The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-02-25
STOCKS AND BONDS.


traders spent the day on the Stock En-
change watching for rumors of events
however trivial they might be, that could
in any degree affect the price of secu-
rites. Barely 100000 shares were dealt
in, and of these nearly one-half were in
the 1ndustrials, Sugar, Tobacco and
Leather. Each of these were affected
by special cause, and they had
marked effect on the general market by
reason of the small volume of trading.
Leather occupied position of promi-
nence in the eyes of dealers in stocks,
owing to the interest felt in the investi-
CATION disclosures and their probable re-
suits. Rumors also had it that the forth
coming annual report would reflect the
unfavorable condition which existed last
year, and these caused decline in the
preferred stock of l 3-4 per cent. To
bacco also took part in the decline
which followed the brief upward move
ment at the immediate opening in SYM
pathy with the rise of American securi-
ties in the London market. The decline
in Tobacco was accelerated by the fact
that the president of the company was
to 60 on the stand during the day to
undergo examination at the hands of the
legislative trust investigating committee.
Sugar also declined in sympathy and also
on rumors of unfavorable legislation in
New Jersey against industrial corpora
tons. The movement of this group of
stocks became the decisive influence in
| the market and the downward move
ment received further impetus from the
persistent rumors that Consul General
Lee at Havana had resigned. The au-
| thoritative denial by Gen. Lee to the
Associated Press was q factor in the
rally later in the day. But for the time,
the lndustrials proved an irresistible
factor in depressing the whole market
The movement was not long continued
and received it's check from the announce
ment of the declaration following quar-
| terly dividends of l per cent on Leather
preferred. The upward tendency of
prices thus inaugurated became more
pronounced rs the day advanced and
was not interrupted until just at the
close, when proft-taking caused de-
cline which was only fractional, except
in the case of Leather preferred, which
had recovered the early decline, but sold
of l Ia per cent again on approximations
of tomorrow's annual statement To.
bacco led the rise with gain of 9 IL
per cent. apparently on the conviction
that the legislative inquiry was not cal
|
wise advanced l - per cent The An.
tbracte Coal stock. after an early de-
cline in Delaware and Hudson and Rio
Grande now came in for n share of the
Improvement The final prices in the
coalers were equal to those of Saturdays
closing.
The railway list advanced, notably the
Changers, and were benefited by the re.
ported increase in the tonnage of east
bound shipments. The Northwestern was
not affected unfavorably by the reported
decrease of S371 3333 in its January gross
earnings. The encouraging prospects of
the iron and steel trades were indicated
by an increase in the value of Illinois
Steel / 81 per cent and Minnesota Iron
of l per cent, other stocks of the same
| character showing q fractional advance
Manhattan gained / Ia per cent, losing
all but small fraction.
The volume of bond tradings showed
a decided diminution. MS showed by re.
cent transactions, but the strength con.
tinued undated. with rises in many is.
sues The market showed a broadening
tendency, despite the apathy of the
stock speculation, and prices for foreign
account and out of town investors are
reflected in the high prices being attained
in gilt-edged securities. The trading in
these lines is limited only to the amount
offered, and round blocks Of lower grade
mortgages are being bought for specula.
tive account. Usually inactive bonds
fiuctuated narrowly, but issues which
have become prominent through recent
| developments are conspicuous for wide
changes. Sales, 81, 235,O00.