The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-31
STOCKS AND BONDS
NOTABLE RECOVERY OF ooNFI-
DENOE ON THE EXCHANGE.

| the Sess.ou-Rate War Scare Is Substd-
ing-Introduction of the Pooling Bill in
Congress Adds to the Markets. Strength.
Getting Especial BENEFIT = Bonds Ac-
lively Sympathize With Stocks.
New York, March 3o.-There was nota-
bic recovery of confidence and resumption
| OF marked strength on the Stock Exchange
today. The improvement Of prices started
| III London and was reflected here at the
| opening. continuing all day. The main fac
| tor in the market was the subsistence of the
fright over the possibility OF a rate war
| which came in with the announcement of
the dissolution of the Western Traffic as
sociations. The authoritive announcement
that the schedule rates of those roads would
/ be strictly enforced had soothing effect
| or tie nerves OF security holders. The
! meeting OF the counsels of the various lines
| III the Join Traffic association was watched
| with keen interest, and me belief was gen.
eral and was subsequently confirmed by
! an authorized statement, that the associa-
| ton would await the decision OF their case
| by the supreme court, which would be
| asked to advance il. and that the assccia-
| ton would meantime continue TO act.
| This association has a legal status by rea-
| son Of the decision OF the circuit court of
| appeals in their case. On the other hand.
it is better understood now in Wall street,
| where tie dissolution of the western asso-
| cations was a first regarded as precipitate,
| that tie members OF those organiza tons
were, IT some sort, parties TO the Trans.
MISSOURI suit, so that the decree OF the
/ court might make them liable If they con-
| tinued as members of a similar organiza-
| ton. The Introduction in the senate, OF
| bill to authorize railroad pooling agree
| meats. subject to the approval of the inter-
state commerce commission, also added to
the strength of the market. The dealers
| in stocks apparently feeling confidence in
| the possibility of the speedy passage of the
| bill. the improvement extended pretty gen.
orally throughout the lstt. being especial
y marked in the grangers and the western
roads, and extending, in the case of Rock
| Island, to Pa per cent. Other roads showed
| gain of point or over, as follows: Bur-
| Engton and St. Paul, Northwest, Canada
Southern, Omaha, New York Central, Lake
Shore; Cleveland, Cincinnati, Chicago and
| st. Louis, Atchison preferred. Erie frsts
preferred, Louisville and Nashville, Kan
| sas and Texas preferred, Northern aPcific
preferred, and Southern Preferred. The
bear element chose as a resource against
this upward tendency an attack on Sew
Jersey Central and renewed the runors
that the dividend is to be reduced at the
meeting of the directors next Monday. The
stock receded 37s per cent, to 81 per cent,
and rallied a point. The bonds. and those
of the Lehgh Valley and Vilkesbarre COM
pany, also lost considerably. Sympathetic
declines were also shown in Delaware and
Hudson and the Reading stocks, but the
latter recovered, the first preferred show
ing net gain. The bears also systematic
ally worked on the apprehensions of hold
ers of all classes of securities as to the far
reaching effects of the supreme courts de-
cison, aruging that the plan of operation
of nearly every corporation whose securi-
ties are dealt in would come within the
scope of the decree. The notice given by
the American Tobacco company that II had
abandond its factors agreement was taken
as an acknowledgement that the company
felt vulnerable on that point. The stock
lost ia per cent, but a recovery left ii IN
changed on the day. Other industrials fluc-
tuated irregularly, Leather preferred show
ing a decline at one time of rs per cent,
but with net gain. Sugar gained point:
Chicago Gas rs per cent; Consolidate Gas
Ia per cent: General Electric IL per cent,
and Pacific Mail rs per cent. The closing
was strong and generally at the top prices
CT the day.
The total sales of stocks today were ga
$50 shares. including: American Tobacco
500; American Sugar. $500; Burlington an
Quincy, 1850; Chicago Gas. 14.100; Louis
vile ard Nashville, 400; Missouri, Pacific
Pacific preferred, 1900; Omaha, $500: Paci-
fic Mail. 1900; Reading $40; Rock Island.
1o.4O0; ST. Paul, 1880; New Jersey Central,
1850.
The bond market responded readily to the
better feeling evident in the security mar
ket, and the general markt moved steadily
upward and sharp gains were registered in
the more prominent liens. The sales were
s., 2Se 900.
Governments were dull, but the market
displayed firmer tendency, with the As
gaining slightly on purchases OF $4,000.
FOREIGN STOCK MARKETS.
New York March S0-The Evening Posts
London financial caolegram says:
THE stock markets opened fiat today on
politics, but closed slightly better on the
rush Up of Argentine securities due 20 the
announcement by the Argentine government
OF the resumption OF full service of the
foreign debt. This anticipates by a year
the debt on which, by what is known a. the
Rothschilds scheme, full service was If pos
sible. to be resumed IN 1898. Turkish Sc
curi;ies were fat, and Americans were life
less. Money rates were easier. Large sums
were released by the Bank of England TO-
cay on Japanese and other accounts. The
reason for the ease is not generally known
The Paris bourse was dull, and the Ber-
In market was steady"
LOANS AND EXCHANGE
New York March 30.-Money or call easy
Of 1iaG124 per cent: last loan u per cent;
Closed offered at 11zl1S4 per cent: prime
mercantile paper 3iz per cent; sterling ex-
change steady with actual business in bank
ers bills a, siS7I4 CASTS for demand, and
$iS2. a4-ss for sixty days; posted rates.
81 So "a T. $50: commercial bills. sis5: silver
certificates e17s 1621s; bar silver SIS: gov
eminent bonds. firm; state bonds, dull;
railroad bonds firm.
BANK CLEARINGS.
New York, March 3O.-Ciear.ngs ss4, sis.-
SD; balances S.il7.7s7.
Boston, Mass, March 5a-Cleartngs ga
SO. o5I: balances sl,752Ie9
Philadelphia, Pa, March 3o.-Clearings g.
%, ej4. balances s.. 4S7.552
Chicago. HIS, March 3.-Clear.ngs sli,-
90, ssi: New York exchange 15c premium.
Foreign exchange barely steady; demand
S4.s7iz; sixty days ASs
s.. LOUIS. No. March So-Ciea-inzs g.
62s.iS7; balances So. 81; money 517 per
cent; New York exchange. sc per sl.oo5
bid; SIC asked
TREASURY STATEMENT.
Washington D. c, March 2l.-Today's
statement OF the condition OF the treasury
shows: Available cash balance 81. - SO: /
geld reserve sl5l.