The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-02-28
STOCKS AND BONDS
ACTION AND REACTION BETWEEN
NEW YORK AND L0ND0N.


by the Dissipation of all Danger of Any
body Getting Hurt Anywhere, and
| Strai:htens up in Jack-in-the- Box Style
Railways are a Feature OF the Days
Trading Bonds Animated-New York
Bank Statement.
New York, Feb. 21-The London and
New York stock markets today and yes
| terday have shown results like a chemical
| action and reaction. The strong upward
| movement which characterized the later
| dealings here was reflected in the London
price of American securities today and the
London market again gave the tone 20 the
opening dealings here. Yesterdays strength
was continued in today's market, and the
| bears found themselves unable TO cope with
the situation. There was indeed. nota-
| bic absance of effort to stem the course OF
| prices: and the shorts were content 10 get
| in under cover in face OF the bullish tenn
per Of the market. With the exception of a
slight reaction shortly before the close, due
| to proht-taking over Sunday, the market
held firm with an upward tendency through
out the day. Apparently the determine
| ton Of the senate at Washington TO con-
t;nue to talk on Cuba has no further ter
rors for Wall street in the absence of any
| specific proposal of an aggressive charac-
| ter before that body. The rise of prices
was accompanied by a notable activity IN
! trading. The volume Of the dealings was
| over three times as great as was the case
| on the half-holidy last aSturday. 1t was
| noticeable also that the leading industrials
sunk in relative importance in the dealings,
so they consumed considerably less than a
third of the total dealings, as against
recent average of nearly one-han. In to-
days market, the railway list attracted an
increased proportion Of attention, especially
the grangers. There was quite large
amount of buying through commission
houses on outside orders, indicating a de
gree of speculative interest in the market
which has been markedly absent for long
turns from railways for the third week in
February must be credited with part of
the strength in the railway shares, and they
reflected on the general list. Undoubtedly
also, today's movement was in part due TO
an intention TO discount the improvement
IN values which has for some time been
confidently counted upon in connection
with with the Inauguration of the new
a part of the sluggishness which has fet-
tered the recent market has been due to
waiting for the policy of the new admins
trat;on to disclose itself. Yesterdays and
todays markets indicate that there are
some buyers who have confidence that they
can foresee the effect of the new admin
istration on this business and property.
Today is the first time for many weeks that
an upward movement of prices has suryiv-
ed anything more than short-liVed COW
ering of shorts. Lake Shore attracted at
tention again today with jump of IL per
cent, to 1912 per cent, reacted to 16l per
cent, but at the close there was bid for the
stock 1925 per cent, while 160 per cent was
asked. Rumors of plans for the refund
ing Of large amount Of bonds, to mature
shortly, and resulting decrease in interest
charges, from which the stock is expected
to benefit, were the cause of the advance.
Chica go and Alton also rose pa per cent. to
1872 per cent, and other high-priced shares
st;ffened considerably on purchases of odd
lots for secure investment. Sugar, st. Paul,
Omaha and Tennessee Coal and Iron en-
jcyed the principal gains in the active list
and ended with a nadvantage of a point
each over yesterdays close. New Jersey
Central was conspicuously weak and fell
L
coalers held fairly steady. The market clos
ed active and strong with prices al about
the best.
The total sales of stocks today were S.
200 shares, including: American Tobacco,
S.400; American Sugar, 1880; Burlington, II
SEQ; ST. Paul, $3.50; Tennessee Coal and
Iron, AGO.
THE WEEKS REVIEW.
tba hncf
of the week and are higher than the aver
age range at the close last aSturday, the
losses kh;ch have occurred during the week
being in almost al cases recovered. The
depression and apathy during the early por
ton of the week We're marked. Wall street
seemed to be determinedly shutting its eyes
to all that was favorable in the general
prospect and TO be giving heed only to i'm
mediate objects in the foreground. The
volume of trading grew constantly mar
rover and on Thursday showed less than
*, 900 shares. The inert mass of money in
the banks showed no sign OF life and there
was no demand for il, even at the low rates
of u9G1a4 per cent, either for speculation
or for the channels of trade, Only the
gilt-edged securities and high-class bonds
commanded any market outside narrow
and professional limits. An unGertOne OF
frmness was very manifest in the market, !
however, and offerings on declining mar
kets proved to be very much restricted. 1t
was notable also, that American securities
were less less affected on foreign exchange |
than others by the urfavorable political |
aspect in Europe. The widening proper |
tons of the revival in the iron and steel |
rail business has been diligently noted in |
Wall street. and the signs of an encouraS- |
ing nature IN other branches of The indus |
try and favorable character of the reports |
OF railway earnig for the last few weeks |
have been the most encouraging feature Of |
all to Wall street. The increases in rail |
way earning at the current period must |
he Considered IN connection with the. fact |
that the returns for the early months OF |
last year with which comparisons are made |
were particularly favorable. The reports |
CT earnings for three weeks OF February |
show a very substantial average increase, |
compared with those OF 1885. and the gross |
earnings for February. 1895, showed an in |
crease of over . per cent. compared with |
those of February 1895 While these fac |
tors contributed their undertone of firm |
ness to the market, it was. IN fact. given |
over 10 a small element Of professional trad |
ers who were entirely swayed by bulletin |
news and runors The Cre;an complica- |
tons in Europe, the threatened tension OF |
relations with Spain over the Sznsuilly /
case. prec.pitated by the senate's discus |
SION and the proceedings OF the legssla- |
live committee 10 investigate trausts. were 1
each in turn a cause for alarm in the minds 1
of the traders. and were the elements OF
more or less manipulative character in the 1
depression and stagnation OF the market /
The belief in the decision OF the powers
for peaceful adjustment OF the Crejan
trouble, the adjournment OF the Lexow
committee and a confidence that there
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