The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-26
LONDON STARTS 1T
REACTION THE ORDER OF THE DAY
IN THE STOCK MARKET.

Americans Lower in London Is the Firs.
Item for Discouragement-Bee = Scent
Liquidation and Press sic Market for
All They've Got-IndustrisIs Lead in
Activity-Foreisn Selling In Interna-
t'>nals-Lesther's Losses on Dividend
Tslk-stop Orders-Break in Baltimore
and Ohio-Government Bends shaded.
New York, Feb. Extraction was the
order of the days stock speculation. the
Initiative coming from London where a
lower market for American securities
was reported Estimates OF foreign
selling in this market ranged from TO-
600 to 1900 shares. The bear element
detected Indications OF liquidation and
pressed the market TO the fullest prac-
ticable extent. The industrials assum-
ed the leadership in point OF activity.
the combined transactions in Tobacco
and Leather preferred footing up one
quarter Of the entire dealings. The for
eign selling of the International shares
referred TO caused lower prices on the
New York stock exchange, and further
concessions in values were made in the
succeeding operat tons. The most severe
losses were made in the induStrials, and
specialties. particularly Leather pre-
ferred. yielded 22s per cent on selling for
both accounts, on the expected failure or
the directors 10 declare a dividend at
tOday's meeting The downward
movement was accelerated by the catch
ing of numerous stop orders. a revival
OF unfavorable forecasts Of the probable
making an examination OF the general
condition and prospects OF the Balti-
more and Ohio was improved by the
traders, who effected a break OF SIS per
cent in the stock There was a subse-
quent recovery OF is per cent from the
extreme low point. a brief general
rally occurred about the end of the first
hour. in which, however. the only i'm
portant gain was that OF is per cent
IN Missouri Pacific, mainly in covering
by shorts. The improvements were
snort lived, as a renewal OF aggressive
tactics by the traders brought about
selling movement at midday in which
most OF the rally was lost. Manhat-
tan dropped per cent. The official
statement Of the treasury gold reserve.
showing an excess OF s23. 80. 37S over the
sl00, 600, 900 limit. an increase OF over s15.-
coo 600 from yesterdays figures, had
some effect in causing moderate i'm
proveTnent around II o'clock Tobacco
suddenly assumed prominence in the
last hour by decided heaviness, result
ing in a rapid break OF 3 per cent on
heavy dealings. The only explanation
OF this development was a vague rumor
1gr :, L. -.I,.4 -
favorable decision, actual or in prospect
The weakness of this stock was COM
muntcated to the general market, and.
together with the news OF a selling
movement all along the line. in which
defines were scored. Sugar and the
grangers were the chief sufferers. The
closing was heavy IN tone, with severe
net losses in some cases and fractional
declines general.
The total sales OF stocks today were
$50 s47 shares. including: American
Tobacco. A, 100; Atchison, $500; Ameri-
can Sugar, 5000: Burlington. 500; Bal
timore, 400; Chicago Gas. II. 600; Den
Yer and Rio Grande. 1900; Distilling and
Cattle Feeding, 1900: General Electric.
II, 700; Missouri Pacific. 10 800; Rock Is
land, 10.T00; st. Paul. q 900; Tennessee
Coal. 800; Union Pacific, 1900; Western
Union, 800; Wheeling and L. E. 3,400.
The early dealings in railway bonds
were attended by decreased activity,
but firm tone prevailed. In the late
session. however, marked heayiness
was displayed IN the Atchison and
Northern Pacific issues, which was in
turn communicated 10 the other securf-
ties and caused a depressed tone at the
close. Baltimore and Ohio fives, singul-
arly, in view OF the weakness in the
stock, rose > per cent. TO % per cent.
The aggregate dealings were 1888. 900.
Prices of government issues were
shaded Transactions OF Sl0s.000 were
recorded.
Berlin. Feb. 25.-The weekly state
ment oft he Imperial bank og Germany
shows the following changes as COM
pared with the previous account. Cash
in hand, increased, l.. 80 marks; treas
ury notes, Increase. 1.22o; other securi-
ties, increase IA 240, 900; notes in circula-
ton, decrease, 81, 200. 900 marks.