The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-04-11
STOCKS AND BONDS.
SHARE MARKET EANIFESTS AN
UNDERGONE OF FIRMNEss.

Market Says In the Middle Bat Comes mp
Better at the Last, the Closing Bein:
Firm at the Rally, Though Net Results
are Mostly Slight Losses Week Re
viewed. With Considerable Reference to
the Freight Rate Deveiopments-Money
Continues Easy-Exchange Grows Firm
er-Bonds Contracted.
| New York, April 10.-There was quite a
marked understone Of frmness on the ex-
change todaq, but the market felt the re-
ftected depression of the London market
on account OF the outbreak CT hostilities on
| the Greco-Turkish frontier. The opening
was at a somewhat higher range than the
| current prices in London and there were
sales for foreign account of the interna-
| t.onal shares. The prices OF these were
! brought down TO the London level soon
after the opening. Both the Grang.rs and
| the coalers were pressed for sale ard New
/ Jersey Central and Delaware and Hudson
! lost point each. Chicago Gas was the
leader OF the market, though the total sales
| OF stocks were only about $3.50. OF these
ever 1900 shares were Chicago Gas. The
buying was good and the price rose to S3Is
per cent, the best of the week, and IN fact
in many weeks. The rise IN this stock stiff
| fened the general market, Sugar rising 20
| III per cent, and Delaware and Hudson
and New Jersey Central recovering the de-
cline The railway list generally shared
in the rally but not sufficiently so to over
tco ba
s54.0i7 in the earnings for the first week
in April of 81. Paul was factor in the
early decline Of the grangers. The closing
was firm at the rally. but most OF the
stocks showed a slight net loss.
The total sales of stocks yesterday were
7i,3n shares. including: American Sugar,
$500; Burlington. $500; Chicago Gas. 1850;
Reading, 4,So; ST. Paul, $500; New Jersey
Central, 500.
THE WEEKS REVIEW.
The condition of the business in the stock
market is closely parallel 20 that which pre-
vailed previous 10 the announcement of the
Lake Shore refunding operation early IN
March, and the notable buying of railroad
stocks which followed. Prices, except for
some of the Vanderbilt properties, and a
few of the specaltes which are affected by
ID
" lower than then. But the situation pre-
sents the same narrow market and the
same persistent industry of the bears in
manipulating special stocks for their eff
feet on the general LIST. In the same way
as then also the success OF the bears IN
achieving decline is Immediately follow
ed by selling off m the volume of trans
actions and an undercurrent of resistance
to the decline is indicated by an unwilling
ness to part with holdings at the decline
The bear element is still a powerful factor
in the market. as it has been evr sine the
supreme courts decision in the TRANSMITS
sour case, but large proportion of the
snort sales made AT that time have been
covered, and the fears of the unfavorable
effects on railroad wales of the conditions
laid down in that decision have largely
subsidized. Further confidence in the rail-
read situation has been engendered also by
til manifst anxity Of tn railroad authori-
ties themselves to avoid any conflict of their
interests and by the industrious effort MAX
irS to provide means for preserving rates
which will not conflict with the law. There
is disposition 10 rely on the authority of
the interstate commerce commission as an
aid to these efforts of the railroad authori-
tics in keeping the recalcitrant roads in
line. The mutual agreement of the roads
10 keep the commission informed Of any
deviation from schedule rates seems to be
a salient feature of the new device of wes-
tern roads as a substitute for the old asso-
Citations. The members OF the Joint Traf-
fic association seem TO feel treasured rath-
er than uneasy over the call from their com
mission for a statement of existing rates,
contracts and agreements not reduced TO
yysr-- inf n ct IN, rf;e
ering any discrimination IN rates The
efforts of the commission TO aid in main
tanning these rates. which are the creation
of the traffic association, constitute some
thing of an anomaly in view of the con-
demnation of the associations by the law
as construed by the supreme court. The
foundation for improvement in the market
on a recovery from the effects OF rate war
sc2res thus seems to be we'll laid and the
situation gains further promise from the
strength shown by some of the individual
stocks in the markets and by the general
average improvement in railroad earnings
shown by the reports for the last week In
March. The tendency towards recovery
was marked on Thursday, when prices
tended upward nearly all day and when
the demand broadened through the COM
paratively inactive field. But some Of the
general features of the outlook are still I'M
satisfactory TO a degree: and there are
spots in the lists of stocks through which
harm is rendered TO the whole market
Thus, business and prices on the stock ex-
change were directly affected by the fall
in wheat on Wednesday. the lack or goo.
price TO the farmer for his product beng
regarded as q prime requisite for stability
and growth in values. The apparent halt !
in the improvement of the iron and steel
industries was taken as a general factor
lacking in encouragement. 1t was left that
the outlook in other lines Of business also
was not entirely satisfactory. The damage
TO the railroad properties by the storms n
the west and southwest was taken serious /
account of. The anthracite coalers con-
t.nue weak. The action OF the directors os /
the New Jersey Central in fixing the divi- |
dend rate at 4 per cent instead OF per
cent seemed TO reassure holders for the
moment. as there have been fears exprss-
ed of lower rate or a passing OF the divi-
dend But the stock. after partial recov-
cry, again sagged 10 the lowest. huctuat-
ing widely all through the week. and clos
ing at ne, decline OF Is Fer cent. In a
number OF the specialt.es the trading has
been large and the changes market. Chi /
ago Gas was quite largely sold on the anti 1
OF the municipal election n Chi /
caro. Il was over-sold, and after the cleo /
ton there was large covering and steady ]
buying for inside interests, the gain on :he !
week being g. Per cent. 20 SIS Per cent. Su
-ar vas largely dealt IT. a good proportion /
OF the buying beiug 20 cover short &C
counts and liquidation There was 10 Or
ders regarding the stock aside from the /
large imports OF raw sugar coming into ths /
which is expected 10 realize lNnt- !
some profits on the increased price 10 r. |
suit from the tariff