The Wichita daily eagle., 1897-02-24
STOCKS AND BONDS
DAY BEGINS WITH A DECREPIT GAIT
AND ENDS WITH AN AWAKENING.

the Market and q Minimum OF Busi-
ness Is Transacted - Tobacco and
Leather Fall Oh on Local Apprehen-
sions, But Later In the Day Come Up
Investigations of Trusts Has Its Effects
As Well as the Report of Weyler's
Resignation.
New York, Feb 23.-The professional
traders spent today on the stock exchange
watching for rumors OF events, however
trivial they might be, that could in any
degree affect the prices of securities. Bare
iy 100000 shares were dealt in. and of these
nearly half were of the industrials, Tobac-
co, Sugar and Leather. Each one of these
was influenced by a special cause. and each
had marked effect on the general market
by reason of the small volume of trading.
Leather occupied position OF special prom
inence owing TO the interest felt in the
meeting OF the directors and their prob
able action on dividend. Rumors were cir
culated that the forthcoming annual report
would show most discouraging condition
Of affairs to have existed in the preferred
stock of per cent. Tobacco also took part
in the decln, which followed the brief up
ward movement at the opening in sympathy
with the prices Of American securities in
the London market. The decline in Tobac
co was accelerated by the fact that the
president of the company was 10 go on the
stand during the day to undergo examina-
ton at the hands of the legislative trust
investigation committee.
SUGAR GOES DOWN.
Sugar also declined in sympathy and also
on rumors of unfavorable legislation in
New Jersey against Industrial corpora tons.
The movement of this group of stocks be-
came the decisive influence in the market
and the downward movement received fur
ther impetus from the persistent rumors
that Consul General Lee at Havana had
resigned. The authoritati tive denial by Cen
eral Lee to the Associated Press was a
factor IN the rally later in the day. But
for the time, the decline In industrials prov
ed an irresistible factor in depressing the
whole market. The selling movement was
not long continued, and received its check
from the announcement of the declaration
following quarterly dividend of / per cent
on Leather preferred. The upward ten
dency of prices thus inaugurated became
very pronounced as the day advanced and
was not interrupted until just at the close,
when profit taking caused a decline which
was only fractional except Leathsr pre-
ferred, which had recovered the early de-
clire. but now sold off II per cent. To-
bacco led the rise with a gain of H2 per
cent. Sugar likewise advancing IL per cent.
The anthracite coal stocks, after an early
decline in Delaware and Hudson and Lake
Erie, came in for for share of the i'm
provement. The final prices in the coalers
about equalled those of Saturdays closing.
OF the soft coal roads, Hooking Valley rose
224 per cent on a rumor that means had
been found to relieve the property of fnan-
cial difficulties. Wheeling and Lake Erie
preferred also advanced a fraction.
EASTBOUND SHIPMENTS.
The railway list, notably the srangers
was benefited by the reported increase in
the tonnage of eastbound shipments. North
west was not affected unfavorabiy by the
reported decrease of s35l, ,233 in its gross
earnings. The encouraging prospects of
non and steel trades were indicated by an
increase in the value Of Illinois Steel IL
per cent. and in Minnesota iron of 1 per
cent, other stocks OF the same character
showing fractional advance. New Haven
gained IL per cent and Manhattan II per
cent, retaining all but small fraction.
The volume of bonds tradings showed
decided diminitution compared with recsnt
dealings, but the strength continues un-
abated with decided gains in many issues
The market displayed broadening ten
dency and investment buying IS evident in
the high-priced securities, while round
blocks of lower grade mortgages are being
taken for speculative account. The sales
were $, ,255, 900. The noteworthy gains were
Valley 6's, 62s per cent; New Ha-
ven As, IL per cent; Oregon Short Line SIS,
l per cent; Oregon Short Line trust re-
ceipts, rs per cent, and Missouri Kansas
and Texas first and Northwest sinking fund
6's. l per cent.
The government bond market was irregu-
lar with generally easier tone on large
dealings. aggregating s1S7,0O
The SIS coupon were conspicuous for a
single transaction of $4,000 at 1885 per
cent.
KAFFIR MINES POORLY.
New York, Feb. 23-The Evening Posts
London financial cablegram says:
The reported armestice in the east caus-
I'd further sharp recovery today in the
leading stocks. Consois closed at 1l2S.
Home rails. foreigners and other securities
we're sympathetically better. except Span
sh securities, which have fallen per cent.
Argentines were strong on the declin I'm the
gold premium. Americans were steady and
closed firm.
Quite feature, however, is the natness
n kaffirs, the causes being stale bull liqui-
and also the course of proceedings of the
South African investigation committee. to-
1ether with vague reports of bad news
rom the Cape. What is quite evident is |
hat many mines are wanting fresh capi-
al. which are the conditions II does not
seem likely the public Will supply.
The Paris bourse was firm early in thu |
ley, but closed weaker on the break In
irm.
LOANS AND EXCHANGE.
New York, Feb. 23.-Money on call easv
Il l1z91e4 per cent; last loan IL per cent:
;l2sed offered at IL per cent; prime mer-
,anuie paper SQ4 per cent: sterling ex-
,hange flFIl with actual business in bank !
rs bills az SS9lts7li for demand. and at /
2 $50 and A-SS: cornemrcisI bills siS4: silver |
certificates 6i'.a65; bar silver ei5s
Government bonds easier; state bonds |
illl; railroad bonds firm.
FOREIGN STOCK MARKETS.
Lcndon, Eng, Feb. S3-Closing: CousoIs |
or money li2is; for the account II2zs: Ca.
'adian Pacific 5sls: Erie l4f.: Erie seconds |
AZ; Illinois Central esz.: Mexfcon ordinary
:: ST Paul common 0s4: New York Cen
raj s5is: Pennsylvania 6S7s: Reading ~:
Mexican Central new As 81: Atchison I41. |
Ear silver p u-lsd per ouncs; money I@.1. |
'sr cent The rate OF discount IN the open /
market for short and three months bili. |
l-IsNsis per cent.
London. Eng. Feb .2-Gold IS quoted az
suenos Ayres today al 81 20; Lisbon ~;