The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-04-10


Half the transactions = Opening Is
With an Upward Tendency, the Market
Broadening With the Advance - Later
Untoward Inhuences Occasion Profit
Taking and the Close Is Mostly at Sharp
Net Losses London Markets Good on
Cheap Money-Bradstreet's.
| New York, April 9.-Compared with the
| trading of some days this week, there was
considerable animation 70 business on the
Stock Exchange today, though the market
has by 10 means attained large portions
yet. Nearly half the sales today were OF
Sugar and Chicago Gas, and the grangers
and coalers took up q large part Of the re-
naming half, so that the apparent increase
in business was largely confined 10 a few
stocks. The market opened with quite a
marked upward tendency and as prices
worked upward there was broadening in
the scope of the buying. But a number
of unfavorable influences developed and in
duced the traders 10 take their profits. This
proved too much for the market, and val
ues sagged off, closing prices showing In
most cases sharp net losses. There was
quite a notable demand at one time dur
ing the day for the Vanderbilt stocks which
has scome to be locked upon of late al the
first returning indication of an outside an
terest in the market. This was largely d.
minished as the market gave way TO de-
preston. Some OF the buying of Sugar in
the early part of the day seems to have
been Influenced by the reports of protests
against the Sugar schedule of the tariff bil!
by foreign governments. the dealers in the
stocks apparently concluding from this tht
the tariff as a whole was likely to fail and
thus leave the Sugar duties as at present
This is an example of the professional char
acter of the dealings in Sugar and the man.
ner in which the price has been manipu-
lated. The selling to realize on the rise
was large and affected the price not only
OF Sugar, but helped to drive down prices
in general. After touching 1l5 per cent,
the price fell ~ per cent. Chicago Gas
was almost as largely dealt in as Sugar
and was strong nearly all day. closing az
So per cent, as compared with S012 per cent
{ Yesterdays close. The strength in local
gas securities continued a feature also.
Brooklyn Union rose 224 per cent, but re-
acted IL per cent. The course upward OF
the grangers was checked by the renewed
weakness in the wheat market, and they
fell off from g per cent to a point. Mis-
souri, Pacific fell a point also, while the
decline in the railway Est generally did not
exceed fraction. Coupled with the real
zing sales in Sugar came renewed heavy
liou;da ton in the coalers. Under the pres
sure of this New Jersey Central declined
21s per cent, Delaware and Hudson "a per
cent and Reading IL per cent, the latter
on very heavy sales. Leather preferred
held its own, losing point, but recovering.
The Rubber shares were strong on account
of the failure of some competitors. the com
mon rising 81 per cent, afterwards losing
the fraction, and the preferred gaining rs
per cent, and reacting per cent. The IAN
in wheat encouraged a renewal of short
selling in many shares. and the renewed
liquidation IN the coalers on account of the
persistent depression in the coal business
co-operated to drive prices down. The
closing was weak with the downward
course unchecked.
The total sales of stocks today were 1885,
43i shares, including: American Tobacco.
$500: American Sugar, 1920; Burlington,
9.10o; Chicago Gas, IL. 100; New York Central
6.1OO: Omaha, 1850; Reading 11,iO0; Tennes-
trail, L, 400
The bond market maintained fairly
good tone, although some slight heaviness
developed in a few of the active issues.
Wisconsin Central first trust receipts were
marked by changes and closing with loss
of per cent. The changes either way IN
the balance of the market were slight. The
sales were s9SS,Ooo.
Governments were neglected at the board
but displayed renewed strength and rose
On the bid prices.
FOREIGN STOCK MARKETS.
New York, April 9.-The Evening Posts
London financial cablegram says:
1.-THE stock markets continued good to-
day on cheap money. Gilt-edged stocks
were naturally the best and were most af-
fected by the change in the bank rate, the
speculative markets being dampened by
the approach Of easter, to say nothing OF
the unsettled political situation. The set
Element has been satisfactorily concluded.
Americans were good but the close was
under the best. There is a disposition on
the part OF those who bought Americans
just after the election 10 realize as soon as
they can get fair profit. Canadian Pacific
IS bid for ir the street. About 100000 in
gold from the Cape have been bougt for
Japan and the continent at the previous
price quoted The Paris bourse opened
firm but closed dull. The Berlin market
was steady"
BRADSTREET'S REVIEW.
New York, April e.-Bradstreets financial
review tomorrow will say:
Although the market has been 4 profess
sional one and at the beginning OF the week
exhibited further heaviness, covering of
shorts on an extensive scale set IN Wednes-
day and carried prices in many instances
to a considerably better level. This move
ment was rot attended by any very strik
ings news. but would seem 10 be the re-
suit of overselling by the professional trad
ers and their allies. The fact that the rail-
roads did not Justify the hopes of the bears
in regard TO their action upon the Trans
Missouri decision and have stud.ously re-
Trained from inauguradng any rate war
was, of course, an important factor in this
connection. and IL may also be observed
that. except in a few stocks Ike New JeT
sey Central where special reasons for II
qu:datioa existed. no large volume OF in
vestment stock came upon the market dur
ing the recent declines. Loosely held Ions
stock was. however, forced out. but Il i
now evident that the short se...ng was upon
a much more extensive Scale than had been
supposed and as further unfayorsble &c
velopments seemed far of. uEeasiness On
The part of the professioEs>s caused gen.
eral desire 10 close their contract on the
bear SIDE. But this disposition has doubt
less been accelerated by manipulation On
the part o. some of the leaders OF the beans
and II may be remarked that commission
house buying. indicative OF renewed public
interest in ;hA market has haen lacking.