The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-08
NET GAINS RESULT
INDUSTRIALS ARE THE SUBJECTS
OF MANIPULATION.

Days Dealings symptomatIc of PROBES
sionaI Operations-sugar the Pivotal
Stock In the Industrial Group-Tobacco
Exceptionally Weak at a steep Decline
and Chicago Gas Affected, Both on Ae-
count OF Legal CompIicatio -Distill-
ing ACKNOWLEDGEMENTS Roads In
Particular Favor-Bond Transactions.
New York, Feb. 7.-Today's stock
market was quite irregular. The vol
ume OF business was on about the same
scale as yesterday. and Sugar and St
Paul Were again the leaders in point of
activity, although there was today a
disparity OF over 10000 between them.
in favor of the nearest mentioned stock.
Lower London prices for Americans and
free foreign selling here again exerted
a depressing influence upon the local
speculation. The dealing were for the
most part governed by the professional
leaders, whose tactics were more clear
ly evident in the manipulation of the
industrial shares. n the other hand
there was good investment buying OF
some of the other railroad stocks. and
particularly of the shares of corn-car-
rying roads Commission houses were
in receipt of orders for Rock Island and
Burlington, and the discovery of this
fact induced a respectable amount of
covering by the shorts. The street was
furnished a great deal of technical cal
culatiOns and deductions on the subject
Of the outcome of the government bond
issue. mainly of a discouraging import,
but the sentiment of the financial COM
munity at large that the credit Of the
government has been magnificenly vim
dictated by the wide distribution OF the
bids and the high average Of prices. es-
pecially as the allotments of bonds TO
Europe will be relatively inconsiderable.
as compared with the aggregate of for
eign bids. The declining tendency evil
dent in the early dealings was checked
by adroit manipulation Of the industri-
ais, and general Improvements resulted.
although the edge OF the advance was
taken Oft by realizing sales. The pur-
chasing movement gained fuller head
way in the afternoon dealings. Sugar
was the pivotal stock, rising about 8
per cent on very heavy trading. Dis
filling attracted attention by an ad-
vance of ia per cent, incidental 10 the
news Of the practical completion Of the
pan OF reorganization. OIner notable
gains Were scored by tn egrangers.
Louiville and Nashville and a few other
prominent shares. Tobacco was the ex-
cepttonally week feature of the market
towards the closing, declining 3 per cent
on heavy offerings on revived rumOrs
of impending hostile action towards the
company by the New ersey legislature.
a report that the state authorities of
Illinois had reaffirmed their opposition
to the plan of consolidation Of the Chi
cago Gas companies, was followed by
a decline of about a point from the
highest OF the stock, but part OF the
loss was subsequently recovered. The
closing was active and heavy in tone,
but with the net results general gains.
Trade in railway mortgages was large
the eadings footing up 2.213. 900. High
er prices prevailed, with the Northern
Pacific issues strong features at gains
of l and per cent.
The government securities were ir-
regular in the early trading, but closed
steady. There were heavy transactions
in the new coupons, aggregating s275.-
600