The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-01-17
STOCKS AND BONDS
SHARE MARKET ENDS THE WEEK
SPIRITED AND sT2QFe.

General Market Closes Buoyant at Gains
of One and Two Points-Keviev of n
Week Filled with Significant Features
Bank Statement, and How the Idle
Money Is PiIIne up. and What That
Means to the Business World = Eoud
Markets Better
New York, Jan. 16.-The stock market
wound up for the week spirited and strong.
The distribution of business was wider and
the aggregate transactions larger an the
short session than the recent cuil-day aver
age. The temper of the street was de-
cidedly bullish. and buying for the long ac-
count was in excess Of the purchases to
cover contracts. There was no special
news bearing on the speculation. aside from
the very encouraging bank statement. but
further consideration of the extraordinary
strong international trade position Of the
United States the pressure OF very large
sums of Idle money, reflected n a fairly
urgent investment demand for g.lt-edged
bonds and stocks, and the absence OF the
depressing reports ard rumors. political
and otherwise that have checked the mar
ket recently. but contributed towards de-
cided improvement in point of both activi-
ty and appreciation Of values. The spec
iait!es were prominent and advanced very
sharply, including Lead preferred and ILL
uois Steel which figured for gains of per
cent each, and Pullman and Colorado Fuel
for IL per cent Reading firsts prefer
at cent
advanced to 81 per cent. ard reacted to the
opening quotation. Expectation of favor
able traffic returns stimulated buying OF
the Changers and Southwestern stocks The
Wheeling and Lake Erie stocks regarded
the news of the appointment Of receiver
for the property in slight net declines. The
general market closed buoyant at the best
prices, showing net gains of 1Q2 per cent.
The total sales of stocks today We're a4,-
GOO shares. including: American Tobacco
4,O00. Atchison 2,oO0 American Sugar $50,
Burlington and Quincy 1920. Chicago Gas
$780, General Electric $500. Louisville and
Nashville 500, Manhattan $500. Missouri
Pacific 1900, Reading $780, Rock Island 10
800. St. Paul 1900 Tennessee Coal and
Iron $500, Union Pacific $500, Western I'm
ion $500. Wheeling and Lake Erie 400,
Southern preferred $500
REVIEW OF THE WEEK.
In the week just ended the sentiment OF
the financial community at large under
went decided change and at the close a
strong spirit of confidence of Improvement
in the outlook for general business, rail-
roads and stock markets was evident In
place of the dependency. which for some
time past has been characteristic in Wall
street. The broad considerations building
up values have been esteemed so favorable
as to outweigh In the judgment of spec
ulators and investors some ordinarily de-
pressing influences. The defeat of the
Union Pacific funding bill caused a sharp
decline in the stock and discussion Of fire.
Quent and varying reports and rumors az
TO TIE probable action that might be taken
by the government for the protection of It's
lien on the property excited widespread IN
terest, owing to the magnitude of the in
terest involved. The security holders were
treasured, however, by the formation OF a
powerful syndicate which has subscribed
$40 COO for the purpose of attempting a
settlement with the government, and I'm
portant developments, including the insti-
tuition of proceedings for the foreclosure
of the property, are believed 10 be imm!-
nent. The enormous accumulation of idle
money at this center. and easier money
markets abroad stimulated a steady IN
creas:ng demand fer prime investment
bonds and stocks for both domestic and
foreign account, and this is usually the le-
climate prelude to a strong and active
speculation in the general market TIL.
favorable influence was. however, complete
lr- fo nfay of -,
the extraordinarily strong international
trade situation of the United States, a:
illustrated in government statistics Of ex.
ports and imports. The result of deliber-
: ate study of the sentiment is TO demon.
strate conclusively the great change fol
the better that has taken place. Strength
in the foreign exchange market during the
| week was copietely ignored, owing to recog
milton Of the fact that it was due TO tbs
demand on the part of the foreigners for q
renewal of exchange loans made by oul
merchants to Europe. Trading in botf
stocks and bonds was large and well dis.
tributed, and in the first named, gains re-
corded of 2dS per cent in the leading share:
The stocks of the railway companies hgur.
ed more prominently in the dealings thar
of late. The shares of the Ohio soft Goa
| carrying business in general. and OF the
Wheeling and Lake Erie in particular. were
depressed by the Generalization in the bi
| luminous trade, which Is also given by THE
president of the last named company as az
explanation for the appointment OF receiv
ers for that property, announced at late
| hour last night. The common stock fel
| S2. per cent, to 2is per cent, and the prefer
/ red ISIS uer cent, 20 II per cent. Sigh
rallies occurred on the news tina. all pos
! sihle efforts TO secure an agreement FOL
more profitable soft coal rates would h
made at meeting Of the association to b
held in Chicago on Tuesday OF next week
| Sugar moved irregularly on the varyin;
gossip regarding the status OF its contes
with the Arbuckle interests but closed s.
per cent higher. Chicago Gas moved steadi
! " upward on expectation OF the decisra
! ton Of quarterly dividend OF IL per cent
4 which was afterwards senni-otTicially fore
cast. and belief that legal obstacles 10
| constellation of the constituent con1panie
! had been removed. The stock left of A.
| per cent higher. Toward the close OF III
week the strength OF The Elari.e: invite,
I rai.zaticns Of profits on a large scale, bu
| this was Offset by commission house pur
| ciiases, foreign buying and the necessitis
/ OF the shorts. Long Island sold or a: tn
| finish on the announcement that Exper
| Stephen Little Rad been engaged 20 invest:
| gate the condition OF the property. I'll
| closing was buoyant a. the best prices. AZ
gregate sales were o7s.1I9 s.ares.
BONDS.
| The bond market today displayed n1arkei
activity. and in many issues substantial
| gains occurred. The sales were l-591 eo-
The more important advances ranged frol
| : 70 g. per cent