The Wichita daily eagle., 1897-06-22

Work . Reaction Again Meet Failure
Dealings blink Into Almost Total Apath!
on Rising Market, Which Fact Is Flu
cidated- Eject of the Gold Shipments ol
the .Isrket-ExchanEe Firm But tn,
Market Exceedingly Ouiet-Bonds Quie
London Idle.
New York, June 21-The efforts Oh
the professional traders to work a re.
action in the bull stock market have
again proved abortive today and the re.
suit Of the days trading shows net gain:
in the majority of standard shares. The
recent order OF things was somewhat re.
versed. in that the sagging tendency o.
| prices came early in the day, and II
was overcome later by the rally. Per-
| haps the most om:nous circumstance OF
the days market was the fact that
dealings sank into a condition OF al
most total apathy with prices tending
upward. Cullness on a decline is the
technical evidence Of an undertone OF
strength. Dullness on rise is the evil
dence that prices have reached a stage
where dealers do not care TO put money
| in them as speculation. There was,
| however. no pressure to sell stocks. The
lower prices at the opening came in
face OF some slight Improvements in
London, where, however, the dealings
were almost stagnant. Later in the day,
London was buyer. and was factor
In raliiying the market. The effective
instrument in effecting the early decline
was the large gold shipments later IN
the week. Tomorrow's shipments were
not increased over the 1,350, 900 an
nounced last week. The tone in ex-
change was firm, but the market was so
exceedingly quiet that apprehensions as
TO the volume Of exports subsided to q
large extent. The queitness of ex-
change was attributed partly to the
jubilee holiday in London. It is beliav-
ed that shipment of gold Of quite large
dimensions will be made before the end
OF the week. The immediate impetus TO
the rally in the market came from the
strength in the Vanderbilts. This COM
menced in Northwest on the talk Of
progress being made In the plan to re-
fund the bonds of this road in a way to
benefit the stock. The improvement In
Omaha was due to sympathy to North
west, which owns controlling interest
II Omaha. Both stocks were helped by
the general strength in the granger
group on crop prospects. The favorable
showing Of New York Central for the
quarter, with a surplus earned of $685.
600. against deficit for the same period
last year of s107 ,002, broadened the de-
mand for the Vanderbilts, and practi-
caliy all the members Of the group ad-
vanced, and the whole market was
sympathetically affected. The rise from,
the early low point in Omaha was 1-2
per cent; New York Central 11-S per
cent: Canadian Southren point. and
Burlington, ST. Paul and Rock Island
fraction each. New York, New Haven
and Hartford gained per cent over
the low point. and Ice ga per cent.
The Northern Pacific preferred was
largely dealt in, and after a decline Of
rs per cent rallied above Saturdays
close on the belief that the election of
Daniel Lamont, representing the Hill in
terest, to succeed President Winter. had
been decided upon. Sugar lost IA per
cent after f1uctuating over a fractional
range quite erratically. Chicago Gas
also recovered practically all of an early
decline OF Is per cent, Rubber pre-
ferred dropped IA per cent, and Con-
solidated Gas 2 Is per cent.
Trading in bonds was quiet and val
ues varied but little in the leading is-
sues. The undertone, however, was
firm and some of the usually inactive
mortgages conspicuous for material
gains, notably Omaha and ST. Louis
first trust receipts, which gained per
cent, and Louisville and New Albany
firsts per cent. The sales
were s2.2s4 900.
Governments continued TO move up.
on light purchases. The transactions
We're $4,000
FOREIGN STOCK MARKETS.
New York, June 2l.-The Evening |
Posts London financial ca5legram says: !
The stock markets were idle today, |
the singing OF the national anthem TAX |
ing the place of business Americans |
were steady and closed at the best. |
There was less demand for gold. and |
the price is us. II Id. The Paris and |
Berlin markets were featureless."
LOANS AND EXCHANGE.
New York. June M.-Money on call |
easy at 1G1 IA per cent: last loan 1 per |
cent: closed 1 per cent; prime mercantile
paper SG4 per cent. Sterling exchange
firm with actual business in bankers |
bills at s4.S7 1-494s7 1-2 for demand. AMI |
81. S6 1-s44.S6 1-2 for so days: posted |
rates 81 IS 1-234S7 I-2. and s4sST4.Ss -;
bills Sass 1-2. Silver GER
tificates 81 1-4G61 L.; bar silver so Is;
Mexican dollars A. 3-sc Government
bonds firm: state bonds firm: railroad |
bonds firm.
TREASURY STATEMENT.
Washington, June 21-Today's state
nent OF the condition OF the treasury
shows: Available cash balance $3.50, ,7S4,-
SO; gold reserve S144SeI
GOLD SHIPMENTS.
New York, June 2l.-Kidder. Peabody
& Co. today withdrew $500. 900 in gold
from the sub-,rsasury. Lazard Freres
=