The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-21
STOCKS AND BONDS
SHARE MARKET Is OF WEAK AND
UNCERTAIN TONE,

Fridays Bearishpess Keeps Over Night
Opening Weak and Lower, Especially in
the yanderbilts, New York Central Lead
ing an Advance in That Group Later, to
q Partial Recovery Western Union
Comes up-New jersey Central Promi-
nent Later Dealings Erratic, With
Slight Chauges-Week's Review.
New York, March 2O.-The prevalent
tone OF the dealings on the stock ex-
change today was one of weakness and
uncertainty. There were no notable
weak spots in the list TO affect the range
Of prices by sympathy and the bears did
not seem TO be aggressively active. The
market seemed rather to be in a condi-
ton Of passvity, and the natural result
70 be a dropping tendency. The volume
Of trading was considerably less than for
several days. The bearish tendency Of
yesterdays close held over night and the
opening was weak and markedly lower.
This was particularly manifest in the
Vanderbilt stocks. Some Of these NOV
ed irregLlarly, the downward course be-
ing occasionally impeded, but all showed
net decline, with the exception Of New
York Central, Cleveland, Cincinnati,
Chicago and st. Louis, the former gain
ing L IA per cent and the latter II per
cent. The marked advance in New
York Central set in late in the morning
and gave some tone to the whole mar.
ket, and especially to the Vanderbilts,
but not sufficient to overcome the early
decline. which, in the case of Omaha,
was l 1-2 per cent. There was a notice
able advance also in Western Union, af
ter the decline of yesterday on account of
the notification TO the Gold and Stock
Telegraph company by the stock eX
change governors that the contract for
supplying quotations TO this company
would not be extended beyond June 80.
The idea that the stock exchange would
cut off all ticker service was met with in
credulity and the report soon became
current that one of the governors had
expressed mis- conviction that it was not
the purpose of the board 10 permanently
cut off the ticker service, but simply to
clear the way for a new contract, under
which the exchange would obtain BET
ter control OF the ticker service. New
Jersey Central was another stock which
showed rather exceptional strength af-
ter the opening decline OF ga per cent.
The shorts covered in the stock and it
was freely bought. recovering 1-2 per
cent, but it reacted finally ga per cent,
thus closing without change on the day.
The first check TO the fall of prices
which set in at the opening came with
a movement upward in Sugar and Chi
cago Gas. No one can say accurately
where support or selling orders in Sugar
came from. Doubts soon developed in
the minds of the traders in regard to
Sugar and it sold off again, the whole list
of industries being more or less affect
ed in concert. Tobacco shared the dis
advantage of Sugar and there was little
accurate news to account for the move
rnant in this stock. 1t lost a point, the
decline in Sugar reaching i1S per cent.
The whole market was adversely affect
ed until the upward course of New York
Central began to be felt. The conflicting
tendencies in the market seemed to fill
the traders minds with doubts and the
final dealings were very erratic. The f.
nal prices showed slight changes either
way.
The total sales of stocks today were
l02,102 shares, including: American To-
bacco 5000; American Sugar $500; Chi
cago Gas trust receipts $500; Missouri
Pacific $500; Northwestern $500; Oma-
ha $500; beading 400; Pacific Mail 200
New Jersey Central $780,
REVIEW OF THE WEEK.
The reactionary tendency in the mar
ket, which became pronounced yester-
day and today, was latent all week. but
was resisted by the strong undertone of
strength given the speculation and in
vestment by the movement in the Van
derbilt stocks. This has been the lead
ing factor in the market ever since the
details OF the Lake Shore Tefunding op-
Grafton became known. Coupled with
the obvious advantage to Lake Shore OF
this operation and the potential advan-
tage TO other properties in following this
example. it became noised abroad thar
the Vanderbilt interests were in the mar
ket and werel argely extending their
holdings in standard properties. The
amount of buying which was going on
in this account was probably exagger-
ated, however. The present reaction IL
due in part to a belief that the extension
Of the holding above referred 10 has
reached its contemplated limits for the
present The traders disposition to take
profits IS also a factor in the situation.
also. the situation abroad
and its possible influence on values here
continues to be an element. These in
fiuences, while they have contributed to
the reaction. are not felt to threaten any,
thing more than a temporary setback
TO the strength and growth Of dealings
in stocks. The inquiry for investment
has been greatly extended and promises
to continue.
The firmness shown during the week !
by some OF the stocks most freely offered !
for London account is feature Of the |
week which is regarded with encourage
nent. The resistance offered 10 bear |
raids during the week, notably or Mis- |
souri, Pacific. Reading and some Of the /
showed the strength OF the I
market. comparison Of prices as re- |
suit OF the weeks trading shows net |
losses in most cases.
The heavy demand for loars for the !
Of imports from bond soon |
exhausted itself after the assembling Of /
congress, when Il was seen that no ac- |
ton was taken towards making the new |
duties retroactive The rates for money |
Suffered somewhat under this demand, |
but TO notable change has occurred in |
the monetary situation. The sterling |
exchange situation is also practically IN |
changed. The sales were S1,I02,50o.
BONDS.
The speculation in railway ard niscel- |
aneons securities during the week lack /
ID feature and values generally fiuctuat- /