The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-02-21
STOCKS AND BONDS
TOTAL OF THE DAYS TRANSAC-
TI0Ns Is NARVEL0UsLY LOW.


. Trade Reports, Wheat Market and Rail- |
way Earnings Reports Favorable to |
Prices - Bank Statement is a Factor |
in the Checking of the Advance at the |
Last-Foreisn Stock Markets Gloomy |
and Idie-The Rank Statement.
New York, Feb. pa total OF 1900 |
shares for the transactions on the stock
exchange today tells the story of stagna-
ton Thicn prevailed. The usual narrow
ness of the Saturday half-hoiiday market
was added TO by the prospective full holi-
day on Monday. The fact that trading
would be suspended over two days caused
some Of the professional short interests 10
start to covering as a provision against
possible cont:n gercies in the interval This
movement was not extensive or long-Hved.
but it caused an upward tendency in
prices. Northwestpreferred being the only
stock. however, IN which the Improvement
reached the dimensions OF point, touch
ing l50 per cent. The weekly trade reports
which We're for the most part favorable.
ard the strength in wheat, also had a sus-
tanning influence on the market Sucn
reports Of railway earnings as were at hand
today were also, for the most part, favor
able. The covering came to a stop. how
ever, and the advance in prices was check
ei N the last half-hour. One of the causes
Of the check was the publication of the
bank statement, which with an increase IN
the reserve of sf.027,725, and a decrease in
the loans OF S,6a0. co. was generally regard
ed as urfavorable. The decrease in the
loans is looked upon as being due TO con-
trast with recent large transactions name
~ the great 1,000, 0o0 sale of print cloths in
Fall River, and the purchase Of large
block Of securities of Northern Pacific and
Oregon Railway and Navigation. An in
crease of cash, both specie and legal ten
ders, of $4,000. is down and this is sup
posed TO be due. for the most part, to the
receipts Of gold from California. The tax
upon cash in hand under the California
slate law comes due on March J, and the
movement of funds from California is the
consequence. The supply of exchange IN
California was small, and large shipments
Of gold 10 this city have taken place Add
ed to the rnfavorable bank statement the
arbitrage selling of stocks gave the shorts
still further encouragement to keep their
short lines extended. Some depression was
reflected in this markt from foreign ex-
changes. where uneasiness over the poten-
TALLY for evil Of the Cretan imbroglio con-
tinUes. The market sagged under these
combined influences so the early gains were
almost all lost and the market left off very
heavy. In the bond market a feature was
the jump of points, to 60 per cent, in
Hooking Valley SIS, due TO the feeling that
the fears that the March interest would |
not be provided might not be well founded. ,
1t is o subject for some surprise among !
many skilled observers that there has been |
as yet 10 marked revival of trading and |
speculation in stocks. The habit Of antici- |
patinC and discounting probable develop |
ments on the stock exchange is well known |
and that the present general outlook for |
general business and industry is good there |
is no room TO- doubt. The evidence of u |
coming reyiva! is most conspicuous in the |
iron and steel trade as a consequence OF |
the dissolution of the steel rail pool, the |
reduction Of price and the enormous con- |
tracts which have been made as conse- |
quence. The demand for raw material thus |
created, the employment TO labor, and the |
impetus given to all branches of the iron
ira lC are confidently counted upon to help |
on the Industrial revival. The iron inter |
est is so enormous and its ramifications so |
remote that its prosperity cannot fail TO
have marked effect on the business of |
the " hole country. Most encouraging re-
ports from the dry goods and the boot ard |
shoe trades, the better prices for wheat, |
coJon and wool. the cheapness and abund-
ance of money and the continued security
OF the ccurtry's currency, indicated by the |
stability of the treasury reserve and the |
balance of trade in our favor
(unprecedentedly large for that month";,
are regarded as strongly favorable factors
IN tire outlook for speculation. The under
tone of firmness on the stock exchange, as
a result of these conditions, is clear. even
n a market restricted to the narrownest
professional limits. The shrinkage in the
volume OF trading on decline indicates
he attitude of waiting for a more favor
able market. which is being maintained by
he holders OF most securities. On Tuesday |
II this week there seemed to have set IN
IN actual revival OF trading interest. The
-olume of the dealings was larger than |
If late and prices tended almost uninter-
'uptedly upward on the defiance OF al et-
'orts of the bears. But the market had
apsed into apathy by the next day and
continued so the rest of the week, disap-
oointing hopes that a period of activity |
had set in. It is offered as an explanation |
hat railroad properties. although some OF
hem begin TO show some Improvements in
earnings, are very far from feeling any ex-
ended benefit from the general improve
nent in business. Some benefit has accru-
d to them from the cheapness OF steel
ails, enabling them TO provide cheaply for
epair and equipment. which had come TO
e much needed in some cases. through en-
orced economies, owing 20 enormous de-
reases In earnings. But the fact remains
nat the profits present and iTnuedia tely
RESPECTIVE OF most railway properties are
N an enormously reduced basis. and fears
f 4 reduced or a lacking dividend are
.revalen; among the shareholders Of a
-reat many properties The extreme de-
PRESTON in the coal trade. both anthracite
nd bitmuinous. continues as a further
rag on the market. Some depression Is
lso reflected from European exchanges.
wing 10 the Cretsn question The week
as witnessed large l!quidatIons in the coal
tocks. with declines OF ~ per cent, with
ubsequent rally Of is per cent in New
ersey Central; of 81 per cent with re-
every CT ~ PEI cent. in Lehigh Valley;
I S5s per cent, and a recovery OF frac-
ION. IN Hooking Valley. The per cent
on6s Of the latter company receced lie.
ar cent and regained 6 Per cent ana the
: lost i5is per cent and ended at prac>
ically the lowest The latter securities
.ere, however, Influenced by fear OF de-
aul. o. interest payment due March /
ykeeiing ard Lake Erie preferred dropped
= per cent, With 10 recovery. The Column
us. Saaiusky and Hooking. % the Ohic |
cft coal group. i also 20 be recognized.
wing . a failure 70 dispose OF is PRO |
81 lords. and this. il spite ot the recent
onciusicn Of ard agreement for division OF
BE Ohio traftice and maintenance OF rates
Z the :ndus,Tiais. Tobacco has beer ezpec-
LIZ snhi-c.ei % REHABILITATION and sEoEs |