The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-05-03
GAINS ARE GENERAL
SHARE DEALINGS LIGHT AND
FLUCTUATIONS HARROW.

Sugar Rises One and q Half Per Cent
Movement La the Railways Feebie-Pur-
chasing Movement In the Later Deal
ings-Railway Bonds Firm-Govern-
msnts Easier-week's Record One of
Exceptional DuIlness
New York, May 2.-Business on the
stock exchange today was OF meagre
proportions. even for a haif-holiday,
and the fluctuations in prices. except
in a few of the industrials. were tart
vial. The legal difficulties encirclins
American Tobacco in the matter OF the
recent dividend declarations. afford
strategic base for manipulation The
street apparently continues 10 place the
same unfayorable construction on the
tactics of the management as when
the peculiar scrip dividend policy was
announced. The presumption is mat
the insiders were at that time prepared
TO sell out 10 the public on the bulge
that was expected 10 follow ne an
nouncement OF the dividend and they
have since played 10 work or their
speculativ holdings whenever the op-
portunity has been presented. Tue
stock today broke rs per cent, 10 S632
per cent, on free offerings which caused
the uncovering of stop loss orders. At
the extreme low point some support
was afforded. resulting In a rally 20 IS
per cent, in which the shorts were the
principal factors. The general market
was depressed slightly at the outset
and soon steadied and toward the close
displayed decided Improvement over
the early figures. Sugar was in fair
request. and rose IL per cent: Cincin-
natl, Columbus and St. Louis gained
point, despite general decreases in the
mon uhly statement. Bay State Gas
was unusually active and gained per
cent, chiefly on Boston manipulation
The movement in the grangers and rail-
way shares was feeble. The statement
OF averages OF the Associated banks
showed general increases in the items,
and the gain OF 81 2e5, 500 in reserve ex-
erted perhaps an unduly favorable sen
timental influence. To speak by the
card, more money would reflect a more
encouraging condition OF general bust
ness. The exhibit. however, served
to stimulate a purchasing movement
in the late dealings. The market clos
ed firm at slight general gains.
was exceptionally dull. being partly in
fiuenced by lack OF orders from Europe
on one day, and by uncertainty regard
ing the crop conditions. and the revi-
val OF gold exports. Politics was much
less of factor but II Is an open secret
that In financial circles the news ofthe
adj ournment OF congress would be hail
ed with pronounced satisfaction. A
great deal of stress has been laid upon
the easier condition OF the commercial
paper market, but according 20 experts
the lower figures for paper have In a
large measure resulted from the de-
creased demand for accommodation, ow
ing to restriction ofsenterprises and
mercantile operations. The year start
ed out with the merchants in debt and
with large accumulated stock of goods
but recently some relief has been az
forded by the exceptional ease of money
which was in turn chiefly due to the de-
creased volume OF business Of the stock
exchange. An important feature bear
ing upon the commercial situation has
been the improvement In collections.
According to bankers who are In close
touch with the general business situa-
ton sales Of merchandise are slow and
It is reported that the general range
one per cent lower than on April /, as
Is the lowest ever known. The ship
ments Of gold, amounting TO 81, 496, ssi
were below general expectations. but
the continued siren 9Th Of the exchange
market indicates the probability OF eI-
ports Of the precious metal next week,
to London and TO Germany T he outgo
this week was to Paris. The note
worthy developments bearing upon the
financial and railroad outlook are lower
prices for wheat and corn. The de-
cline in the first mentioned cereal 10 at
trfbuted 10 reports that the spring
seeding has been pushed forward muca
more rapidly than had been currently
believed. There Is some apprehens sion
that the reaction IN corn may cause a
check to the movement. Railroad ear
nings have been In she main encourag-
ing. The week opened with prepa-
rations for vigorous bull campaign.
Foreign dealers made liberal purchases
Of the standard railway shares and also
OF bonds. The local operators also
appeared to be disposed 10 take the long
side. A change in speculative sentl-
ment soon became marked and trading
became irregular within a narrow COM
pass. this condition Of affairs being
4
sis and to the gold export probabilities
The apathy of the market was consid-
cred all the more surprising. IN view
OF the steady accumulation Of money at
this center, which was reflected at one
time by rate OF IA per cent for call
funds A call by the treasury depart
ment on the depository banks. involy-
ing about g. 200. 600 was calculated 20
ebOut Offset the amount that was dis
tributed By the government for May
interest The signature OF the decree
OF foreclosure OF the Reading and Nor
thern Pacific properties had a favora-
BILE effect on the securities OF those com
panies. and or the general market Ths
judicial decision permitting the distrl-
button OF me 20 per cent extra scrip
dividend on American Tobacco appear
ed 20 act as a boomerang. and the stock
closed for the week al a net loss Of
per cent The 3 per cent advance IN
anthracite coal prices ordered for May
deliveries was not reflected In stock
prices and tae anthracite group made
recsssions below the final figures OF the
previous week Manhattan improved
IL per cent on the project 20 double
deck The system but later slumped
per cent On reaiizatfons and the ex-
pects5 increased cost incidental n the
passage o. the bfli compelling a change
IN the system % lighting the cars. Su-
gar was relatively Jess active. but CIV
erd x16s range and l>ft of az a net
gain OF ~ per cent T'oe market clos
ID firm IN tone for the week but with
a general shading % prices as the nj
result % The ieallngs- The aggregate
sales were "a. 90 shares
Railway aonds were irregular but
firm Ia tone as a rule. The safes we're
So. 90. The movement for the week
was toward 4 lower level. but IN mos:
instances ne Losses Eers ualnrsorr-
ant II -1e active issues sors@ improve