The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-22

Slumping on n Raid and Again React
ing-FractionaI Gains in the Railways
Professional Market Throughout the
week-Northern Pacific the Weeks
Feature Cali on the Depository Banks
Review of the Week.
New York, March 21.-Today's stock
market was fairly active for a half-hoIiday
and the business was distributed IN small
amounts over wider range than usual
Only one stock. American Tobacco, reach
ed commanding total, the dealings IN it
amounting TO 100 shares out of a total
or los, 100 shares. AS usual for some time
past, the dealings were almost entirely
professional, although foreign operators
for the short account renewed their sales
OF Louisville and Nashville to moderate
extent. The sentiment appeared 10 be
rather builish. The market received a
setback at the outset from lower London
cables but the effect on prices were only
momentary and a covering movement by
the shorts caused sharp advances all along
the line, the industrials the more promi-
hent. Tobacco advanced a. point on rum
orS its being purchased by the the Ma
uonal Cigarette company. On prompt de-
mails raid was made which resulted in
ed at the low level and the closing was
snghtly above last nights final sale. The
gains IN the railway list were fractional
with St Paul most in demand. Pacific
Mail scored a net loss of l per cent on
the day on the delay in deciding upon the
question of its subsidy by the transcon-
unental roads at the meeting that was IN
progress today. The closing was strong
in tone with the list fraction higher in
most cases.
The total sales of stocks today were
l02, SS5 shares, including American Tobac-
CO Il, 200; American Sugar IS; Burlington
200; Chicago Gas 400; Louisville and
Nashville 1890; Tennessee Coal and Iron
1900
Speculation during the week has been
on moderate scale and in most cases the
transactions have been based on manipu-
iatlon by professionals on various more
or less flimsy pretexts. The event of the
week was the publication of the plan for
the rehabilitation of the great Northern
racine system The magnitude of the
undertaking and the worldwide diStr;bu-
ton of the various securities had caused
great anxiety on the subject of the plan
and its early PRONUNCIATION came rather
as surprise to the rank and file in Wall
street. During the week incipient signs
OF opposition to the scheme have disap-
peared, although a DISCONTINUED attitude
Is still maintained by some of the inter-
ests in the third mortgage bonds of the
company. In Wall street the plan Is con-
sidered as equitable as the conditions af-
fecting the property for a long time past
will permit. Holders of the junior securi-
ties must pay the penalty of their indif-
ference toward their own rights in form
er years. The mortgages of the company
were heavily dealt in early in the week
and scored sharp improvement, which
was most pronounced in the consolidated
fiVes. Toward the close, however, most
of the gains were lost, with the thirds de-
Ginning sharply to below the level at the
close of the previous week. A cali on
the depository banks by the treasury de-
partment for % per cent of the govern
ment money held by them on bonds re-
suited in the payment TO the New York
Sub-treaSury of over 500 100000. The
avOwed object Of the treasury in making
the call was to preclude any approach in
exchange rates to the gold shipping point
by stfening the rates of cali money. Ex-
change was heavy, but the lack of in
Quiry was the chief cause of that condi-
ton. Call loans advanced to ~ per cent.
This was the maximum figure, and the
bulk of the transactions were on the basis
of 3lJ3h per cent. Time funds improved
to per cent, ranging up TO six months,
but the volume of business was only mod
crate and towards the close lenders were
less e0acting as to the quality OF collat-
eral. Despite the increase in the treasury
gold reserve to above $1S,0p0,OO0 and the
sharp increases in railroad earnings, not
ably by the st. Paul, apprehension as to
The mercantile situation in connection with
the keen discrimination in commercial
paper by money lenders disposed opera
tors toward the short side. Another I'M
favorable influence was the succession of
disturbing political reports from Europe.
The prolonged discussion at Washington
over the Cuban question also had an I'M
favorable effect. a few stocks were at
tackled on account of special trade con-
siderations. Consolidated Gas dropped 6la
per cent, to IS per cent, on the 1ntroduc-
ton of a bill for cheaper gas, and the
passage of q. bill permitting the organiza-
ton of a rival corporation. The stock
recovered to 1873 per cent and closed at 80
per cent. Tobacco was a leader in point
of activity and eccentrcity of movement.
The stock left off for the week u per cent
higher. Sugar was helped by favorable
trade reports and by the action OF the
German legislatures on the sugar bounty
question. The closing dealings OF the
week were marked by q degree or nrmneSS
and by general recoverieS from the ex-
IRENE low point The aggregate sales
were S947, 074. The more important net
changes (declines) range from to %
per cent the last in Wheeling and Lake
Erie preferred.
Railway bonds today closed slightly
lower on sales of S5l5,O00
For the week, bonds are generally lower.
The aggregate dealings were S,606,cv0.
The Northern Pacific issues were the
chief features, and in them early adj
vanceS were succeeded in some cases by
net losses. The thirds were exception
ally heavy, reacting Z per cent, 10 I412 per
cent.
Governments were firm on transactions
of S345. 600.
Silver certificates were slightly easier
on total of $1,000.
NEW YORK BANK STATEMENT.
New York, March H.-The New York
Ffnancier says this week:
The statement of the Associated banks
of New York City for the week ending
March p reflects the prevailing shr7nkase
in the money market. The loan eXpan-
sion for the week was not quite one mil
lion dollars. The outward movement OF
currency still continues, and it Is the pre-
vailing sentiment that the return tide
will not set in until in April and perhaps
later.
is nearing its end, and while there has
been fair demand from western centers'
exchange rates are easing slightly. Ihe
outlook, however. is for a firm money mar
ket for some time to come. The April
settlements are drawing near, and until
these are over the situation must remain
somewhat in doubt The government de-
poSitory banks last week turned over "a
Os0 900 into the treasury in response 10 the
call for a 20 per cent payment, and as
the sum remaining 20 be paid Is large
one, the limit within which the payments
are 10 he made has an important bear
ing on the general situation The excess
reserve IS down TO SlS,0pc,cco, and an in
perative call for the balance OF 1.-THE gov
eminent bond del posts would have an en-
barraSSing effect on the market, as the
reserves OF the banks are in many cases al
a low point The treasury is, however,
treating the banks literally n this mat
ter so far. The first call was more in
the nature OF a request than an order.
With the usual adjustment Of spring bal
ances and q resumption or the Flow OF
money toward the east the outlook VIII
clear RAPIDLY Another point TO be con-,
sidered Is the probability OF gold exports
The exchange market gives no sign Of q
sudden advance. but what val happen Il
there is 70 be a large increase in the avail
able supply OF money az the end OF the
spring season IS not difficult 70 coniec-
ture.
Washington. March 1.-THE secretary Of
+ba ~. S,r-,- has decided 20 allow 7e-oSr-