The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-21
1T WOULDN'T KEEP
THURSDAYS CLOSING RALLY FAILS
TO SHOW AGAIN.

Energies into Prominence-Close Quiet,
Firm and at Slight Concessions Gener-
aIIy-Bonds Light in Volume, Heavy in
Tone-Governments Ouiet-Week Dull
and Transactions Professional.
New York, March 20.-Today's stock
market was, in the main, uninteresting.
The record Of transactions were below
even the slim total of the previous day
and the fluctuations, as rule, reflect
ed the backing and filling Of the board
room scalpers. American Tobacco was
again the leader in activity, followed
by st. Paul and Louisville and Nashville
the last two in about an equal volume.
Aside from the stocks mentioned none
of the prominent shares made even an
approach to activity. Some disappoint
ment was expressed at the non-appear-
ance at the opening of any suggestion
OF the rally which was in progress al the
close yesterday. The London market
for Americans came slightly lower, and
there were sales of Louisville and Nash
Vile by the arbitrage houses. The for
eign dealers, however, appeared TO lack
the courage of their supposed convic-
u.
relatively firm. Leather preferred, on
renewed reports of cutting in Union
tan prices in Boston and at other New
England Leather centers, was also
pressed for sale. American Tobacco
received considerable attention, owing
to reports of a meeting to be held at
ST. Louis with the object of attempt
ing compromise between representa-
tiveS of the American company and its
powerful competitors. The traders
rushed the price up per cent, to S31s
per cent, at which figure the stock clos
ed. In the SpecaltieS one or two note
worthy movements occurred on very
light dealings. Pacific Mail doomed in
TO prominence toward the close of
fair volume of business and advanced
23s per cent, to 2715 per cent. The esten
sible cause Of the improvement was the
progress reported TO be making at the
transcontinental meeting, which was in
session up to a late hour. Another
theory was that the moe was to COM
pei covering of shorts. Manhattan dis
played irregularity in the late dealings,
though the trading in il was vary light.
In detail, the market shaded slightly
at the outset to a moderate exent, but
the strength of Tobacco, and covering
movement by the shorts, served to carry
prices to point making the net changes
light in most cases. The closing was
quiet but firm at slight concessions gen.
orally, as compared with yesterdays
final figures.
The dealings in bonds fell below the
recent average and the tone was heavy.
The declines of consequence were con-
fined to the usually inactive bonds. In
this class Fulton Elevated Fights figur-
i g. Q Aal,. 4
and Pacific firsts for So per cent. In
the active list Northern Pacific thirds
headed the losses with ~ per cent. The
sales were 81 .0O5 900.
Governments were quiet. Prices were
particularly unchanged on dealings of
$4,000.
THE WEEK REVIEWED.
New York, March 20.-Bradstreet's
financial review tomorrow will say:
Dizziness. accompanied by depression,
has marked the speculative situation
this week. Transactions have been al
most entirely professional and the mar
ket as a whole very narrow. Some
liquidation of long holdings could. how
ever, be traced and the trading element
on the Stock Exchange sold stocks at
times with more or less vigor, although
the increase of the short interest result
ing therefrom resulted in some covering,
and furnished the only support to the
prices that was at all in evidence. The
public is absolutely out of the stock
market and Londons Indifference to and
distrust of the specula tive situation Is
less apparent than in the past. All de-
partments there were, indeed, unsettled
during the early days of the week by
the attitude of the French government
in relation to England's policy in Egypt,
though by last Thursday this situation
had improved sufficiently for bullish
movement to assert itself there. The
interest in American stocks is, however,
OF the smallest character and, though
London bought late this week, it was
in such trifling amounts that no effect
was produced. The fact that foreign
exchange rates keep steadily below the
gold export point does not fail to at
tract attention. Any beneficial effects
on speculative sentiment are, however,
offset by a general appreciation Of the
fact that this is the result Of the hard
ening of the money market.
The results of the poor business IN
many lines during the autumn and win
ter are also cropping out IN the form OF
failures. Wall street, perhaps. is in
clined to exaggerate such circumstances
and to regard as general the conditions
which affect only particular localities
or interests. Nevertheless, the unfa-
| vorable impressions which undoubted-
| " exist in financial circles as to the
present outlook for the business COM
munity necessarily affect the temper OF
speculation and check investment
Another factor of some Importance Is
the slow movement of corn. The gen.
eral unwillingness Of farmers to sell at
| the present price reduces the tonnage
and profits OF western railroads and
creates a sense OF disappointment,
which IS shown in the inactive specu-
| lation in railroad shares generally. de-
spite the evidence that the new Joint
Traffic association is working well, and
| that the Trunk Line and other roads
are conducting competitive business
with a minimum Of rate cutting or fric-
| ton. Nor IS il possible to ignore the
| fact that the approach Of the presi-
| Dental campaign has an unsettling eff
! feet and that this feeling is supplement-
! ed by the apparent venturesomeness OF
/ the present congress in regard to the
country's foreign relations and its i'm
/ potency when the finances and currency
are at stake.
| GRAIN MARKET
| CHICAGO.