The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-17

Plan Received With Varying Welcome In
Various Quarters According to the Class
of Securities Held, But the Symptoms
are Favorable for its Operstlon-Can of
the Treasury on the Depository Banks
Another Important Item in its Effects
ON the Stock Market-Shares Generally
Lose Slishtly-BoIds.
New York, March 15.--The all-,m-
portant topic in Wall street today was
the publication OF the plan for the re-
organization OF the Northern Pacific
railroad. The great amount OF securi
ties involved, their widespread distribu-
ton throughout nearly all OF the lead
ing European financial centers as well
as the extensive domestic holdings. had
caused exceptional anticipaOry interest
as 10 the provisions OF the plan and the
treatmen OF the various securities.
While opinions differ as 10 the merits OF
the plan, according 70 the securities
held by each respective interest, and
while stubborn contest against the en-
forcement Of some OF its provisions is
threatened in certain quarters, the f.
nanCial community as a whole, taking
into cOnsidera ton the record OF the cap
itaiisIS identified with the work of re-
Mobilization and their practically IN
limited financial resources. believes
the success of the plan to be only
question of time. Experts place the
values of the new Northern Pacific Sc
curities at about So per cent for the prior
lien bonds, 60 per cent for the general
81 h.,
ferred and 10 per cent for the new COM
mon stocks. Another important de-
velopment was the announcement Of a
call by the treasury department on the
banks holding government money for
the payment of 20 per cent of these bal
lances within the present week. The
government bond repositories hold OF
government money about so, 900, Of
which SO. 5000 900 is in greenbacks and
50, 500. 900 in coin, all of which figures in
the treasury cash balance. The call will
result in taking about 81. 800 900 in cash
from the banks. The action of the treas
ury department is strictly in line with
the forecasts of its probable policy pub
lished in these dispatches. Secretary
Carlisle is determined, as far as is
practicable. to prevent any approach OF
exchange rates toward the gold export
time of the government money in do
post with the banks. There Is contin-
ued apprehension among bankers over
the general trade outlook from now up
to April l. The stock market today was
only moderately active and the fluctua-
tons recorded simply reflected manipu-
lation.
Northern Pacific common and pre-
ferred stocks at the outset displayed
weakness, the last mentioned yielding
a point Toward the close, most of the
losses were recovered. The speculation
was almost entirely in the industrial
shares, with American Tobacco figuring
| for over half of the entire dealings. The
transactions in ii aggregated nearly
10000 shares. A disposition toward a
/ lower range Of prices was evident In the
early trading but the professional deal
| ers soon took hold of the industrials as
noted and substantial gains occurred in
Sugar. Tobacco, General Electric and
! Rubber. Realizing sales and a bear
raid subsequently, caused the loss OF
most of the early Improvement. Leath-
er preferred became conspicuous
! around midday. rising per cent. l.
| Clede aGS shares were also strong, al
/ though the advances were not retained
| The industrials weakened in the after
/ noon opera tons, but steadied toward
! the close on covering of shorts, chiefly
! The closing was quiet, with slight Loose!
! general.
The publication Of the reorganization
plan of the Northern Pacific railroad
was followed by decided animation and
strength in the bonds. The seconds
rose per cent collateral trusts sixe'
2Ik per cent, consol fives and conso
! ,rv.. A nd
dend scrip extended per cent. In TIT
closing dealings recessions in prices oc
Cured, principally in the consol flves
seconds and thirds. The general lis
was fea tureless aside from a firm tone
The Northern Pacific contributed g.
l54.OO toward aggregating sales OF s..
COS. 900.
Governments were firm on transac
tons of s199, COO
New York, March 16.---Evening Post
London financial cablegram:
The stock markets were very quiet a
a whole today except for a revival o
the demand for certain deep level Sout
African properties. The publication o
the details of the Northern Pacific pla
has been attended with a drop OF 6bou
Sc in the preferred stock, while cercal
Of the bonds have moved up a little
Other Americans were quiet and dul
Copper statistics are very encoura gins
stocks having declined from 1876 ton
on February Is to Al ,075 on March j
The continental markets were qule
and featureless.
Chicago, March 16.---Clearlngs Sl5
SCI, 726. Money on call and time otIS y
/ cent. New York exchange 90 cents Ok
count Foreign exchange easy.
Philadelphia, March 16.--ClearIng
IS. O35, 900; balances I.lSS.59l.
81 Louis, March 1s.--Clearings 81
Al s1; balances $66S,319-