The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-01-22
STOCKS AND BONDS
DULLNEsS AND DEPRESSION MARX
THE SHARE MARKET.
Main Trend OF: Prices Downward. Shorts
Covering InterruptinE the Movement at
Intervals s. Hooking Valley ana Long
Island Each Contributes to the Inter-
esting News, as Also Northwestern Rum
ors of Suspension and Defalcation-haii'
way Bonds Firm-Governments In FAIR
Demand and Higher.

| New York, Jan. 21.-Duilness and de-
preston in prices characterized today 5
stock market, and some sensational
| movements were noted in the unusually
| inactive specialties The news Of The day
worked in favor Of the bears. but there
| was little or no evidence o. liquidation
| in the leading shares. Expectations Oh
| favorable sentimental effect on the re-
duction in the minimum rate of discount
of the Bank of England TO S1a per cent
were not realized, owing to an unlocked
| for further selling movement in the mar
! ket for foreign account. The influences
contributing TO depress the market IN
Guided reports OF suspensions IN the
northwest. rumors Of a heavy defalcation
at Minnea polls, and suggestions ahect-
| ing the financial credit Of the Hooking
Valley and Long Island Railroad COM
| panies. Coverings OF shorts impaired
| steadiness 10 the market at Intervals, but
the main trend OF prices was downward,
| the selling pressure being the most pro-
nounced in the late dealings. The spec
ulation presented but little feature out
| side of some of the usually inactive spe-
cialties Hooking Valley dropped SIS per
|
recovery of per cent, and the preferred
sold off 12a4 per cent, to 40 per cent. The
| per cent bonds declined 4 per cent and
| the skies 2lb per cent. Long Island was
! also pressed for sales on rumors of an
| impending unfavorable report by the ex-
psrts now engaged in an examination OF
! the property in the interest of the syndi-
cate which purchased the Corbin hold
! ings. The stock sold down 4 per cent
regular" and was offered down TO Al
| per cent seller So The general fives
declined 31e per cent, TO 1872 per cent,
in sympathy. In the cases of both prop
critics the catching of stop orders accel-
Grated the declines. the coalers and
grangers were prominent in a late sell
| ing movement and the general market
| closed weak at net loss of point or
| tilereabouts in the more active shares.
The total sales of stocks today were
| 141. ZAP shares, including: American Sugar
g, 600: American Sugar Preferred, 5000:
Burlington, $4,000; Chicago Gas, 10000;
Columbus. Hooking Valley and Toledo.
$500: Louisville and Nashville. 800;
| Reading, $500; Rock Island. $500; St.
| Paul, 1880; Tennessee Coal and Iron.
1900; Union Pacific. 5000; Southern Rail-
road preferred. 1000.
| Railway bonds ruled generally firm on
|
again attracted the most attention. The
sales were $1,151, 900.
Governments were in fair demand and
rose slightly on purchases of $50, 900.
FOREIGN STOCK MARKET.
New York, Jan. 21.-The Evening
Posts London financial cablegram says:
THE change in the Bank OF England
rate of discount today had little effect
on the markets. Home rails were IA
ably affected by their dividends and
| investment stocks were steady. Argen-
| tines were better. Americans were life
| less and dull The West Australian loan
OF 100000 pounds is believed to have
| gone daily. There is much interest as to
whether the fall in the bank rate is GO
| ing to stimulate a gold demand. The
| Bank OF England returns today were
very strong. fully justifying the reduc-
| zion in the rate. The market was. how
| ever, completely puzzled by some of the
| items, especially by the rise of $4,000
pounds in other securities. These were
generally supposed to show a reduction
As 4 result of further repayments by the
market On bills discounted. Apparently,
| therefore, the banks have been investing
| considerably. The coin and bullion were
I'D 81. 900 pounds, all from internal cir
culaiion, 10 imports or exports of gold
taking place during the week. The re-
serve is up 100000 pounds. Following
| the reduction in the Bank Of England s
rate other banks and discount houses
reduced their deposit rates by Il per cent
| The Paris market was irregular, span
| ish securities were weak. The Berlin
| market was steady"
| London. Jan. 21.-The Bank of Eng
lands rate of discount has been reduced
| frnm 1 TO 31b per cent.