The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-22
TENDS TO IMPROVE
STOCK MARKET CLOSES AT NET AD-
VANOES AS THE RULE

Approaching Double Holiday Tends to Oh
scure the Real Tendency OF the Market.
Which Betters Itself, Even at Sach Dis
Observation-Disclosures. as Well as I'm
provements, Well Distributed-Interna-
tionaI shares Conspicuous and Am<rI-
cans Higher in London-Tine Money
Rates Lower.
New York. Feb. 21-Today's stock
market was sligtly below yesterdays
record in point of activity, and the
course of prices, while somewhat er-
ratio, reflected strong UNDERGONE. The
real tendency Of values was obscured
by the approach of the double holiday.
which caused traders on both sides Of
the account TO clean up their contracts.
The railroad stocks exceeded the in
dustrdals in extent OF transactions and
in some OF the so-calIed specialties, sub
stantial strength was displayed. The
business and improvements were well
distributed, though net changes in
prices were not. as a rule. material. The
international shares were conspicuous,
St Paul and Louisville and Nashville
leading and scoring first and second
place in volume of trading. \ further
! advance IN the prices OF American
stocks in London contributed toward
firm tone in initial dealings. A reac-
tAOnary tendency was soon developed,
however. TO which force was impaired
by the liquidation sales. The offerings.
while only moderate in extent. caused
! break of l per cent in Manhattan and
Tobacco and almost equally important
declines occurred in the grangerS, Louis
vile and Nashville, Missouri Pacific
and Tennessee Coal. The selling pres
sure was son exhausted and an inter
val of Semi-StagnatiOm succeeded,
which lasted until about l D. m. At the
| time mentioned. purchases by commits
sion houses and for account of shorts
started a brisk rally. Leather PREFER
| ed was the feature, rising . per cent on
runors Of favorable annual report OF
| operations. now pending. Manhattan
| advanced IL per cent, Louisville and
| Nashville IA per cent and less impor-
tant gains were scored by other active
shares. The Minneapolis and St Louis
stocks were actively dealt in and I'M
proved l per cent for the common, pa
| per cent for the first preferred and 2
| per cent for the second preferred. An
| encouraging feature Of thed ay was a
slightly lower range in time money
rates. funds being offered at 4 per cent
| for sixty days. and at Az per cent for
other periods, up TO six months. There
| was no appreciable increase in activity
| in the commercial paper market but in
| dications of the anticipated easier range
in rates We're diScernible. News of spe-
| citl Importance on values was almost
| entirely lacking. The market closed
| quiet but strong in tone. with the net
| changes advances as a rule.
The total sales of stocks today were
| 1863, 634 shares, including: American To-
| bacco $500; Atchison $500; American
| Sugar 1880; Burlington 800; Louis
vile and Nashville 1880: Missouri Pa
| cific 400; Rock Island 9,400; St. Paul
| =, 200: Union Pacific $500; silver certifi-
! ca tes q 200.
! Speculation in bonds. while less ac-
! tive than on Thursday, footed up a
large total. Atchison issues were the
| leaders in extent of dealings, but Ore
! gon Short Line Bonds attracted con-
| siderable business and recorded ma
fterial advances. Union Pacific cola
| teral trust 4lA's, trust receipts, moved
| in an eccentic fashion The bonds adj
vanced per cent TO 531a per cent, re-
| acted to 80 per cent and rallied to 81
per cent The aggregate dealings were
| 81, 643, 900. The more important gains
were: Seattle, Lake Shore and Eastern
| fives, trust receipts. Ia per cent; Kan
| awha and Michigan firsts and Oregon
| Navigation fives, trust receipts, 2 per
| cent; Kansas Pacific cOnsOls, trust re-
ceipts, St. Paul gold sevens and st.
Louis and San Francisco fives, 5l2 per
| cent; Peoria and Eastern fives. St Joe
and Grand Island firsts, trust receipts.
| ST. Louis and Southwestern firsts and
| Oregon Short Line skies, 1 per cent, do
trust receipts rs per cent and do con-
| soils trust receipts ga per cent Gen
eral Electric debenture fives declined
| IL per cent
Dealings in government bonds were
considerably below the recent average
| but were attended by marked firmness.
| The aggregate sales were $3.50, 600.
Tomorrow, Washington's birthday,
being a close Logan holiday. the stock
| exchange and financial Institutions gen.
orally, viii be closed.
| NEW YORK BANK STATEMENT
New York, Feb. 21.-The New York
| Financier says this week Of the bank
statement:
Comparison with the statement OF
| one year ago is Interesting at the pres
ent time. On Feb. S. 1895. a contract
was made with the Morgan syndicate
for SCI, 400, 900 worth Of bonds. The
| banks then held s33, 766. 225 above their
legal requirements. and money was on
call st between 1G2 per cent. The re-
| serve then began TO shrink, and for the
corresponding week one year stood at
practically the same figures as report
ed Friday. Despite the facT that the
shrinkage in the reserve continued IN
I'll April l, when IL stood al only $4,000
000 call money never averaged more
than 2Iz per cent, or IL per cent less
than quoted last week. when the sur
plus reserve stood near S., 600 900 higher
The imports OF gold for the present loan
have been almost as heavy as were re-
quired 20 settle the syndicate's trans
actions last spring, and the chances are
that additional gold IS yet 20 be import
ed. The present bond loan IS not al
paid for vet, Il ia tue, but the remain
ing time extends over months, and the
inference Is that stringency DOW =
improbable. IL the shrinkage caused BY
the last loan and It's effects on the mar
ket are any criterion The expansion IN
loans must BE- credited partly 20 mer-
camille sources, since commercial pa
per IS finding an easier market BJs-
ton banks have been borrowing from
New York % some extent. owing TO
local stTfngency in thai point, but The
bond issue accounts foT q larger pro-
portion OF the increase.
The dacresSe in specie Is logical. even
u the amount SEEMS a little out o. The
way. L Is difficult 20 determine Just
how the bank holdings were affected
BY LasI Interior movement - the end q
the week. as currency has been going
west. owing % a sudden demand there.
exchange at Chicago falling below par.
The heavy decrease IN circulation uc--
ed during The past three weeks Is beng