The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-01-24
STOCKS AND BONDS
SHARES DULL AND PRICES CON
IIEUE TO TEND LOWER.

l -
est-shares for the Week show Gradual
Loss of Activity and Lower Tendency
Business Revival Predicted Upon the
Bank statement-Bond Markets.
| New YORK, Jan. 2.-The stock market to-
| day was dull and prices made further pro-
| gress to a lower level Opening prices
were generally above yesterdays final sales
but weakness soon developed on drive az
the Anthracite coalers and after the end Of
the first hour. the bears extended their op-
| erations TO the high-pricsd industr;als. The
more extreme declines were in Tobacco,
! 2Iz per cent; Manhattan, 1$s per cent; Wes-
tern Union and Sugar, rs per cent, and
per cent in Burlington, Hooking Valley and
Lackawanna. The traders affected 10 con-
slider the bank statement as an unfavorable
| exhibit on the decrease in loans and fur
| Their accumulation OF Idle money in the
/ banks. The closing was dull at the low
| est.
The total sales of stocks today were 81,
| 0lS shares, including: American Tobacco,
| 1890; American Sugar, $500; Burlington
and Quincy. $500: Chicago Gas. $500; Read
ing 6,lO9; St. Paul, $500; Union Pacific, g.,
| 600.
| REVIEW OF THE WEEK.
| The stock market for the week displayed
! a steady decrease in the ratio Of activity,
and in spite of occasional isolated exhib:-
tons Of support, the main tendency of the
| prices was toward lower level. The news
! OF the week was varied and interesting, as
bearing upon n number of special proper
nj in Of
! usual severity occurred on selling for both
| accounts. London steadily offered stocks
in this market on moderate scale. The
acknowledged decidedly unsatisfactory
condition of the Anthracite and Bituminous
coal trades encouraged savage attacks
upon the stocks of the companies engaged
as miners and carriers in both industries
and the selling was attended by varied and
persistent reports and runnors affecting the
financial credit of certain properties. The
result was to demoral.ze the securities af-
fected and in some instances loans in which
they were held as collateral sold cut, in
creas.ng the d;strust. In ali instances Of
| fetal denials were persistent as the ru-
mors. Hooking Valley. after a slight ad-
vance early in the week, broke So per cent
TO SO per cent, and closed a 934 per cent.
The preferred slumped 12a4 per cent, to 30
per cent, and closed at the lowest. The
bonds OF the road were also sensa tionally
depressed, the fives declining 1lla per cent
10 q per cent, and recovering to IS per
cent, and the skies reacted 13 per cent, with
fractional recovery. Long Island drop
ped 10la per cent. Weakness in this case
was attributable to the publication of vari-
Gus rumors and reports purporting to fore
cast the result OF Mr.. Titles expert re-
Dortn he Gno ;aI Of la
erty, extending back the last eight years.
The bears had insisted that he'showing to
be made would be SO decidedly unfavorable
as TO cause the agreement recently arrived
at to fall through. In the Anthracite coal
stocks, Lackawanna rose 22 per cent early,
on the mistaken assumption that the legal
decision In its favor handed down at
Stroudsburg, Pa, by Judge Craig, on Mon
day. and against the New York, Susque-
hanna and Western. bore upon the broader
litigation between the companies, inciden-
tai to the abandonment by the Susquehan-
ma of its contract with the Lackawanna
The stock subsequently, lost all of the gain.
Susquehauna preferred dropped per cent,
10 22Ii per cent: rallied 21s per cent. to 2l2t
per cent. and closed at 2i7s per cent. Della
ware and Hudson dropped per cent, TO 107
y per cent. in anticipation of the prelimi-
nary report of operations for the year to
be submitted next week, which will show
the necessity for the reduction in the divi-
dend rate for the year to 5 per cent. The
stock made a significant rally. New Jer-
sey Central sold off 43s per cent. TO essi
per cent. The general list ruled irregular
and at intervals strength was discernible
in some of the specialties and industrials.
including Chicago Gas and Sugar. An
csa in
here and abroad as reflected in the reduc-
ton o: the minimum rate of discount OF
the Bank of England to S15 per cent. and
in that OF the Imperial Bank of Germany
of per cent, TO per cent, found apprecia-
ton exclusively in the bond market. The
special unfavorable considerations noted.
together with bank failures in the west,
caused the dealers in stocks to take pessl-
mistic view Of the situation. A develop
ment of extraordinary importance. the for
nal agreement Of the government TO CO.
operate with the reorganization committee
and banking syndicate of the Union Paci-
fic in the foreclosure of the Union aPcif1c
AMI Kansas Pacific properties which was
announced late on Friday, after the meet
ing of the cabinet at Washington. rounded
out rather sensational week. Favorable
conditions that were ignored so far as the
stocks were concerned, included an easier
tendency in the sterling exchange market
and a sharp investment demand for gov
eminent bonds. The bulls are figuring
upon rally next week in the prices of the
soft coal stocks in anticipation OF a settle
ment Of the rate war, and sympathetic II
huences OF the declaration OF the initial
dividend on Omaha common stock. The
aggregate sales were 1,0s5,56S shares.
BONDS.
The bond market during the week exhibit
ed general strength on moderate dealings.
Considerable weakness was displayed. how
ever. il the issues of the Bituminous coal
carrying roads. The sales were u. 100. 90.
The principal advances were: Louisville.
Evansville and ST Louis first trust receipts
So per cent; Dallas and Waco SIS. per
cent: Kansas Pacific consols trust receipts.
rs per cent: Erie frsts, per cent; Union
Pacific collateral traust sc trust receipts |
per cent: New York. Lackawanna and
Western IS. per cent. and Beech Creek
As and Chicago and Indiana Coal 5's,
per cent
The governments were strong and active
on an investment demand which carried
the new IS UP IL Per cent. 10 the highest
prices yet recorded. The gains in other
issues were restricted 10 fractions. The
sales were So, coo.
BANK STATEMENT.
The weekly hank statement shows the !
following changes: Reserve. increase AS5.- |
275; loans. decrease s1.0sa5oo; specie. in |
crease $. Sl2seo; legal tenders. increase - |
105. so; deposits Increase Ss.os3.Sao; circtils
ton decrease sa5i. ie0 The banks now hold |
S.. So, Ss0 in excess OF the requirement OF |
tire - per cent rule
The rfrz-eier saws. There q 10 reSSa-