The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-04-23

New York. April 22-The genuine
character OF the present bull movement
in stocks was again tested today with
the result OF a resumption OF strength
after liberal realizing orders had spent
their force. An increase. too, in the
volume of business occurred, and COM
mission house orders were reflected in
a wider distribution OF transactions In
the railway list and ripple OF anima-
ton in the Vanderbilt shares for In
vestment account. Aside from Sugar
the industrial stocks were comparative
~ neglected. The outset OF business
was rather diseoursging 10 the holders
and owners of securities. London quo
tations for Americans came fractional
~ below our closing prices OF yester-
day, and rearlizing orders for European
account were executed in this market.
In the early dealings the traders took
the bear side. but the combinca offer
ings resulted in causing only fractional
concessions in the active list. Manhat-
tan sold on IL per cent on the denial
by President Gould Of any present con-
sideration of propositions fer lease or
sale Of control OF the property. The
pressure to sell was soon exhausted and
under heavy buying for both accounts
a general advance was started which
subsequently assumed material proper
Tions. The Gould properties were well
supported and late in the day the Van
derbilts doomed into prominence. The
coal stocks took on strength. Heavy
purchas or Reeding were noted. and
Lackawanna rose 2A per cent or nom
inal dealings, while New Jersey Central
and Susquehanna and Western prefer
red gained important factions. The raj
ly in the early trading had been led by
Tobacco but subsequently, other prom
inent shares developed decided strength
and activity. Distilling. after long
period OF dizziness, became animated In
the afternoon session, and advanced Ia
per cent on the impending issue OF the
new securities, incidetal TO the reor-
ganization. Sugar maintained its rec
ord for activity, and after an early frac-
tional decline. rallied 2 per cent. The
grangers averaged / per cent advance
and material recoveries from the early
low level occurred in many other shares
New York Central and Lake Shore rose
II per cent each. and Western Union
and Missouri Pacific IL per cent and
1 Is per Ncul respectively.
Gas rallied 2Z per cent after an early
rise Of IL per cent, and made a partial
recession. All interests IN the reorgan-
iZation OF the Northern Pacific system,
both here and abroad, express salts
faction at the large deposits of all
classes of securities, including a major
ity OF the common and preferred stocks.
The conversion OF the first mortgage
bonds, under the terms of the plan, has
been a marked figure, more than a ma
jority of the coupon bondholders having
awaited themselves Of the privilege. An
active inquiry has developed for the
new securities of the reorganized COM
pany. which will son be admitted TO
regular dealings on the stock exchange.
The new prior lien tours were in demand
today at s715 per cent bid. The market
closed strong and active at the top
level.
Northern Pacific issues continue 70
absorb interest in the bond market. The
favorable news regarding the reorgan-
ization proceedings were reected today
in the following gains: The eeconds
IL per cent, thirds and terminal firsts l
per cent, collateral trust skies IL per
cent and dividends extended 2 per cent
Notable gains were made in other is
sues and strength characterized the
general market The sales were S2,554.-
900.
The governments were slightly high
er on transactions Of $4,000.