The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-03
STOCKS AND BONDS
LAKE SHORE DEVELOPMENTS ABE
TIE DAYS FEATURES.

Half is Made Public In . Mammoth
Bond Issue Taken at . I-2 Per Cent
Premium Lake Shores Strength In
vades the Whole Market and Closing
Prices are Largely the Best of the Day
London Markets Idle.
New York, March 2-The reason for the
stock was disclosed today. when the an
rouncement was made in Wall street that
the directors Of the company had author
lied an issue OF S0.0JoodJ of 3D. per cent
lCo-year gold bonds, the proceeds to be
used for the retirement of the present
bonded debt. as it natures in the next few
years. or al advance OF maturity. as ar
engagements may be made with the holders.
Coupled with this was the announcement
that the directors had accepted an offer
from a well known banking house for the
entire issue at 1o212 per cent. The bonds
for the retirement OF which provisions are
thus made. amount IN III. aggregate 10 SiS.
eS2Qo0. of which mature on April :. 1885.
sS55, 0cc0 on April I, 1889: sli.iiooD0 on July
l. 1890. and s24. So, coo on February I. 1896
Il is calculated that the savings IN annual
interest charges by the completion OF the
refunding b.li amount 10 a million and a
half OF dollars, from which the stock viii
benefit. This is said TO be the largeS.
transaction in railroad bonds ever made
in this country, and with one exception
il is said 10 be the highest price pand for
American railroad bonds.
The market opened with a show OF
strength. Ut yielded before long TO the ef-
feet of marked depression in New Jer-
sey Central. which was sold down per
cent on continued uneasiness as TO the
financial status of Lehigh Valley and
Wilkesbarre. its subsidiary coal company
Manhattan was also depressed on the fall
ing off in earnings and the belief that the
dividend Will be reduced. The fact that
the directors of the road were in session
impaired some nervousness to the deal
ings, and the stock fell = per cent. London
also was selling St. Paul. Louisville ind
Nashville and a few OF the low-grad :
shares. The South African situation had
superseded the Cretan trc ublc as a de-
pressing influence there and exerted i'm
mediate influence upon mining shares and
reflected open the general market. The
center of depression thus formed in this
market spread through the general railway
list, and Sugar and Chicago Gas were also
Gown marked fraction IN sympathy. the
announcement of the Burlington state
ment for January showed a surplus. after
charges, OF Sll7,6i6. against deficit las.
year of ss7.7S2, ana was regarded as favor
able, although attained at the expense of
a heavy cut in operating expenses, and
checked the decline. An advance set IN on
the strength OF this statement, which con-
tinued during the day. with the exception
Of a slight reaction on profit-taking just
before the announcement OF the Lake Shore
bond operation, and another just before
the clsoe from the same cause. The
strength impaired by the news of the Lake
Shore project permeated the whole mar
ket. and the subsequent prices were IN
many cases the best of the day. Lake
Shore advanced 5Ia per cent. but reacted
~ per cent at the close. The Vanderbilt
properties were generally strong in sym
pathy and gains from fraction 10 half
we're recorded. the latter in Michigan Cen
trail and Chicago, Cleveland and Cincinna-
Ii and st. Louis. Omaha was up 4 per cent
and displayed more activity than any 9TH
er Vanderbilt stock. The rise in Burling-
ton equalled y per cent. the stock touching
q per cent. Northwestern was up j.. per
cent; Sugar is per cent: Chicago Gas.
per cent; Consolidated Gas. per cent;
and Spirits preferred. in which the buying
was very pronounced. IL per cent. the
bonds OF this property also showing some
strength. Manhattan gained IL per cent
and New Jersey Central Il. per cent.
Brooklyn Union Gas rose per cent. but
later lost per cent in the face OF the
contract with the Brooklyn authorities for
a progressive reduction in the price OF gas
for five years. There were some fractional
reactions near the close. but the close was
generally firm, with gains of a fraction,
as a rule. on the day.
The total sales Of stocks today were 49,
rs shares, including: American Sugar, %
90; Burlington and Quincy, 2o,100; Lake
Shore. ZOO: Louisville and Nashville. 500:
Manhattan common. $50: Omaha. s.Joo:
Reading. 800; 81. Paul, 0,sco; New Jer-
sey Central, n.400.
BONDS.
The bond market continues TO furnish
strong evidences of the plethora OF funds
at this center which there is really no de-
mand for, owing 10 the congested stock
speculation. The transactions in the high
grade mortgages are limited only TO the
amount Of fund and investors are more
reasonable and disposed 10 take blocks OF
lower grades. promising a reasonable re-
turn on revival OF speculative activity.
Dealings in miscellaneous securities con-
tinue heavy. at advancing prices, with
municipal liens in request. The turn OF
considerable amounts OF m.ddle-ETade
bonds. attracted by the high prices preva-
lent here. has no sppreciabie effect on
values, which continue to trend upward
under the influence % investment pUr-
chases for domestic and foreign account.
Issues which have been practically neg
lccted for long time now vie in point
OF animation whit the recognized active
securities II consequence Of the widespread
demand for properties by banks and IN
dividuals seeking employment for the SUI
plus funds. The Lake SHIRE Hen was con-
spscuous on account Of the announcement
OF the funding arrangement The second
Co1sols advanced , per cent. and the d.vi-
SIGNAL sevens - per cent. There were a
few weak spots noted. but the general IN
dsrtone was strong. many isues recording
substantial gains. Sales were, Si.357.o'o.
Governments were quie;. but well held o.
transactions OF S5l4n0a
FOREIGN STOCK MARKETS
New York. March 2-The Evening Posts
London financial co5isgTsu says.
The stock market was de today. but
slightly better - The close after . dun
day. Consols were a fraction better. Amer
leans were neglected. The New York sup
port not being sustained. KaG.rs are stU
fat. the close being above the vo-st- TIE
Par.s bo1rse was duh because OF the set
tIenent. The Berlin market was steady
on the buying of the better class ot Kzf-
frs
LOANS AND EXCHANGE
New York. March Z-Nozsy on cali easy
az IfzGl,. per cent. lss- Loan ~ Pc ceur:
closed offered a. IizG1z. pr cent: prime