The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-07

New York. Feb. 6-The course OF
today's stock market was extremely
disappointing 10 many persons who
had expected, in view OF the great and
unsurpassed success of the new gov
eminent loan. a decided upturn in pri-
ces. both here and abroad. Apparently
both in London and on the floor OF
the New York stock exchangethe news
was not regarded from a broader point
OF view than as affording an opportun-
ity 10 secure profits accruing from the
recent rise. Conservative financiers
expressed the opinion that the secur-
tiles market Will soon reflect increased
confidence as 10 the financial outlook.
Already the expectation OF a better
market for commercial paper is ex-
pressed, and also Of a reasonably easy
money merket. A favorable feature is
the continued increase of earrings
shown by nearly all of the prominent
lines. The volume of business showed
a considerable increase over the record
OF the previous day. Prices moved
in an erratic fashion. and in some in
stances the fluctuations were wide.
Sugar and St. Paul again absorbed the
greats interest, with the first named
well in the lead in point OF activity.
The two stocks mentioned recorded
nearly one-third OF the entire total.
The market opened slightly higher. des-
pfte the cold shoulder presented by the
lower range OF prices for Americans in
the London market. In some instances
Improvement over the initial figures
was made, but the market soon turn
Cd ~ -
dation in the leading shares, both for
local and foreign account. In the en-
! suing reaction many stocks touched
. figures below last nights closing pri-
ces. A rally then followed, and the
market exhibited irregularity until l
o'clock. At that hour supporting or
de-S appeared and prices advanced rap
/ idly. Sugar was the leader, rising pa
per cent, and the other active shares
1@12 per cent. In the movement
Southern Pacific, Missouri Pacific,
Louisville and Nashville. and the Gran
gers were the most prominent. In the
usually inactive shares Pullman rose
SO. per cent; Minneapolis and St Louis
firsts preferred 8 per cent; Rio Grande
| Western preferred 2ls per cent; La
Clede Gas preferred and Metropolitan
! Traction . per cent; Cordage guaTan-
tecI 1t2 per cent anu ENdNSNiLt anu
! Terre Haute l per cent. The report
that President Bannigan of the United
States Rubber company had rendered
his resignation, together with rumOrs
of diSsenSionS in the board Of directors,
was followed by a decline of > per
cent in the preferred. The former sub
sequently regained y per cent decline.
In the last half houra the taking of
profits caused another decline. Chi
cago Gas was cunsplcuously weak. re-
acting pa per cent on rumOrs of further
impeachment to the consolidation plan.
An attempted explanation Of per
/ cent drop in Lackawana, as due to an
| impeding investigation of the coal deal
by the New York senate, was not ser
iously taken. The market closed mod
/ erately active and irregular.
! Business in bonds was fairly large
I and values generally worked higher.
| The dealings embraced a number of
! the usually inactive mortgages at mar
ked improvements in prices. The total
dealings We're 81, 552. 900.
Prices for governments were about
evenly divided between advances and
declines on the first call. In the late
session bids at a much higher level
were noted. The speculation was con-
fined 10 sales of the new fours at vary
ing prices. The aggregate transactions
were S175,000.