The Wichita daily eagle., 1896-01-04
STREET is WEARY
BOND ISSUE SEEMS SUCH A VERY
LONG TIME COMING.

4On0 LIND OOmkuOs
Everybody Is on the Anxious Seat and Prices
Sag MeanwhiIe-Gold Export Situation,
the rransuaal Squabbie and Many Other
Causes Contribute to the Unrest. Which
is not of the Vague Variety, by the Way.
Tobacco and Leather Furnish Features
of the Days Trading in stocks-Brad-
streets Review of the Bond situation.
New York, Jan. 3.-The stock market
displayed a sagging tendency in prices
during the great part of today. and the
speculative movement vas sluggish.
The suspense Is growing acute in fnan-
cial circles in regard to the proposed
bond issue. as the matter had been ex-
pected to be closed by this time. The
same condition applies 10 almost all
other branches OF Wall street, which
are rendered unsettled by the protract-
ed delay on a question Of such decided
interest. The conflicting exports OF
gold from this country, uncertainty re-
garding the probable course OF the
money and commercial paper market.
and the liquidation in American secu-
rites in London, due TO the Transyaal
imbroglio. and other causes, all con-
tribute 10 the disquiet OF local dealers
and investors. Foreign cables came
lower previous TO the opening here and
the arbitrage operations for London ac-
count We're for sales. a reported in
crease in the premium in gold asa COM
modify TO IL per cent bid and IL per
cent asked and the engagement of ST.
100000 in gold for export to Europe to-
morrow also appeared TO perplex the
professional dealers, who at present
control the stock tape. Leather prefer
red was depressed 2$s per cent on ru-
mors that the fourthcoming dividends
would be scaled or passed and revived
discouraging suggestions as TO the ad-
verse effect on the company's business
10 result from the introduction of the
velocitan process for tanning leather
Tobacco displayed marked strength
throughout on reiterated rumors, now
quite familiar, of an impending COM
promise with the independent manufac-
turers, involving an advance of a cent
a pound in the Battle Axe" plug
brand. Whatever the merits of the re-
ports may be, they occasioned a stm-
pede Of the shorts TO cover, resulting in
an advance of 5A per cent. to s4 per
cent. with the improvement most mark
ed in the final hour. The buoyancy of
this oepcialty had a streng gnhening in
fiuence on the general market late in
the day, which was helped by decided
tendency toward ease in ali money
rates. Recoveries from the low points
were accordingly ranging from / to la
per cent in Sugar, St. Paul, General
Electric, Manhattan, New Jersey Cen
trail, Tennessee Coal, Leather preferred
and Baltimore and Ohio. The closing
was slightly active and was firm in
tone.
Business in railway and miscellane-
Gus securities were very moderate to-
day with lower prices ruling. The sales
aggregated s1.116,000. The recessions
were headed by Baltimore and Ohio
fives of 1925, which fell 101a per cent, TO
SO per cent, and Baltimore Belt firsts
guaranteed, 97s, to "a per cent. Some
substantial gains were noted in other
unusually inactive mortgages. There
was sharp recession in the quotations
for the new fours, the last call showing
a concession OF ~ per cent. The fives
also sagged sharply. but improved Y
per cent on the final bid. Only $4,000
Of bonds were dealt in.
REVIEW OF THE WEEK.
New York, Jan. 3.-Bradstreet's New
York stock market review says:
Early In the week Wall street was
confirmed in it's belief that the govern
ment would issue 800, 600. 900 of per
cent bonds, to provide for the treasury
specie reserve. The announcement fol-
lowed that ]. P Morgan & Co.. were
forming a syndicate to subscribe for
this amount, with the further privilege.
or obligation. as II may be regarded. 10
take a supplementary issue OF a like
sum. 1t also transpired that the syn
dictate has been largely over-subscribed,
that foreign interests have taken part
in the operation to unknown amounts.
and that banks and institutions
throughout the country, as we'll as IN
this city, have shown marked readiness
to surrender their gold holdings for
share in the new bonds. These devel-
opments have checked the depressing
influences that affected the stock mar
ket, and caused a very strong under
tone TO assert Itself. The street" is
fully aware Of the reasons for delay in
making public announcements OF the
new bond issue. 1t is fully appreciated
that the senate must be allowed an op-
portunity to act upon the bond bill
which passed the house of representa-
tives last week. There seems to be no
doubt that the senate committee. which
IS dominated by the silver men, VIII
convert the bill into a free silver coin
age measure. The report of the COM
mittee, IL Is concluded, VIII be the sig
nal for action by the administration In
regard TO the Issuing Of the bonds, and
this may carry the operation over I'LL
next week. At the same time there Is
no evidence that the Morgan syndicate
has made a definite contract with the
treasury, and the price at which the
bonds will be taken Is also unknown.
London has not been an important
factor IN this market. The unfavorable
feeling toward American securities
caused by the Venezuelan incident has
become less pronounced. but leading
houses there including the Rothschilds.
have refused 70 interest themselves in
the New United States loan. The politI-
cal troubles IN South Africa have IN a
measure withdrawn attention from
American stocks and financial affairs.
and IL is to be remarked that while
London prices were lower on several
days than the quotations here. there
was little selling from that quarter.
Several important German financial IN
terests are reported. however. TO be
large subscribers TO the Morgan bond
syndicate.