The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-31

ing MeasurabIy Counteracted by Action
of the Bank of England in Reducing
the Price of Bar GoId-CIose Firm,
Slightly Below the Top,
New York, March 30.-The stock mar
ket today made a substantial increase
in activity over recent records. The
dealings were no less professional than
heretofore, but a more confident tone
was observable despite a further adj
vance in exchange rates TO the figures
at which it had been previously esti-
mated that gold could be shipped with
out loss. To an extent enga gements Of
the precious metal in payment Of our
debts abroad have been delayed owing
to a reduction today, by the bank Of
England and in the open London mar
ket of a penny per ounce in the price
OF bar gold. This reduction also post
pones the expected advance by the trea-
sury department at Washington in the
premium of gold bars. In the treasu-
ry circles and among bankers it is con-
sidered practically certain that a sec
ond 20 per cent call on the depository
banks will be made this week. The
opinion now prevails that exports of
gold, if made at all this week, will be
deferred until Saturdays steamers. No
gold bills were in the market today and
while the supply of commercial bills
continues exceedingly light, the demand
for exchange is only moderate. The
increase in stocks is attributed to a
change of front on the part Of the lead
IT,
were current today of rather heavy
coverings of shorts in the grangers and
other shares. A rally in the grangers
was attended by reports indicating a
freer movement of corn, the more sat
isfactory condition of the iron indus
try and the reported formation of a
powerful combination for the mainte-
nance of rates, as we'll as encouraging
traffic returns for February, with st.
Paul showing a net increase of S144,-
1913, had a Strengthening influence To-
bacco was active. At the outset the
shares developed heaviness and sagged
8 per cent, to ssh per cent, on liquida-
ton of speculative holdings and ham,
mering by the room traders. Insiders
were purchasers at the lower point,
and rally ensued of AZ per cent, to 80
per cent. The final price recorded a
net gain of rs per cent. The entire
movement was manipulated. The gen.
eral market moved irregularly. Ma
terial gains were scored in some instan-
ces. Illinois Steel rose Az per cent,
Tennessee Coal ~ per cent and Mime
sofa Iron per cent on the reports pre-
viously noted. Burlington and Rock
Island led in the rise and gained 1$
per cent each. Distilling was not af-
fected by the decision of the supreme
court of Illinois, pronouncing the trust
illegal, as the reorganized company is
not affected thereby. London traded
on both sides of the account to a mod
crate extent. The closing was firm at
a slight concession from the top level,
but with fractional gains on the day
generally.
Railway and miscellaneous securities
were strong and higher on increased
dealings. The Brooklyn Elevated is
sues were conspicuous for wide chang
es. Fulton jumped per cent to 60 per
cent; Kings county dropped per cent
SO per cent, and Union, after an early
decline of y per cent, to 951s per cent,
rallied to 971a per cent and closed at
951a per cent. The speculative mort
cages were generally higher, with Atch-
ison leading. The sales were 1898, 900.
Governments ruled firm and active
on transactions of s166, 900.