARKET.
Bonds Were relatively active for 4 half
holiday. with the Northern Pacific is
sues the feature at sharp gains on the
| announcement Of the declaration that
the plan Of reorganization was opera
! tive. The general market ruled strong
I and active on sales OF 81 .3G5. 600. The
( market during the week was strength
ened by favorable influences governing
the shares speculation. and the dealings
were on a fairly large scale. The gains
range up 10 per cent in the speculative
/ liens. the last in Chicago and Northern
Pacific first trust receipts. although
more important advances occurred in
soma Or the less prominent issues The
| total sales were S6.767. 900.
Government Gnds advanced slightly
on trasactions OF S551 800. States is
sues displayed an advancing tendency
on dealings Of s3So00.
DIMOND MATCH BOOM.
| Chicago. April 4-On Monday last
Diamond Match opened at l525t account
and closed a. 1919 account. on Tues
! s-c w. -Fs- ..-....,--
! The close 81. on Wednesday the first