The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-06-02
STOCKS AND BONDS
NET GAINS ON THE DAY ARE THE
RULE IN STOCKS.

Cages Talk, the Market Resumes 1t .
Boom Rate-subsequent Reaction Il
| Overcome and Closing Prices as Rul.
are tho Best-Outside Interest Good
Bonds strong-London Disappointed.
| New York. June 1.--During the cessa.
| ton Of trading on the stock exchange
yesterday London took hold of American
railroad stocks and brought up the price
Ct all those which are internationally list
ed 10 point materially above New
York's close Of Saturday. Promptly up
on the opening Of the market here this
morning large orders to buy for London
account were executed to cover sales
| made If London at the advance The
consequence was jump at the opening
10 he London parity for nearly all :he
interna;ionals. ST. Paul was the favor
lie in these arbitrage operations. bu,
there were purchases Of all the in.erna-
iio-als. London reports indicated that
the traders here laid much stress upon
the speech Of Secretary Of the Treasury
Gage and his optimistic opinion Of the
business outlook. Some reaction follow
ed upon this early jump in prices. the
depression spreading sympatheticaily
from 1 TO 2 per cent. The Cincinnati
Cleve.ard, Chicago and St. Louis shares
continued to sag without any good buy
ing to sustain them. Admissions that
the earnings have been insufficient 10
cover he dividend on the preferred stock
have led 20 suppositiors that the dividend
rate will be reduced. The additional fail
in the common stock of 1-2 per cen.
was drag on the market, although the
later recovery left the net loss only 2K
per cent. This was supplemented by
some heaviness in the granger group
caused by reports of crop damage by
frosts. Burlingtor's increase in ne, earn
ings of over 100000 was compared in the
minds of dealers with the greater in
crease. exceeding 100000, shown last
month. and caused a reaction in the
stock. The bears also fell back upon
their cd resources Of attacking New Jer-
sey Central and the Gould shares, and
thus worked reaction in the general list
to below the opening prices. The market
fell into dizziness at the declire. Sugar
showing loss on Washington reports Of
danger TO the sugar schedule of the tariff
bill. Realizing sales in Chicago Gas
helped the reaction to some extent These
elements failed to ho.d the market from
rising tendency, and closing prices. as
a rule, were the best of the day. Buying
by the commission houses was on quite
large scale and the outside interest in the
market was more in evidence than for
many months past. The dealings were
we'll distributed ard the spec
ulative low-priced stocks, especially those
of reorganized companies, were in spe-
cial demand, Union Pacific leading in
the activity Of this class Of securities,
with sales OF over n.0Oo shares. The de-
nand from London for this line Of stocks
was particularly marked The number
IF shares bought for: London account was
estimated to exceed 10000 shares. The |
Increase in the net earnings for April |
ielped to strengthen the market for Den |
yer and Rio Grande, Louisville and |
and Southern Pacific, all show
hese stocks Appropriated 10000 shares.
some stocks escaped entirely the early |
'eacdonary tendency OF the market and |
n others II did rot exceed fractional lin
IS but extended to IL per cent in Sugar.
With only partia, recovery: a point in |
Burlington. and IL per cent in Omaha.
which also closed IA per cent below Sat
lrday's close. Net gains We're the rule
throughout the list. losses beirg confined
o few cases. Stocks showing a net
5ain of point or over were: Burlington,
,hicago Gas, Northwest, st. Paul, Rock
sland, Lake Shore q paints), Minneapo-
is and ST. Louis. Norfolk and Western
Reading first preferred, ard
rubber preferred. New Jersey Central
Fas selected for attack. and after an
Initial rise was forced down two points,
ut only lost a fraction on the day.
ianhattan and Western Union were
breed down at one time IL and per
ent respectively. bu. subsequent rally
cduced the net change 10 a fraction, a
'ss for Manhattan ard a gain for West
m Union. The closing was strong and
minated, with top prices generally.
The total sales Of stocks today were
II, 1868 shares. including: American Sugar
200; Burlington $500: Chicago Gas
rust receipts $500; Cincinnati CIeve-
nd, Chicago and 81. Louis 400: Man
attain Consolidated SEQ; New York
entral 400; Northern Pacific preferred I
900: Omaha 500; Rock Island 1900: s..
aul 25.1oo; Union Pacific 1900; South
r Railway preferred 500: New jersey
entral 10.7eo; Silver certificates 5000.
The bond marke; displayed considers-
e strength and animation. with the {
lins very pronounced in some ot the H.
rnationa. shares which were heSei By :
reig- support. The sales were sI,s7s.- I
Government bonds tended upward with ,,
: new fours rising Z per cent. The :
ansac;ions were 5000 r
FOREIGN STOCK MARKET.
New York. June The Evening Posts c
'ndon financial cabisgram says:
Business IN the stock markets here .
Is very slack Disappointment; is ex- ,
essed at the absence or a response .
IN Wall street 20 the higher prices (
o;ei here yesterday tor Americans. s
,era;ors here were quite cheerful prior .
ne arrival o. the New York quota r
rs. ard every preparation had been e
,de for an active ousiress. Secretary =
ge's assurance regarding the i,ten- !.
rs ct the United States government on | q
: currency question was mainly respoa- 2
lie Cor The improved tore. although TIE ,,
panIinE -si,road earnings Hs-e M.