The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-02-07
STOCKS AND BONDS.
SHARE MARKET CONTINUES DULL
TO THE WEEKS END.

Industrials Again the Center of That Un-
easy Feeling Generated by the Lexow
Investigation of the Sugar Trust-Rail-
ways also Depressed by Traffic Returns
Improvement Toward the C,ose. on
Covering in the Industrials-Close Gen
orally Firm Review of the Week
Foreign Stock Markets.
New York, Feb. s-There was Ettle Of i'm
portance in the transactions of the stock
exchange today, the dealings beng on a
small scale and the fluctuations OF prices
| being within narrow limits, fifty closing a
| week which mas proved dull throughout in
spite OF the house entertained at the be-
ginning of revival in the trading. To-
days opening proved irregular. but gen.
orally heavy under much the same in
| fuences as yesterday. A feeling of IN
easiness centered about the industrials. IN
doubtedly due to the proceedings OF the
| legislative trust investigation going On in
this city. In the railway list also the pub
| licat.on of some disappointing traffice state
ments OF the southwestern lines exerted a
| generally depressing influence with ST.
Louis, Southwestern, Louisville and Nash
Vile and Southern preferred leading the de-
| cline. The industrials found fairly good
support, but figured less prominently in
| the dealings than yesterday. It was only
III the final hour thai the market exhibited
any decided tone and then the professional
traders started to cover extensively in the
q, ipdus-r.als. As a consequence, Sugar,
Leather preferred and American Spirits
totn common ard preferred, improved on
an average of about point. A few of the
railway stocks also came into prominence,
| doubtless Influenced by the excellent show
| ing of the weekly bank statement present
| ing loss in surplus reserve of s4608 200.
AMI an increase in loans of IS, IA, 900, and in
deposits of s5.63000o. The market showed
more activity in the rally and left off gen.
orally firm.
The total sales Of stocks today were 51,-
600 shares. Including: American Sugar. IA
| eco: Louisville and Nashville, $500; North
ern Pacific, 300.
REVIEW OF THE WEEK.
The week just closed presented only one
feature of any special interest or import
| ance. This was the development OF the
new holdings in Northern Pacific and the
| common Influences secured in The oregon
Railway and Navigation company by The
Northern Pacific, the Great Northern and
Union Pacific railroads.. The transactions
in Northern Pacific common and preferred
stock and in the securities of this COM
pany We're heavy both n this market and
in foreign markets, and had a gratifying
elect as indicating a revival of interest OF
reorganization company and a combina-
ton CT interests SO promising OF advantage
TO all concerned that they could not but
viewed complacently by every interest IN
financial affairs. The money thus invested
in American property by continental capt.
alists represented a good round amount. 1:
vas expected that this transaction would
have an effect on the exchange rates, bur
no appreciate effect has been noted. The
lowering of the rate Of discount by the
Bank of England to per cent was also ex-
pected TO prove a factor in the exchange
market. 1t is thought possible that the pay
nents for Northern Pacific securities may
come out later and may yet affect ex.
change, but such part of II as has already
appeared seems to have been absorbed
without difficulty. There is no doubt bu.
the fact that London has sold American
shares this week has had its effect in Off
setting the obligations of the continental
buyers of our securities. The lower dis
count rate in London, showing the album
dant supply of money there, is accepted
as a favorable feature in the outlook here |
As providing means for investment in the
American properties. These conditions In
the international exchange situation are
considered to provide a measurable securi- |
ty against the export of gold in the near
future. Foreign demand for our railroad |
bonds during the week has been coinci- |
dent with selling of our stocks, and there |
has also been A large European demand |
for Northern Pacific bonds in connection |
with the transfer of the stock from the I'M |
derwritinfg syndicate 10 German interests. |
This demand extended TO bonds Of various |
lcw-priced re-orSan:zed properties. North |
ern Pacific general SIS ami prior lien As |
were largely dealt in. and large blocks of |
gilt-edged bonds were sold in London and |
were also bought here for foreign account. |
The rates of money here also continue low |
and an abundant supply is 10 be haid. but |
there is little appearance of its seeking its |
way into the channels Of speculation or /
even investment. One OF the features of the /
week also was decline in the previous |
very high rate for government bonds. !
which is attributed to proft-taking. The |
advance in the treasury gold reserve 10 /
over s1i5. 900 900 is d factor IN the solidity |
OF the currency situation. The large |
amount of money seeking outlet was shown |
in the large commission house buying OF /
bonds and investment securities. The mon |
ey market was extremely dull and rates |
were shaded in some instances. even for the /
Iow-quoted figures, which were 1izQ2 per |
cent on call. Transactions occurred at "a |
2i2 per cent for thirty days TO eight months. |
Mercantile paper was readily absorbed with |
the banks. and out-of-town people were /
Well represented The dearth OF prime /
names has caused more general demand for |
the lesser grades with quotations ranging |
up to AZ per cent for good names accord
ing TO maturity. In the early part OF the /
week the market showed n tendency TO |
broaden out under the influence of the |
transactions involving the Northern Pa |
cific. The industrials came in for drive |
that drove values down along the whole !
line and again restricted the scope OF spec
uiation. y large proportion or the total
dealings were in Sugar. and tendency was
downward throughout the week. Other in
ddstrials shared with Sugar the adverse |
OF the trust investigation BY a
legislative committee proceeding IN New
y ork, and several stocks in this group also
suffered. The depression in them served
TO drag the whole market with them 20 an
extent Operations were subsequently re-
strscted by the professional element. 4
notable slump occurred in New York, New
Haven and Hartford Of Il points. 10 lea.
with a subsequent recovery 20 los bid. The
transactions OF which this variation oc-
Cured was q very small one The weeks
transactions n stocks were small. and on
The whole. i--egulsr. but The Eene-al ten