The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-04-11

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fessionaI-Coveriag of Shorts the Chief
Force Under the Market, Which In the
Main Is Strong, Closing at General Frac-
tionaI Gains-Americans Neglected In
! London-Cuban Resolutions and North
| ern Pacific.
New York. April 10.-The lowest total
Of business that has been recorded re-
Gently was made today. The aggre-
gate dealings fell short OF 100000 shares
At intervals during the day a condition
OF positive stagnation ruled but in the
main the tone of the speculation. which
was entirely professional, was strong.
Covering Of shorts was the chief force
under the market For several days
past the bear traders, anticipating Wig
orouS action by the president in regard
10 the Cuban imbroglio, have been put
ting out lines, figuring that the endors-
ment by the national executive OF the
| overwhelming sentiment in congress in
favor of Cuba would result in a de-
preston Of the stock market. As the
! hoped-for message seems TO be as far
away as ever, the professionals are dis
posed TO contract their speculative OBJ
legations. An important legitimate in
fiuence today upon prices was de-
cline in sterling exchange rates 10 the
basis Of 1854 for sight drafts. The
limited supply Of exchange offerings
appears TO be sufficient temporarily 10
supply the very moderate demand and
hence the improbability Of shipments
of gold in the immediate future. An
not generally known, was further pro-
gress made toward the completion OF
the Northern Pacific reorganization
plan. Following upon the settlement
effected with the holders of bonds OF
the Northern Pacific and Montana d.
vision it is learned that an arrange
ment has been satisfactorily completed
by the reorganiZatio committee with
the COuer d Alene bondholders, and
that negotiations are in progress with
the bondholders of the Spokane and Pa
louise and the Duluth and Manitoba d.
visions. The railroad list was except
iOnally inactive. and IN the industrial
department Sugar led in point Of activ-
ity with 1880 shares. Influences OF
special nature contributed to exception
al firmness in few speculations. nota-
bly, Manhattan, which gained "a per
cent on the favorable outlook for ex-
tension privileges. Sugar advanced liz
per cent on pool buying and purchases
by traders. Tobacco was COMPARE
lively dull and sold off per cent on
liquidation by insiders. Tennessee Coal
advanced ! per cent. The advances,
aside from those mentioned, fell short
OF full figures. The heaviness OF To-
bacco in the late operation sympathet-
ically affected the other shares. Manhat
tan declining / per cent from the top
level. The market closed firm at gen.
eral fractional gains.
Bonds were firm on transactions OF
81, pa. 600.
Governments were dull but steady on
dealings of $4,000.
LONDON, PARIS AND BERLIN.
New York, April 10.-Evening Posts
financial cablegrams:
London-The stock markets were
stagnapt today. A further rise in gilt
edged stocks was the only feature. Con-
soils said at HOS. Americans were
neglected. Not more than 300 shares
have changed hands publicly here to-
day since New York prices came in.
Mines were good. The belief grows
that the next outbreak Of speculation
will probably be in West Australian
mines. The settlement commencing in
miles tomorrow Is expected TO show q
slight increased bull account.
Paris-The bourse was firm today
There was a sharp rise IN Italians on
the Kassala news.
Berlin-The bourse was firm today.
REVIEW OF THE WEEK.
New York, April 10-Bradstreet's fin
ancidl review VIII say: During the
early part OF the week the New York
stock market, while dull and profess
sional in the character Of the trading.
displayed decided tone OF strength.
For the last few days, however. its in
activity was marked by an unsettled
and declining disposition, though on
Friday covering Of shares gave a firm
er tone. The first demonstrations
would seem to be a continuous effort,
referred 70 last week, on the part OF
speculative interests to discount a pos
sible Improvement OF the spring season.
This was at the time regarded as some
what premature. and the absence OF
public support or foreign participation
would have necessarily arrested the
further progress Of the market before
very long. II would seem. however.
that the bearish tendencies which again
asserted themselves derived any posi-
tive character they may have displayed
from the situation at Washington in re-
gard 70 the Cuban question. The
street" in fact appeared 70 disregard
the adoption os the concurrent resolu-
tons favoring recognition OF Cuban bel
ligerency. The acceptance by the
house OF representa- ives Of the senate's
form Of this measure on last Monday
was. indeed, almost without any effect
on the stock market. The appearance
OF rumOrs OF action by the president,
possibly Of a message 70 congress tax
ing advanced ground in regard 20 the
relations OF the United States toward
Cuba and Spain, was what DISTURBED
the market. inducing caution aid con-
servatism in some quarters and afford
ing opportunities for the professional
speculative elements IN and out Of
Wall street. 20 institute bearlsh attacks
upon various portions OF the stock lists
The latter class OF operations were n
several instances more or less success
full. and resulted in concessions OF a
general character. A. the same time
some effect was produced from the
crop news from The west. the decided In
preston that winter wheat throughout
q large area Of agricultural territory
IS In a decidedly bad way pointing 20
decreased earnings q number Of in
p0rtant roads watch depend for traffic
upon that class CT grain ! cannot
be said that the STREE has been par
ticulaTly sensitive % TIE removal OF
gold exports.