The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-09

fven Tobacco Rally ing-Profit- Taking
Later Causes General Reeessions, But
the Close is Within the Days Advances
wall Street Professionals Affect skep-
ticism Regarding the New Loan.
New York, Feb. s.-Tratlng in stocks
was quite brisk for a half holiday. The
movement OF prices was irregular. Dis
appointing foreign advices in regard 10
the prices OF American stocks, and con-
tlnued selling in this market on accoun;
OF dealers, exerted an unfavorable in
huence at the outset Very soon, how
ever, strength developed in the industrials,
while the railway list exhibited q sagging
! tendency. The fluctuations in prices were
! ur1mportant until near the end OF the
| first hour. when the bull leaders took eff
| fective action, and on heavy purchases,
the market took the up-tack The gains
scored We're material in a number OF in
stances, Manhattan, for example. rising
~ per cent, Sugar per cent. Burlington
( 1@s per cent. Distilling and Consolidated
! Gas II per cent and Kansas and Texas
! preferred ard Missouri Pacific ! per cent.
! Tobacco, which had II the early dealings.
fallen rs Fer cent on a renewal OF the
/ selling pressure which had been evident
/ yesterday, rallied IL per cent Profit tax
/ ing toward the end of the session caused
! general recesSions. Leather preferred lead
ing with a drop Of rs per cent The
! market closed irregular. at concessions
from the top figures but at general net
/ gains.
| The overshadowing topic Of interest of
| the week, both in and out OF Wall street,
/ has been the closing OF the bids for the
/ new 800. 90, 90 government loan and the
/ allotments. Every detail connected with
/ the event has been scanned with great
! eaSernesS, both at home and abroad, and
I the nrODd Bile afrRr-Afe-~rz llf The iOaU n
/ tinue to be discussed by leading financierS,
{ with marked anxiety so far as the money
and commercial paper markets are likely
TO be affected thereby. It is contended
in strictly Wall street circles that the
primary object Of the latest bond issue
is likely 10 be in large measure defeated
In other words. that many Of the 7S1 bid
ders outside OF tie Morgan syndicate have
been more bent upon securing the bonds
than conscientious as 10 the source from
whence the gold 10 pay for the bonds IS
drawn The point is made by those critics
ina mo small part OF the treasury stock
or gold may be taken TO pay for the bonds
and that the net increase IN its resources
| from he sale ofbonds will fall far short
OF present antic!pationS. Thus far all of
these propositions are merely conjectural, /
and II may be said that Wall street pro-
fesslonals held Up 10 the last possible
moment the theory that owing 70 It's pop
ular character, the loan was fore-doomed. /
! The general pubic will, however, take a /.
broader view OF the establishment of
the credit of the government. The fewer
the new bonds awarded TO Europe, the
lighter the grasp upon our financial gov /.
eminent. AS to gold exports. their origin 4
Is 10 the greatest extent directly traceabls I
10 the exravagance OF the American peo- /
pie The total shipments of gold from
this country to Europe have never in any .
one recent year been nearly as great as
the expenditures of American tourists I
abroad. Already indications point TO a
relaxation of the tension in the money \
and rofal rlya+e aIf oh
bullion dealers profess TO expect gold as
a commodity to go 10 a ! per cent prem /
ium the coming week The market has
been active. and the movement irregular !
The fluctuations have IN the main been
dictated by prominent speculative leaders.
although some good investment buying OF
the grangers and a few other stocks has
been noted. Sugar and St Paul have
disputed the leadership Of the market and
show net gains of 5ss per cent and 3is per
cent respectively. The more important
influences aside from those already noted
nave been the news that the house viii /
on Monday vote upon the free silver sub
stitute for the bond bill; rumors affecting
the financial credit of the Missouri Pacific,
afterwards authoritatvely denied; per-
siStent selling of American stocks for for
eign accounts. and the usual adroitly ar
ranged outgiv1ngs of the manipuiators OF
the industrials. The net results show
advances, the more important Of which
follows: Pullman and Rio Grande West
ern preferred per cent, Consolidated Gar
%per cent, Leather preferred AZ per
cent. Cottonseed Oil preferred AZ per cent.
Northwest S@4 per cent, Tennessee Coal 3Ss
per cent, Minnesota and s.. Louis firsts
preferred per cent, Minnesota and St.
Louis second preferred and Metropolitan
Traction per cent St Paul and s.. Paul
and Omaha 81 per cent, and Burlington
and Rock Island 31s per cent, Rock Island
Us per cent Missouri Pacific had de-
clined per cent on the rumors previous
" noted, but closed only IS per cent
lower. The aggregate sales were l,45s.117
shares
The railway bond market today exhibit
ed continued strength and advanced on
dealings footing up TO $4,000
Government bonds ruled strong and
higher. The new coupon fours were in
great demand, $4,000 changing hands at
a slight advance Railroad bonds for the
week were strong and final prices for the
leading speculative issues are generally
materially higher. The Oregon Short Line ,
ard Northern Pacific mortgages were
heavily dealt in. The first SKIES. trust
receipts, and first skies consol fves Of
the first mentioned road are up 81, per
ceOt and AZ per cent, respectively. and the
thirds Of the latter company are per
cent higher. The aggregate dealings were
s9O75,Oo0
The pronounced success OF the new gov
eminent loan was reflected IN a buoyant
market for the issues outstanding. The
coupon bonds OF the recent issue were in
active inquiry and rose ~ per cent. The
though number were made at seller
TO- and regular. The new foUrs. regis
tered. improved 70 an equal extent and
gains OF z per cent were established in
the ives and old fours. The Transactions
made the total OF 1914 GO.
Silver certificates q displayed revived
strength and activity toward the clos ,
The transactions amounted TO s51OG0. az
from 6I&s 6s1z per cent.
Mining shares were quiet and feature
less on dealings Of $500
BANK STATEMENTS.
New York. Feb. s-The New York Fin I
a a. says this week: The statement Of
the clearinghouse banks OF New York T
city for the week ending February 6. =
may be a faithful reflection on The aver Z
age business OF the first three days Of the =
condition Of the banks al the close ot bus =
ness Saturday, Il Is not absolutely cor :
rect
Il IS q mater OF record. however. that. =
as the Ne~Ycrk bank statements follow =
us the adjustment OF the las: three gov
eminent loans DID rot indicate for weeks
the fun effect Of the operations which
-he5e loans brought about a recurrence
snt case e
There are Signs in the current STATE L
neat OF coming changes n che totals
No- the least % these. and one that e
'ion = The loan column, which, following |.
. Steaoy Liquidation that has cscreasel -
he loans q the New York banks a!1a0st
10000 since the frst preparations Tor
ne bond issue, shows that funds a-e again
o Be released. and that a money strs1G-
sccy - Tot feared
The cash holdings. and especially th@
-peSc.e reserve, VIII show heavy decreases
IS RE payments for the rev bc-cs are
1ace- great deal % gold his slr@a1y
so1e i1to re treasury from the banks
I'D = = doubtful u this - iEcllc@t =
he statements
-