The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-12-05

displayed increased activity and
broader distribution OF business. The
tone was mainly strong, owing TO var
iety of influences calculated 10 advance
prices. These factors included an i'm
proved demand for choice investment
stocks and bonds, exceptional ease in
money, call funds being nominaily quot
ed at the close at 1G1 1-2 per cent, and
dividend disbursements, actual and an
'ticipated. The speculation in miscellane-
Gus securities also exhibited improve
ment and wider range. The constant
accommodation of funds at this center
| and expectation of improvement in gen.
eral and railroad business conditions, on
the part Of many investors leads them to
take up securities OF assumed favorably
situated properties. Investment bond
houses report a heavier business than
for some time past and good-sized blocks
Of the bonds of reorganiZed roads have
been sold. The declaration of a dividend
of per cent on Southern Railway pre-
ferred exerted particularly encourage
ing influence as the action was accept
ed as illustrating the confidence enter
tanned by the prominent interests identi-
fed with the property as to the outlook.
the distribution is made without refer
ence to the future dividend policy of the
company and represents a portion of the
surplus earned in the last two fiscal
years. In a general way it is asserted
, that the prospect of continued unfavor-
able traffic reports by some of the rail-
toads and the sentimental effect Of the
re-assemblage of congress have been dis
counted.
The course of prices was somewhat ir-
regular but In many instances the ten
Gency toward Improvement was well de-
fined, particularly in the specialties. The
expert analysis OF the accounting and re-
ports Of the previous Baltimore and Ohio
management caused a decline of about
per cent in the stock, but failed to af
feet the general market as the exhibit
was regarded as ancient history" The
upward movement in the general list
was accelerated by foreign purchases.
chiefly Of St Paul and Louisville and
Nashville. Commercial Cable was con-
spicuoIs for jump to 169 per cent on a
purchase of 100 shares, as compared
with 15S per cent. the last preceding sale.
The market closed steady at slight net
gains in the principal stocks.
The total sales of stocks today were
1861 1907 shares. including: American Su-
gar 27,10o; Burlington $4,000; Baltimore
and Ohio 400; Chicago Gas 1900; Cen
eral Electric 5000; Manhattan 11,30o;
Reading 10,49o; Rock Island 9,40O; st.
Paul $500; Western Union $500; South
ern Railroad preferred $500.
The railroad and miscellaneous bond
market displayed considerable ANNA
ton on a broader movement which in
Cluded many Of the guilt-edged issues.
Speculative bonds were also strong and
II - . nr nnn
The gains ranged from l to per cent
the last in Rock Island debenture fives.
Governments were in moderate de-
mand but generally fair. The sales were
s51 900.
LOANS AND EXCHANGE
New York, Dec. 4.-Noon: Money on
call l 1-2a2 per cent prime merchantile
paper 4d5 per cent; sterling exchange
firm and higher with actual business in
bankers bills at s4S6 3-464.S7 for de-
snand, and s4S3 3-4@4S4 for sixty days:
bar silver 90 IL; Mexican dollars so SIS
cents.
BANK CLEARINGS.
Philadelphia Clcarings s11,174,s57;
balances sl,527,362.
MISUNDERSTANDING Stops, 24s; bal
ances S344, 800.
st. Louis-Ciearings si,775,964 bal
l.
New York exchange 70 cents premium
bid; 81 premium asked.
GOLD RESERVE.
Washington, Dec 4-Today's state
ment of the condition OF the treasury
shows: Availa bic cash balance 1924. 5s5,-
9eo; gold reserve 1872 37S, 975
REVIEW OF THE WEEK.
New York, Dec. 4-Bradstreets Finan-
Cial " al-ipu TOMORROW
~ firnler tone has been exhibited in the
speculative share market during the
present week. The quality OF the trans
actions has not improved. In the main
they are still the work of professional
traders. and public participation, as
gagged by the inactivity OF commission
brokers, is almost entirely lacking On
the other hand, liquidation OF long hold
.nSs OF stocks has practically ceased, and
the bears find that their efforts to de-
press prices by artificial manipulation
does not bring out real stocks. but sim
ply increases the short interest. The lat
ter had, in fact appeared to be growing
excessive. and the position of the mar
ket had been one in which its liability to
become over-sold is an important factor
1t would seem that some OF the larger
bear interests have closed their specula-
tive lines on that side of the account, and
that, so far as operations of that sort
are concerned, they are due to the dis
position which the board room element
and the smaller class of professional
spectators always exhibit to sell the
market short when dullness is the pro-
nounced feature. The more hopeful feel
ing which amin ates the market seems to
be due to a revision OF speculative opin-
ion regarding the probable after effects
coming from the presidential message.
peculiarly in its treatment OF the Cuban
question. The current reports from
Washington indicate that il viii. so far
as concerns this matter be a conserva-
tive document, which the street con-
strues as favorable 70 the market. There
IS. OF course. uncertainty about the
course OF congress on the Cuban and
other matters. but a feeling has grown
that the short session may not be pro-
ductive OF any very positive action,
though the larger speculative interests.
which, as stated above. have ceased 20
act on the bear side, show an indisposl-
ton TO adopt any positive course until
congress meets and there IS some def
mite basis on which 70 judge OF its policy |
II must however, be noted that this has
not deferred certain interests from insti- |
tuting bullsh manipulations in their
Own specialties. more particularly in !
stocks in which the existence OF any con-
siderable volume OF bear contracts az |
forded opportunity for marking Up
prices on the shorts.
LIVESTOCK MARKETS
CHICAGO.
Chicago. I'll. Dec 4-Cattle-Prices !
unchanged; choice cattle scarce; poorest |
10 best steers sS.50lf5. 50: cows and heif- !