The Wichita daily eagle., 1897-01-10
STOCKS AND BONDS
SHARE MARKETS DULL, WITH VAL
UES TENDING LOWER.

Prices-Bears Seek to Improve the Dull
| ness for Their own Behoof, in the Usua
way-Reaction Mos. Marked in Sugar
Delaware and Hudson and Consolidated
| Gas Close Heavy at General Sigh
| Net Losses - Weeks Transactions ke
viewed-The Bank Statement.
| New York, JAM e-The stock market to-
| Cay was dull, and so far as the usually
| prominent stocks were concerned, the fiuc-
| tuations were narrow, with tendency To-
ward a lower level. The course Of prices
was influenced by profit taking. In ths
| usually inactive specialties some note
| worthy fluctuations occurred in specinc
cases. In addition to the realizing. the
market was affected by selling for arbi-
trage account, and the bear contingent, as
| usual in a dull market, sought to force
liquidation for effect on the general list
The reaction was most marked in Sugar,
Delaware and Hudson, and Consolidated
Gas. Leather preferred was worked inde-
pendently Of the general Est, and rose
per cent, to 60 per cent, on reports Of an
improved statistical position OF the leather
industry. Illinois Steel was unusually ac-
tive and weak, the traders detecting g
small sized selling order and taking away
the market by under-bidding. The stock
declined 5z per cent, to 81 per cent. The
depression in the iron and steel trade was
considered responsible for the selling.
Wheeling and Lake Erie preferred was er-
ratio, with a decided downward trend. Al
ter slight fractional advance, break of
22z per cent occurred, due to the apprehen-
sion of loss on the business on account OF
the alleged severe cuts in soft coal rates
by the Baltimore and Ohio. The general
market was sustained momentar-ly, after
the publication of very favorable bank
statement showing an increase in surplus
reserve of s10,704.500. Towards the close
renewed pressure forced prices to the low
est points. The market left off heavy at
slight net losses generally.
The total sales of stocks today were 80,
691 shares, including: American Sugar 1900
ST. Paul 400.
REVIEW OF THE WEEK.
The market of the week has been dull
and professional and the movement of the
prices irregular. At the outset the specu-
iation was unfavorably influenced by the
financial and commercial disturbances in
ties for foreign account. Subsequently
the impression that the Cameron resolu-
tions had been practically shelved caused
a more confident sentiment, which was
heightened by more favorable railroad earn
sngs and the decided strength of the wheat
market. The last consideration brought
the granger stocks into favor. The excep-
tionally large accumulations of funds at
this center resulted in an improved in
quiry for and decided strength in railway
and miscellaneous securities for investment
The most important development of the
week was the action of the directors of the
Delaware and Hudson Canal company at
their meeting on Wednesday in reducing
the rate of dividend for the year 1896 from
to per cent. The company has been
justly considered the banner earning coal
property, and the prominence of many of
its directors in the world of finance caused
exceptional interest in the dividend reduc-
tion. The unfavorable conditions in the
anthracite trade have been matter of cur
rent gossip for many months past, but
hardly. any one had anticipated that the
Delaware and Hudson would show only
per cent earned on the stock, or that the
directors would have the moral courage to
reduce the dividend to that figure. Crit
cism of the policy adopted has been uni
favorable, as contrasting with the
methods that have in the cases of many
leading railway and other properties,
financial ruin to the security hold
ers. The stock moved widely. After a
rise Of AS per cent, to 1913. per cent, the
price dropped to Ill per cent on the divi-
dend action. The stock left off per cent
net lower. The gas stocks fiuctuated wide
Iy. and were Influenced by the tenor of adj
vices from Albany, on various gas meas
ures. Gossip as to the dividend chances
Of some of the low-priced stocks, including
Chesapeak and Ohio. was reflected in the
prices. Long Island improved decidedly.
and shows an exceptional gain of per cen.
On the news Of the formation OF a syndi-
cate to protect the Corbin holders and de-
velope the resources and facilities of the
company. Consolidated Gas rose SIS per
cent, to 145Ts per cent, and declined to and
closed at 40 per cent. The market start
ID out weak, but firm undertone pre-
vailed as a rule, in spite of realizat,ons,
and comparative prices, generally speak
ng, show improvement. The fluctuations
n foreign exchange excited some comment
owing to the strength exhibited due 10 an
demand for account of large COM
nercial interests. which eventually forced |
'ut boarded exchanges. The aggregate :
;ales were 7o7,S3s shares.
BONDS.
The bond market today displayed in |
,reased strength, ard a wide distribution |
# business on investment purchases. which |
included many of the Inactive issues. Sales |
we're 500, 900. The chief declines ranged |,
rom to 8 per cent.
The weeks market was exceptionally |
trong and active, rejecting the large |
mount Of money seeking employment. The |
advances in the active speculative bonds i
we're mainly fractional. with the Kansas i
md Texas issues leading. Material i'm |
'rovements occurred in the sale and bid |
,rices of gilt-e.ged bonds. The aggregate |
ales were s7,ei5,00.
Governments were very dull, but higher,
n sales Of 100000.
LOANS AND EXCHANGE.
New York, Jan. 9.-Noon-Money on call |
asy at 1i832 per cent; prime mercantile /
'aper, 3isdi per cent: sterling exchange
teady with actual business i'm bankers bills /
( AS6i.714 for demand, and s4.siI. for
ixty days.
BANK STATEMENT.
New York. Jan. s.-The weekly bank
tatement shows the following chan ges:
reserve, increase SO 704, 800; loans, decrease
2sss, 76o: specie, increase $50. 100; legal ten
ers, increase si4. ls7. 100; deposits. increase
Il, e53 20: circulation decrease 1892 800 The
anks now hold si3 s91, 40 IN excess of the
eQuiremsnt of the % per cent rule