The Wichita daily eagle., 1897-06-27
STOCKS AND BONDS
STOCK MARKET TURNS AGAIE
STRONGLY TO THE BULL SIDE.


Despite the Efforts of Those Who Look for
'.the Inevitable Reaction" Which Is SO
Slow in Cominc-Gold Export Fears Die
Away After the First Hour, aud st.
Paurs Statement Marks the Turn Of tie
Tide Upward-Review OF the Weeks
Rise In vaiues-Loans and Exchange
The Bank Statement
New York, June cs-Today's stock mar
Ike: showed a subsistence OF the app-ehen-
SION caused yesterday by the volume OF the
gold shipments for the day and the week.
and turned again 20 the bull sids with
greater animation and confidence than
ever The market sold of 20 some exten:
IN the first hour. IN continuation of yes.er-
days gold fears, and On reported opinions
that the coming week would witness the
shipment Of an even larger amount of god
TIE theorists in favor Of a necessary reac-
ton in the market were al work on this
basis ard sought strenuously to bring about
tain. is long overdue. in the market. and
must come ultimately. The ST. Paul state
ment FOR May, showing an increase in gross
earning Of ,19. and IN net of Sis, ,4a5,
was the first 10 tenn the downward course
OF prices. The low point of the morning
was a slight fraction below last nights
close in many stocks. The rally was char
acteriZed by great animation and by heavy
dealings. the prominent stocks changing
hands in large blocks. Burlington was the
leader Of the market in point of activity,
and was carried up ls4 per cent from the
low point, and held there until the close.
Rock Island, which came next in point OF
activity. was even stronger and showed an
advance OF rs per cent from the low point
on reports that the directors were decided
on policy OF increasing the dividend rate.
Northwest, on the otner hand, showed a
notable hating in its advancing tendency,
as compared with others of the granger
group. Il was at no time more than a
point above last nights close, and IN the
final dealings reacted by rapid falls TO III
per cent, only 4 per cent above yesterdays s
final price. St. Paul gained las per cent
on its statement of earnings, but the early
decline left its net gain only Is per cent.
Tobacco was very active, and showed very
marked strength, advancing 2is per cent,
with a net gain of per cent; but whatever
news there was regarding the value of the
stock remained the property OF insiders.
Sugar occupied fourth place in the Est in
point of activity, but was strong through
out, although under some apparent Pc
straint. Selling for account CT large in
side interest is variously attributed 10 pur
pose TO keep the price down as a matter
Of policy during the pending of the tariff
BILL and a desire to realize through fear
that the sugar schedule VIII be altered IN
conference between the houses of congress.
Bay State Gas fell Y per cent but fully
recovered. Colorado Fuel registered fur
ther net decline ofater an cary advance of
a fraction. Net gains in the cases of Rock
Island and Rio Grande Western were 21c
per cent, rs per cent in Brooklyn Rapid
Transit, 17s per cent in Chicago and East
ern Illinois preferred, Consolidated Gas,
Pullman and Consolidated Ice.
THE WEDK REVIEWED.
The week has witnessed further notable
raising of the level OF the prices, the ad-
vance being especially notable in the gran
ger group and not being so we'll distributed
throughout the list as in some previous
weeks. The market as q whole has firmly
resisted all attempts TO work reaction, the
severest strain coming on Friday, with the
news that the weeks gold shipments had
run up TO figure exceeding any week since
the first of the present movement. The
present high level OF prices is generally
recognized as d.scounting commercial and
Industrial improvements which are to be
J, =1r -
high prices are held is a measure of con-
fdence of security holders that future con-
dit.ons Will impro'.e to warrant higher
prices Many professional operators are
| confident that the level mark had been ad-
vanced too far 10 be warranted by the
present conditions They are at work con-
stantly to effect a reaction, but their W
most efforts have hitherto been .unsuccess-
full except in trivial degree. and all thei-
offerings have been promptly and steadily
absorbed.
The total sales OF stocks today were 1o9.-
| 1874 shares including: American Tobacco
| 1850; Burlington and Quincy, 1850; Ameri'
can Sugar, L. .6c0: Chicago Cas- $500; Louis
| vile and ashviile, 5000; Northwest, 5,i0o
Rock Island 1880.
The bond market shared the general buoy
ancy which permea.ed the security market
during the week, and there was an absence
OF that market. Trading was in large vol
chases by operators was quite a sustaining
| factor and brisk domestic demand for the
! low grade mortgages was regarded with
considerable favor by the leading interests
! The aggregate sales were $3.50, ,0Co.
Government bonds ruled strong through
out and sustained general fractional i'm
| proyements The sales were s5iS. coo.
/ LOANS, EXCHANGE AND BONDS.
New York. June 2s-Money on call eas,
at IaiL per cent; prime mercantile paper
2Gi per cent: sterling exchange steady
with actual business in bankers bills a
A.SI.a4S7I5 for demand. and at si.Ssd4. s5i
for sixty days; posted rates A.s7ai.s7ls anC
si.sSaASs,x; commercial bills A.S5h. Silve
certificates -. Bar silver SOS. Mexican
dollars 4.7s. State bonds dull: railroaC
bonds strong: government bonds strong
new fours registered 1252s; fours coupon
| lsIs: fves registered Il42s; fives coupon
49,: fours registered HIS: fours coupon
1ls: twos registered IS; Pacific SKIES OF 3
ioli2.
TREASURY STATEMENT.
wash.nston. D. C, June 25.-Today'
statement Of the condition Of the treasur,
shows: Available cash balance s-3i. .Is4, 4so
gold reserve sil2.7is2si.
WEEKLY BANK STATEMENT.
New York. June 2s.-The weekly bahl
statement shows the following changes
Reserve. increase Ss4s.200. loans, increas
s. Isl. SO: specie, increase S25o.90o; legal ten
ders. Increase $3.50: deposits, increase 81
5ss. 200; circulation. decrease &2l.s4 Tn
banks now hold ss9.zcs.l5o il excess OF h
requirements ot the = per cent rule.
New York. June 3i-The Fiaanc.e- say
this week: The statement OF the Associa'
ed banks OF New York City FOR the wee
ending June - is favorable in as far as IN
| expansion IN loans Is concerned. but de
| Soita -,a srai, or cash 10 Europe and II