Omaha daily bee., 1897-04-18

In Wall street that the value OF property gen
orally in America would tnerease in tho event
Of war abroad. The decline on the week has
been accompanied by an 9lulsst stagnant condi-
ton Of trading. the market having awakened
into a spasmodic activity an only one or two
occasions. The dullncss sSisf in part due TO
the short week, with Good Friday interim and
the foreisn Exchanges continuing closeI on sat
urday. This had the effect OF discouraging trad
ing on the days preceding, the transactions on
Thursday being largely confined to evening up
OF contracts. The dullness and the heaviness
which 1t accentuated had the effect Of %nullify-
ing one or two factors which were looked to
hopefully to broaden the demand for stocks.
Prices have been more m fcss dominated ali
week by the reflected deRTefJon from the Lon
don exchange, where not bniy the eastern ques-
ton was a depressing influence. but also the
Generalization in the Naitir. securities and the
whispers OF the financial embarrassment of their
leading promoter. The revelations that have
been made of fraudulent transactions by bogus
brokers and Of the astounding dimensions OF
the business done by sure-thing advertisers had
a somewhat depressing influence on business.
SO far AZ outside inquiry is concerned. and the
stock exchange authorities. az well as those
OF the Consolidated exchange, are earnestly CO.
operating with the federal authorities to put
a stop TO the nefariou.l business In the interest
OF legitimate dealings i'm stock. TIL Sc elements
Of dizziness left the market narrow and almost
entirely In the hands Of the professionals, who
TOOK advantage of It to manipulate one or two
stocks SO as To still further dcpreSs prices.
The effect on prices and on the tone OF the
market Of the New York Central bonding opera
tion. announced on Wednesday, was disappoint-
ing TO those who had drawn a parallel in their
mlris with the Lake Shore operation and its
results. The Lake Shore issue Of SJO.COl.OOO at
3'a per cent interest was followed by such an
improvement in prices and tone and such n
broadening OF demand as had not been wit
messed for many months. and was only stopped
while yet at full flood by the announcement OF
the transmissouri decision OF the supreme court.
The New York Central refunding was practically
a foregone conclusion from that time. and as
a matter OF fact the stock enjoyed about 10
points advance since then. The possibilities of
reminding in other properties have also been
thoroughly canvassed. and the advantages pretty
wei discounted. In addition to this the size
OF the New York Central issue-slM ,O0O,o 600, in
addition to $i2, 900. eco for the Harlem branch.
and that SIS, 0G0, coo Is to be used for construc-
ton after l9O3-caused some fears that the ad-
vantages to accrue to the stock by reduction Of
fixed charges had been overestimnted. Never
theless, the reaction in News York Central after
the formal announcement Of the contract for the
sale OF the bonds was n disappointment to the
trausrs, the more SO as 1t extended TO the other
Nanderbilts by sympathy.
The money market still offers little encourage
inent to those who lead 1t. Call loans have
been made at Ia during the week, which is a
new record. The exchange situation offers some
apparent contradictions which are hard to recon
Gle. The price of exchange. continues to harden.
the demand rate for actual business reaching
*4.S'Ftdi.SS on saturday. This is in the face of
the lowering OF the Bank OF 5ngland's minimum
rate. OF discount TO 2a per cent, and an open
market rate in London OF considerably less than
half that. The foreign trade statement for
March Issued this week also shows the trade
crease In exports. Despite the Increase of i'm
ports the excess of exports reached $40 900 900.
Is difficult to account for in face OF these con-
ditlons. Gold continues to be shipped to japan
and Austria. from London. though without APP
probable effect on the monetary situation there
The bond market displayed but little fea-
tllle during the week, and prices generally eased
on with the International issues showing the
stricted to fractions, although a few mortgages
registered sharp gains. The sales were SO, SOC. 900
me folnwinE were the closing quotations on
the leading stocks of the New Yorl; excbsnge
today: