The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-04-15

of Adverse Legislation Affecting the
Former and Tariff and Other Con-
siderations the Latter New York
Censrars Bond Deal Operates as a
Stimulus, But With Later Reaction.
New York, April 1.-THE appearance of
awakened interest in stock dealings on the
exchange today was apparent rather than
real. The total sales ran up TO $4,000
SHARES, but Chicago Gas and Sugar absorb
ed lso,009 shares of these. Chicago Gas be-
ing the leader with over 5000 shares. and
Burlington. St. Paul. New York Central,
and Reading were credited with nearly So
20 more. Even in the matter Of small deal
irgs, the market lacked breadth. many
no sales, Missouri Pacific and Lackawan-
ma being examples. The heavy volume OF
dealings IN the spec.alties was almost whol-
" professional and outside interest in the
market was practically Iii. Whatever
oUoyancy there night have been intent in
the market after last nights close received
an effective check in the heavy liquidation
n Sugar and Chicago Cas- which became
manifest from the opening OF the market.
A further reduction in some grades of the
refined product seemed TO dash the hopes
of those who have been calculating heavy
profits on raw sugars imported in anticipa-
ton OF the tariff. Reports were also cir
culated OF the Illness OF leading official
OF the company. Enormous blocks OF Su-
gar stock were offered for sale, one lot
numbering 2,Joo shares and several a thou
sand shares each. The price went down
by jumps under this heavy bombardment
What has been counted as inside support
OF Chicago Gas was also withdrawn in
face Of the large offerings of a prominent
operator, whose example was followed by
many other holders. A feeling OF scepti-
cism became current regarding recent re-
ports OF the certainty of favorable ieg.sla-
tive action in Illinois. There was a period
OF recovery during the day, but the de-
cline again set in on the reported intention
OF a legislative committee at Springfield
to report in favor of limiting by law the
charge for gas in Chicago to 50 cents The
heaviness in these securities affected the
whole market more or less, though many
railways held firm. Reading continued TO
be something of drag on the market. but
support seemed TO be forthcoming for the
securities OF this company. The shares OF
iron ore companies also reflected the unset
tied condition existing in this industry.
Snort selling was also in evidence to as
siSt the decline. The tendency received a
decided check at ore period. Tone was I'M
parted TO the coalers by the support OF
Reading, the strength in Leh:gh Valley in
the Philadelphia market, and the apparent
check 10 the proposed legislative investi-
CATION of Leigh and Wilkesbarre in
Pennsylvania. The long-heralded announce
ment. officially promulgated, of contracr
for the sale OF $4,000, 900 of 8 IL per cent
100-year gold bonds by the New York Cen
trai and OF $l2.00oor0 of the same class %
bonds for the New York and Harlem had
a stimulating effect on the whole market
Prices went TO the highest of the day on
the rally and quite generally showed net
gains over last nights closing. But prices
failed TO hold. There was some natural
reaction in view of the fact that the New
York Central refunding plan, with its saw
ing of fixed charges, had long been DIS
counted. The fact that only $500, 600 of
the issue was to be applied to refunding.
while sl5.oO0.000 was 10 be sold for new con-
struction after 1908. awakened apprehel-
sions that to much had been allowed TO
the reduction In fixed charges 10 result |
from the rcfunding. This doubt was re-
fiected in quite a sharp reaction in New
York Central, and, by sympathy. in Oma-
ha, these being the only Vanderbilt prop
critics in which there were dealings OF any /
importance. The net result OF the irregular |
fluctuations in Chicago Gas and Sugar was /
a loss Of Pa per cent in the former and J
per cent in the latter. The notable gains /
on the rally were: Burlington, per cent; |
Delaware and Hudson and New Jersey Cen |
trail IA per cent; Manhattan. l per cent; |
New York Central, Z per cent, and Oma- |
Ia, 3 per ceat. The final reaction caused |
,csses as follows: Burlington 4 per cent; !
Delaware and Hudson. I per cent; New /
Jersey Central. 19s per cent; Manhattan, |
Il per cent; New FORK Central. Il per cent; /
and Omaha is per cent: Minnesota Iron 1
suffering net loss of points
The total sales of stocks today were /
so0oD sharcc. including; American Sugar. /
$3.50; Burlington and Quincy. 14.4o0; CHI /
cago Gas trust receipts. g. 2Oj; Delaware :
and Hudson. $50; Manhattan Consolidat- /
Ell. 400. New York Central. a 100; Omaha. |
1850: Reading, 1890; Rock Island. 500; /
St. Poul. 1910; Tennessee Coal and Iron. /
800; New Jersey Central. 100.
Firmnsss characterized the bond specuia- I
ton. which was rather quiet. The saies /
dBbTtSdteI OI.4y fU.N'.
Government bonds ruled firm and a
shade higher on purchases OF $1,000.
FOREIGN STOCK MARKETS
New York. April 1.-THE Evening Posts |
London financial cab!egram says:
The stock markets, although irregular |
and uncertain today. were better on the
whole. and the house exchange decided |
10 close on Saturday next Consols and |
- -.fr- -.
was a distinct rise n Americans New
York Centrals were the feature and were
bought by New York principally. Details !
of the funding scheme are expected to- /
morrow. Those who took hopeful v.sw
Of americans believe that the tine IL COM
ing when those funding schemes vi be
appreciated and be the occasion !
Of a sharp stimulus 70 shares. Kanirs
have been fac on forced sales. but the !
close was materially better and in firm |
tone. Foreigners we're dull The feature /
being a sharp fall n Braziis. Cold was
in strong demand. OF today's movement /
3ao 90 pounds was for Japan ard .. 90 /
pounds for Austria. The Paris and Bsr- /
In markets were frrn. but the close vas ]
under TIE bes..
LOANS AND EXCHANGE
New YORK. April H.-3fonsy on call easier !
a. 1.1Iss PEI ceat; last i0an IL PEI cent. |
c.ose4 IizGE. Per cent; prime usrcsrt.ie |
paper Sat per cent. Sterling exchange
STEADY. WIKI actual business n bankers |
bills at as75. d4-s7iz for demand AID =;
- So =. 1or sixty days; posted rates /,
e. ss5-74s7. and 1885, 50; commercial |
t.lls. 2Sz. SILVER certificates EGs-t.: |
bar silver. g. Government bonds firm. !
state bonds. duh: railroad bonds firm
BANK CLEAGRISGs.
PhEstelylizt April lA-CIesrinzs. TO |
i0l As: ba.zncA 8 6i-s0