The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-01-31
STOCKS AND BONDS
SHARES DISPLAY UNUSUAL
STRENGTH AND ACTIVITY.

Best for the Day at Net Gains OF One to
Two Points-Revisw of the Week, Show
ing Developments in Tobacco, the North
ern TranscontinentaIs and the Coalers-
BaRk Statement-Foreign Markets.
New York Jan 20.-The stock market dis
Played exceptional strength and activity,
guased BY the recent average daily ag.
eressate, ana towards the close became fair
" buoyant The more important contribu-
tory factors were the evidence of growing
interest in our securities in Europe, and
tie aggressive strength in railway bonds
The suggestions of an impending friendly
arrangement between the Northern Pacific
and Great Northern companies, previously
teferred to in these dispatches, authorized
tecided Improvement in the stocks and
Bonds OF the first mentioned property. The
common advanced rs per cent, the prefer
red Ia per cent and general per cent bond
| Ter cent. Most of the other railway
shares were favorably affected in sympa-
thy. The movement in the industrials was
less extensive. Long Island rose 3az per
cent. TO 81 per cent, on the verification Of
favorable reports regarding the condition
ard prospects of the company. The mar
ket closet at the best figres of the day,
showing general net gains of ! and per
cent.
The total sales of stocks today were 116,-
si. shares, including: American Sugar, g.
20; Burlington and Quincy. 6,400; Chicago
Gas, 1900; General Electric, 500; Louis
vile and Nashville 800; Northern Pacific.
$500: Northern Pacific preferred, q, 400; st.
Paul, $500: Rock Island, 1900. =
The market of the week was characteriz-
ed By extreme irreguIarity, and the deal
ings were only moderate in the aggregate.
In many instances wide fluctuations occur
.cd. particularly in the specialties. The
news bearing upon prices was varied and
Interesting. but locally professionals were
in control of the market. The coal shares
were adversely affected by the demorali-
&c tion in the btumnious industry and the
anthracite properties suffered from bear
attacks, based upon the unfavorable con-
dition of the trade, and forecasts of the
yearly reports of the Delaware and Hud-
son ana Lackawanna companies, both of
which were given out. AS had been ex-
Dected, the exhibits were discouraging in
both Instances. At the low points effec-
I've support was given, and some snbstan-
tlal, rallies were mace, partly on covering.
The. general marker worked in sympathy
with the coalers, but must of the railway
shares moved within narrow range. The
fluctuations in the industrials were not par
tGularly noteworthy, aside from Tobacco,
Which sagged steadily on the decision of
the court that the officials of the company
who had been indicted for conspiracy in
maintaining a trust must stand trial An
exception in the group was General Elec-
trio, which responded readily to purchases,
stimulated by the reported favorable out
look for increased business to the COM
rany from the proposed equipment of vari-
ous surface lines. London and the CONT
nent were conspicuous factors in deternin-
ing the course of many stocks, with favor
able sympathetic effect on the general list.
The foreigners exhibited decided interest
In our securities, particularly the Atchisons
and new Northern Pacifics, and bought
heavily of our bonds, including not only
the gilt-edged railways, but also issues of
the second grades. The arb;trage houses
counts. taking also st. Paul and Louisville
and Nashville as well as a sprinkling of
the low-priced shares. This favorable SEN
timent on the part Of Europe was influence
ed by easier monetary conditions, G. more
cheerful political outlook, and, in the case
OF Northern Pacific, expectations of an en-
tente with the Great Northern and the
prospect of Improvements in earnings.
Large investment buying was a feature of
both local and foreign acosunt and the
distribution Of the transactions was very
wide, including also government bonds. The
general market was helped by a declining
tendency in exchange rates, due to easier
money abroad, and the liquidation of loans
n nd ha
rtant accumulation of credits abroad on ac-
count of the heavy exports of hreadstuffs
and manufactured articles. Hooking VAL
icy stocks and bonds reflected various
phases Of the negotiations for settlement
IF the soft coal war and rumors affect
ing the financial credit of the company,
and possibly of a default on the interest
due February The weakness of the Sc
Irities was aggra waited by the throwing
Il of loans in which they had figured as
collF teral The common broks 81 per cent.
TO per cent, general SIS mortgage. Z per
cent, to IS per cent, and the 6's, 919 per
cent, to 6S per cent. The announcement
that an agreement. operative for one year.
had been reached by the Ohio bitumnious
coal carriers. and the news that the COM
paluy had secured a six-months loan. there
by averting the apprehended defaults.
per cent. the per cent bonds 93s per cent.
and the 6's s per cent. The railway stocks
generally maintained a firm tone on expec-
t7ttion Of increasing earnings, but Burling-
ton was raided at intervals on alleged be-
lief that the forthcoming statement for De
cember Will show a material falling off in
the net earnings. Other considerations op-
srat;ng in favor of the bulls included the i'm
proved prospects OF the passage of the in
ternational arbitration treaty, the decided
Increase in the bank ciearings and ev;den-
ces of continued Improvement in the mer-
cantile situation. The large accumulation
Of money at this center and limited in
,uiry o1 time and call. as well as the ready
absorption of the limited offerings of COM
mercial paper, forces the employment OF
surplus funds in purchases o fgilt-edged
securities, and banks. insurance companies
end ether large lenders of money are con
sPicUoCs in the various negotiations in pas
sage for financing cities and municipali-
les. For the reasons advanced, the re-
lending Of certain issues OF bonds OF prom
tnent Ines. approaching maturity, and the
impending payments by the Union Pacific
syndicate on account OF the agreement foc
he settlement OF the government lien on
The property. are not expected TO cause a
ripple in the money market Railway state
ments for the third week IN January were
mainly favorable. Dealings in guaranteed
stocks xere in slightly increased volume
a. material advances over preceding sales.
BONDS.
A brisk inquiry was noted for the various
Issues OF co1 eminent hondS with the nav