The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-06-09
STOCKS AND BONDS
TONE OF THE STOCK MARKET Re-
dictionary THROUGHOUT,

| eusar-Lonoon ID the Great Clog on the
Market, the London Times Croakings
Being Deemed OF Some Weight Grang-
In the General List-Bonds Strong.
| New York, June 8.-The tone Of today's
market for stocks was distinctly reac-
tionary throughout, though not TO very
marked extent. The tendency was made
the more marked by the failure Of the
market to rally with airy marked degree
of vigor under the strong impetus of the
upward bound Of sugar. This failure
was the more notable on account of the
great stress laid by the traders in stocks
| hitherto on the early disposition of the
| tariff question by the passage Of a bill
a consummation which seems apprecia-
! bly, advanced by todays action Of the
Republican senatorial caucus. The heav-
! lest influence towards reaction came
| from London, though there We're other
| elements of weakness in the marke:
| which must be taken account Of. Ar
bitrage brokers have bought American
securities If, this market while the Lon
don exchange was closed for the Whit
suntide holidays on Saturday and yes-er-
day. This was done, of course, in .ne
confidence that London would be a buyer
at the advancing prices upon resumirg
traolng today. On the contrary, the con-
dition showed an inclina ton 70 realize
on earlier purchases Of OUT securities.
and prices If consequence declined this
morning in London. This disposition 10
realize was accentuated by the fact that
the regular fortnightly settlement on the
London exchnge commenced today. Pri-
vate cable advices received in Wal street
report also that London traders have
been considerably influenced by an at
tack by the Times upon United States
government finances and financial poll
cy. The stocks bought here for London
account in the last two days of trading
were left without a profitable market
and We're offered for sale here again. All
the international stocks reacted under
this state of affairs. The traders sought
TO precipitate the reaction which they be-
lieved was more than due, and there was
heavy prof1t-taking and some evidences
Of short selling Of not very confident
sort.
Sugar was strong all morning on Wash
ington advices foreshadowing the action
of the senate caucus on the sugar sched-
u,e of the tariff bill, bur it surged up
ward with q bound when the formal de-
cision Of the caucus and the terms Of
the substitute became known. The ex-
treme rise was AS per cent, ard the
close was only slightly below that. The
preferred gained is per cent. The COW
ering of shorts and long buying induced
enormous Transactions in this stock. the
total sales for the day numbering over
10000 shares, out of a total Of all sales OF
about 100000 shares. The grargers were
sold to take profits and, to some extent, |
on the belief that crops have been dam |
aged in the northwest. Manhattan and |
Western Union tended quite strongly |
upward at one time or the action Of the |
officials in deciding to declare the regular |
quarterly dividends of / per cent on the |
former and IL per cent on the latter. |
But both sold off later on the announce |
ment that the Western Urion had sold |
81, 100000 Of additional stock from the |
treasury for betterments. losing the early |
gains and closing at a net loss. Missouri |
Pacific gained a fraction net. Leather
preferred gained Is per cent on the sup
position that the proposed duty on hides
would be defeated. Chicago Gas was sold |
down 1s4 per cent on proflt-taking, but
recovered u per cent in sympathy with
Sugar. General Electric showed strength |
in the closing hour. Oregon Navigation
gained 3 per cent and the preferred 31a
per cert on the preferred stock Of the re-
organization. Canadian Pacific and
also gained a point each.
eral the early decline being led by The
srangers ard internationals. but the rail-
y left losses generally very narrow. Bal
timore and Ohio lost a point, Laciede
Gas IL per cent and Long Island ia
per cept. Third Avenue Street Railway
declined points on a judicial decision
rvalidating a proposed extension.
The total sales OF stocks today were
,66. 900 shares. including: American Sugar
Trust receipts, 1900; General Electric,
400: Louisville and Nashville, $500;
Manhattan Consolidated. 800: Missouri
Pacific. $500; National Lead. 5000; New
fork S. and w, preferred $500: North
m Pacific, $500; Pullman, $500: r. ard
u. ?. certificates third assessment paid,
500; Rock Island. $1,000; Southern Pa
ifiic. $500; Wabash preferred 1890;
Sew Jersey Central 400.
The bond market did not participate
n the heaviness that characterized the
took trading, excep, for a few issues in
Which special considerations operated. |
susiress was less active but The strength
{ the market was unimpaired. New
Albany consuls trust receipts. Missouri
onsols and Tennessee Coal firsts. Biz
division. scored the extreme
aims OF 5 per cent each. while Wilson,
in Central firs:s trust receipts and Star
ard Rope skies receded l per cent and
S-S per cent respectively. The agg-e- !
ate sales were s1.31600o.
Government bonds were well supported
nd gained slightly on purchases OF 5000. 8
FOREIGN STOCK MARKET.
New York, June S-The Evening Pos. :
orion financial cabiegram says: !
The stock markets are still very quiet,
VI Americans are disposed 70 advance
happy on any encouragement from
Vail street They today opened below {
he parity. but closed with al improve
lent and very steady. The Paris bou-se s
a3 steady o->a-;7r h,,. later -aIaose3 Q
no dullaess The Berlin market was {
=.