Omaha daily bee., 1896-05-03
STOCKS AND BONDS.
business in Securities Was of Meager
prOpOrtiOnS.


NEW YORK, May 2.-Business on the Stock
exchange today was of meager proportions, even
for a half holiday, and the fluctuations in prices,
except in a few of the industrial shares, were
trivial. The legal difficulties encrcling the Amer
lean Tobacco company in the matter of the re-
cent dividend declarations, afford a strategic
basis for manipulation. The street apparently
continues to place the same unfavorabie con-
struction on the tactics of the management as
when the peculiar scrip dividend policy was an
nounced. The presumption is that the insiders
We're at that time prepared to sell out to the
public on the bulge that was expected to follow
the announcement Of the dividend, and that
they have since played to work off their specu-
lative holdings whenever the opportunity has
been presented. The stock broke to 66h today
stop loss orders. At the extreme low points
support was afforded, resulting in a rally. to
tors. The general market was depressed slightly
at the outset, but soon %steadied, and toward the
early figures. Sugar was in fair request, and
rose " per cent. Chicago, Cleveland. Cincinnati
creases in the monthly statement Bay State
Gas was unusually active, and gained 3 per
ment in the grangers and other railway shares
was feeble. The statement of averages of the
the items, and the gain of 81, 2G5, GOO in reserve
exerted, perhaps, an unduly favorable sentimental
influence. To speak by the card, a more active
money market would reflect n more encouraging
condition of general business, The exhibit. how
ever, served to stimulate a purchasing movement
in the late dealings. The market closed firm at
slight general gains. The volume OF business for
tine week was exceptionally dull, being partly IN
one day, and by uncertainty regarding the crop
conditions and the revival of gold exports.
Politics were much less of a factor, but 1t is
an open secret that IN financial circles the news
with pronounced satisfaction. A great deal Of
stress has been laid upon the easier condition of
reports, the lower figures for paper have in n
large measure resulted from the decreased de-
mand FOR accommodation owing to a feStric! TPn
year started out with the merchants in debt, and
recently some relief has been afforded by the
exceptional ease of money. which was in turn
chiefly due to the decreased volume OF business
of the Stock exchange, An important feature
bearing upon the commercial situation has been
the improvement in collections, According to
bankers, who are in close touch with the general
business situation, sales OF merchandise are
slow, and II Is reported mat the general range
l per cent lower than on April /, as is the low
The shipments Of gold, amounting to 81, 1876, 604,
We're below general expectations, but the con-
tinued strength OF the exchange market ind;
next week To London and TO Germany. The
outgo this week was to Paris, The noteworthy
railroad outlook are lower prices for wheat and
corn. The decline in the first mentioned cereal
has been pushed forward much more rapidly
than had been currently believed. There is some
apprehension that the reaction IN corn may cause
a check to the market, Railroad earnings have
been, in the main, encouraging. The week
opened with preparations for a vigorous bull
Foreign dealers made liberal purchases
OF the standard railway shares, and also OF
bonds. The operators also appeared TO be dis
posed to take the long side. A change in
speculative sentiment also became marked, and
speculative trading became regular within a
narrow compass, this condition OF affairs being
partly ascribed to the TTansyaal crisis and 10
the gold export probabilities.
The apathy OF the market was considered all
the more surprising, in view OF the steady accum-
ulation for money at this center. which was re-
Elected at one time by a rate OF ~ per cent for
call funds. A call by the Treasury department
on the depository banks, involving about 1900
600. was calculated to about offset the amount
that was distributed by tn government for
of foreclosure OF the Reading and Northern
Pacific properties had afayorable effect on the
securities OF those companies, and on the gen
eral market. The judicial decision permitting
the distribution OF the 20 per cent extra scrip
dividend on American Tobacco appeared to act
as a boomerang, and the stock closed for the
week at a net loss OF 4 per cent. The 20 per
cent advance in anthracite coal prices ordered FOR