The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-14

/ A.so 1Oou Iequeet-m2rkeI MUCH
MISUNDERSTANDING Distinctly Bull
ish-Closins Firm and Slight Gains the
General Rule Review of the Week,
Showing Extreme Conservat isnr, in Spite
of Undoubtedly Encouraging Conditions
| -Bonds Active.
New York, March 1s.-The market de-
veloped Lively activity from the opening
OF trade today and dealers made the most
OF the two hours OF trading allowed or Sat
rrday. The activity extended throughout
ali departments of business. The bond
market showed notable strength and ad-
vanced in prices, along with that for the
stocks. The Vanderbilts took the lead in
the dealings. The high-priced industria,s
were also in good request There seemed
to be evidence of a powerful buying inter-
est in the Vanderbilt stocks, which has
caused rumors TO circulate that large hold
! ing OF capital are re-entering the market
! giving promise Of an impetus 10 the activi-
| " IN trading. There was also a notab BILE
broadening tendency in the market. so that
| the list of stocks traded IN shows the fiji
ing IN Of long gaps with the names OF
! stocks that have been almost entirely neg
! lected OF late. The volume of trading is not
I
/ days sales exceed that IN the five hours
regular trading on each Of two successive
| days Of this week. The transactions are
also largely for professional account STILL
/ but quite en- Increase IS shown in the buy
! ing by commission houses, and there is a
| large demand for safe dividend-paying
| stocks for investment. The special demand
| for the Vanderbilts stocks, which has been
| factor ever since the announcement of
| the plan for refunding the bonded debt of
| Shore INN nr In he.
! leaders OF that group, New York Central
| and St Louis seconds gaining per cent,
Omaha 1l2 per cent, Canadian Southern IL
| per cent and Cleveland, Cincinnati, Ch:ca-
! go and St. Louis l per cent The rise in
! the latter was accompanied by rumors that
| the company had secured control of the
Chicago and Eastern Illinois Chicago and
Eastern Illinois also gained per cent on
the strength OF this report. The advance
III the early dealings also carried up Sugar
fraction. though on dealings much small
er than the average for that stock, which
again fell 10 sixth place in the market in
po,Tt OF activity. The price touched III
per cent Manhattan was benefited by
good buying TO the extent of rs per cent,
reaching S57s per cent, which is substantial
| ~ the level at the time of the announce
Inent of the reduction of the dividend to
the per cent basis. The Rubber shares
developed weakness early in the day and
failed to recover the loss, the common
stock declining is per cent, and the pre-
ferred 3Sf per cent, to 50 per cent. The
stock was affected by reports of bad out
look in the trade and the shutting down OF
portions of its plant Illinois Steel like
wise displayed marked depression and yield
ed ~ per cent, to 331s per cent, on report
ed orders issued from Pittsburg to open
hostiLtles on the company in the steel trade
Aside from these there were no exception
al declines. There was brief period OF
proft-taking shortly after II o'clock in
the course of which New Jersey Central,
Delaware and Hudson, Tobacco. Omaha
and New York Central each reacted to q
noticeable degree. The tendency through
out the Gay was, however, distinctly bull
ish, and the tone at the close was good. the
closing being fairly firm and Slight gains
beng the general rule.
The total sales of stocks today were no.
02s shares, including: Amer can Tobacco
Omaha, 1880; st. Paul. 1880
THE WEEK REVIEWED.
Today's activity and sharp rise have been
TIE surface OF events all week, notwith-
standing the condition of apathy and al
most stasnation IN which the market lay
The very small volume of dealings through
the week did not prevent the undercurrent
OF firrnness from manifesting itself, and
Prices obstinately refused TO Yield but on
the contrary. showed a tendency 10 ad-
vance on even the most trifing buy;nc
IRIS condition Of the market. usually so in
VItng 10 the Spectator. made il difficult 70
account for the neglect which seemed to
pervade the market. The street seemed de-
termined to ignore all favorable factors in
the situation. and TO sit and wait for some
underlined something to show the wav TO
Improvement. The Subsindence OF the Eu-
ropeSn war scare. the good prospects for
awakening OF trade. the continued advan-
taSe 10 this country in the balance of trade
the secure condition of the currency and
the encouraging reports of increased earn
insS Tor railways, were all without effect
IN awakening any activity in the dealings
IN stocks. There was evidence of the ex-
animation of investors, schooied as they
nave been, in a long period of reverses
and depression, in the character of such
demand as there was. The gilt-edged stocks
those paying assured dividends, and the
well secured bonds, showed the desire of
capital for certainty and security, even at
a low rate or profit, such as would result
from the high prices paid for these secu-
rites. The low rate of interest on money
indicates that there is much money living
unproduct.ve rather than venture IN any
thnS that Goes not promise certain Sc
curlty. This class of capital does rot see
yet that certainty of general prosperity
which il demands for lis safety. The high
prices which are being paid for these classes
OF securities gives result TO the calcula-
tons as 10 whether the rate of return for
invested property and the price of money
mas not beer permanently placed on 2 re-
duced basis The funding of the Lake
Shore debt with 81 per cent bonds to run a
Guhdred years is pointed to as evidence
that capitalists are convinced that the rates
Tor money are to be permanently lower
But while TINS spirit of cautious conserva-
tism IS obvious on the part of capital cou-
pied with its hesitancy TO embark in spscu-
lation. the undertone of firmness to values
Is also plainly apparent Dfile x is true
that purchasers are inclined 10 hold off and
await more certain conditions ii is also
true that sellers show equal hesitancy In
parting with their holdings at g low range
OF prices. A buying movement of even small
extent quickly runs up the price of stock
the bids sometimes showing long Jumps
before an offer is elected, and ANYTHING
Ike downward trend OF values finds Of
ierS OF many stocks quickly exhausted
one OF The notable features of The week IS
the decreased demand for money 10 re-
lease imported goods held in bond. The
amount paid on Friday for duties on goods
Withdrawn from bond, about Sso0. go IS said
TO be the largest amount ever paid in one
day for that purpose. This movement e
Que 10 the known desire OF the trainers OF
the new tariff bill 10 devise some measures
10 prevent an evasion OF the new duties by
means OF importing large stocks of goods
IN BOND IN anticipation OF the going into
effect Of the new tariff law. Il is renem-
5ered that there was g. large falling off II
revenues in the early period OF the Nc
h>nley law on account of the ant,cipatory
imports after the law was framed. but be-
fore II went INTO effect The opinion Z.
generally expressed in financial circles that
measure 20 prevent tbs would necessa-i-
y be 'retroa Give and uncons-itution but
the rush 10 release goods from bond re-
fSctS apprehension that means vii b.
found 70 save :he revenues that are tHVs
involved without infringing on the constf-
iutlon9l provision The movement has re-
suited i. distinct hardening tetnGency IN
the rates for money, but without Causing
a change in actual quotations.
There has been a fall an the price ~ sill
Yer during the week 10 6S4s cents Per ounce.
attributed 10 the action OF the Japansse
parliament in adopting the bin fer golA
ccinsge al about the commercial ratio with
silver.