The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-04-04
STOCKS AND BONDS
COVERING AGAINST SUNDAY TIE
FEATURE IN SHARES.


Things Generally and the General List
Rerains Fractiops-CIose Firm at Slight
Net Losses-week's keview of Stocks,
Bonds, Loans, Discounts and Exchange.
New York, April 3-There was little OF
interest in today's short session of the ex-
change beyond the movement to cover over
Sunday, which was especially remarked in
the coalers, indicating the large short sell
ing during the week in those stocks in the
course of raids by bears to break the mar
ket. The opening was weak, in response
to the declines in American securities on
the London exchange. The statement OF
st. Paul earnings for the fourth week in
March, showing decrease of Sl13 451, with
one more working day than in the week
compared with, had a further weakening
effect on the market There was some SELL
ing to realize, also. Losses were only frac-
tional, except for New eJrsey Central,
American Spirits preferred, Lead and Lea
Their preferred, which declined from l 10
rs per cent. The covering movement In
the coalers set in after the first hour, End
the Vanderbilt stocks were also in demand.
the Improvement extending through the list
Delaware and Hudson, New jersey Central
New York Central, Michigan Central and
point and the general list important frac>
tons. St Paul and Burlington sold off in
the final dealings, but the general market
closed firm, with Slight net losses.
THE WEEK REVIEWED.
The week in Wall street has been marked
by the passing OF the extreme point in thu
panicky condition of investors minds over
the TraDs-Missouri decision. Money mark
ed the extreme point of the depression caus
ed by the incident. The buying move
ment which set in after that day, caused
CONSERVATION among the bears. The main
cause of the strength in the market was
the forcible assurance of the authorities in
western railroads that they had no 1nter-
ton of departing from the schedule of rates
then in force. The relief of mind thus ar
forded was added to by the decision of the
conference of the different counsel of the
trunk lines that the Joint Traffic associa-
ton should continue in operation, pending
the appeal of its case to the supreme court.
The introduction in the senate of a meas
TIRE to legaliZe railroad pooling under the
supervision of the interstate commerce com
mission also had a somewhat exaggerated
effect in encouraging buying of stocks. II.
the same way, the subsequent announce
ment of Senator Cullom, of the committee
on interstate commerce, that here was no
chance for the bill to pass. or to be con-
stdered at this session, added surprisingly
to the effectiveness of the bear raid, which
ultimately broke the market again on Wed
nesday. The effectiv interument in achiev-
ing the break was the anthracite coalers.
The well known depression which has long
existed in the anthracite coal trade and the
persistent reports of financial weakness or
the New Jersey Centrafs related coal COM
panieS made these properties Vulnerable.
Rumors of an EXPIRATION Of the traffic agree
ment among the companies, of heavy dam
age to mines by floods and of a cut in the
selling priceo of coal in Philadelphia to -
cents below the circular prices, sent the
coalers tumbling, New Jersey Central and
Delaware and Hudson, and the whole Est
falling in behind with losses large or small.
The bears made the coalers the base OF
their operations during the remainder or
the week, with occasional excursions into
other fields, the Gould stocks for the most
part. These tactics Of the bears were ef-
fective in driving down prices Of the gem
eral list, and IL retarding the improving
tendency which had been manifested after
Monday. The declines achieved ranged
from l to 2l2 per cent throughout the gem
eral list. The lower prices invited covering
of the stocks. and recovery and the amount
of covering later DIN the week showed very
clearly the amount of short sales that had
been made to effect the declines and break
Tie market The improving tendency GEN.
tered in the Vsnderbilts, which had been
notably wax. and showed marked declines
on Monday but which rallied on the arrival
in London of the financial agent of the Van
derbiits and the rumorS of benefits 20 accru
improvement was retarded by the damage
to railroad property by storm and flood. but
was nevertheless, very manifest in the lat
ter part of the week. on the outside de-
mand for the Nanderbilts. improved traf-
fic returns and the covering movement OF
the shorts.
The money market showed an easier ten
dency, the general inquiry which has been
q sustaining factor, nearly having aoated
There was a moderate demand for FUNDS
,rl,-,,x 1f..l
ed before April l. Call loans ruled at Ia
10 Ia per cent, and time contracts at TO
1 per cent. A hardening tendency was
apparent at other domestic centers. particu
larly Boston. where funds commanded rfom
to per cent on call, on short time.
The discount market showed choice as
sortment of names which included some
New England paper mill paper quota
tons ruled at 3l204 per cent for PRIME
quality and 4fi5 per cent for grades OF less
er financiarNtrength.
The foreign exchange market held fairly
firm during the earlier part OF the week,
and some improvement occurred in actual
rates In the closing dealings declines vera
recorded in actual and posted demand bill.
on the further decline in London discount
Long bills, however, were relatively frmer.
BONDS
The bond market moved pretty much N
sympathy with the stock market. but the
| changes were less notable. aside from tbs
| St, Louis Southwestern issues which fuctu
ated sensationally on various rumors. COM
parative prices show losses generally. av>
| eraging about point for the leading Is
sues. The aggregate sales were SS.Z5S,oo.
| The government bond market was wen
| held throughout with especial firmness ap>
| parent in the closing dealings. The sales
were Sl2S,0Co
FOREIGN STOCK MARKETS.
New York. April 3.-The Evening Post :
| London financial cablegram says:
! The stock markets were hfeless but
| STEADY today. Americans were inclined 10
| improve Money was easy, the money sup.
| plies being increased by the repayment OF
| &. 600 oC0 IN English treasury bills, and f5oN,
| OeD in Gillian treasury bills. On Monday
| over 100000 in consols and other dividends
| VIII be released. thus flooding the market
with cash A decline in the bank rate is
| looked for on Thursday There Is nothing
/ to prevent il but politics.
! NEW YORK BAN NSTATENENT.
New York April 5.-The weekly bank
statement shows the following changes;
! Reserve. decrease s.. 222.I75 loans. decrease
! Si7i5yN9: specie. decrease $3.50: legal tetn-
| siers. decrease sl.SH7oe; deposits. decrease
! 3 $500: circulation. decrease S1S.eH The
/ banks now hold S47,S 80 lnu excess OF The
| requirements OF the - per cent rule.
CoFFEE AND SUGAR MARKETS
New York April 3 COT ee-Options o. e1-
! et steady, l. points l5Ser: receipts az ETa-
Il = d.