The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-04


What Is Denominated an "inausura-
tion Boom"
New York, March 3.-The volume of deal
ings on the stock exchange today showed a
atal of over 10000 shares, which is almost
double the daily average for many weeks
past. The grangers and the h:gh-priced
investment stocks especially the Vanderbilt
properties, led in the number OF shares
dealt in, and the high-priced stocks showed
the widest variations in the quoted prices.
The industrials occupied a secondary posi-
ton in the trading, the number Of shares
sold Of Suga, the usual leader OF the mar
ket, being less than those Of Burlington.
The prices of the industrial shares lacked
the buoyancy manifest in the railway Est,
though they were ultimately carried up
wards By the dominating tendency OF the
market
There was no nistaking the determined
bullish tendency OF the trading all day,
though an Intellectual effort was made to
sell down al the opening. This was assist
| ed by SOME arb:trage orders from London
| TO sell. but prices soon took an upward
| turn. A bonding transaction OF such mag
nitude and so advanta geously concluded
as that OF Lake Shore announced yester-
day, was bound to have a marked effect
on the values of all properties allied to it.
In the case of interests so vast as those OF
the Vanderbits, such an influence would
| permeate all classes Of securities and de-
! cisively influence the whole market. Such
was the case today. Lake Shore itself was
comparatively neglected, owing TO the fact
| that yesterdays news had been practically
discounted IN the dealings. Of the other
| recognized Vanderbilt properties the adj
vance in New York Central was most mark
| ed. 1t was pointed out, as a parallel TO the
rfunding of Lake Shores bonded debt, that
New York Central has outstanding about
! eco OF bonded debts which mature
within seven years, and which bears in
terest ct from TO Z per cent. The refund
ing Of these at a 31s per cent rate of in
terest, would OF course affect marked
saving in the charges The impetus given
to the Vanderbilt stocks advanced New
York Central 2ss per cent; Canada South
ern, 17s; New York and st. Louis. rs: CHI
cago, Cleveland, Cincinnati and st. Louis
rs; Lake Shore, Y and New York Central
and ST. Louis second preferred, .. The de-
showed plainly in the prices of high-priced
Investment stocks, some OF which wer bid
up without securing any response in offers
OF stock. Chicago and Alton rose per
cent: Omaha preferred. 4; Manitoba, , and
st. Paul preferred per cent. It was the
| same class of demand which advanced the
price of Pullman SO per cent, and Coasoli-
dated Gas per cent. The movement in
the grangers showed a reflection from the
Nanderbilts, besides showing strength from
favorable traffic outlooks. The ST. Paul
decrease in earnings for the fourth week in
February, of 1852. 90S, apparetIy was d,sre-
earded or satisfactorily explained, as it
did not impede the advance in the group,
though St. Paul itself Jagged somewhat and
fell behind Burlington. The advance in the
group were: Omaha, AZ per cent, to 81 per
cent; Omaha preferred, to 40; Northwest,
2: Burlington. IL; Rock Island, rs, and st.
Paul, Is. The advance became most mark
ed in the last hour and a half of trailing
and, in that time, carried up the indus
trials, which had been victims of depres-
sion in the early dealings. Sugar rising j..
per cent from the low points, and Leather
preferred l per cent; New Jersey Central
and Manhattan also, which were hammered
at the start so as to yield a point each. rail-
lied pa per cent and . per cent respectively.
There were dealings in a large number of
the usually inactice low-priced stocks also.
The broadening tendency OF the market,
was, in fact, a notable feature, and gave
color TO the hypothesis that an 'inaugu-
ration boom was partly the cause of the
days advance in prices.
The total sales of stocks today were 1872,
$40 shares including: American Tobacco.
1900; Burlington and Quincy. 2l.g0; Chi
cago Gas, $500; Chesapeake and Ohio. $500;
Louisville and Nashville, 400: Manhattan,
4.5o0: New York Central. $500; Northwest.
L. 800; Northern Pacific preferred S.10O; Orna
Ia, 1890; Reading, 1900; st. Paul. 1850;
New Jersey Central, $500.
The bond market participated in the buoy
aEcy which was evident in the stock specu-
iation. and although the gains were gener-
ally less important, purchases were made
with considerable confidence, which en-
braced an unusually large variety of issues.
The prime mortgages continue in cxcep-
tionable favor. and IN a number Of instan-
oes new high records are being established.
The gains ranged from fraction 10 per
cent. The sales were S20i7.0on.
Governments rose fractionally on moder-
ate purchases. The inquiry for these secu-
rites shows no abatement and large sales
are daily reported over the counters. The
transactions at the board aggregated S92,-
600.
FOREIGN STOCK MARKETS.
New York, March S.-The Evening Posts
London financial cablegram says:
THE stock markets were quiet today.
Gable service with the continent was inter
rupted until late this afternoon. when bet
ter advices from Paris impaired a firmer
tone 10 the whole London market, and It
closed at the best. Kaffirs We're especially
better. Americans were good and closed
strong. The aPris bourse was better. The
settlement IS going more smoothly. but Fri
day viii be the decisive day. The Berlin
marwe was steady"
LOANS AND ECHANGE.
New York March S.-AToney on call easy
al Ii2G2 per cent: last loan lssd2 Per cent;
closed offered al - per cent; prime mer-
camille paper Sd4 per cent: sterling ex-
Change steady with actual business in bank
ers bills at AS714S7I4 for demand and at
s:SI. for sixty days; posted rates Ss6G
As: commercial bills ASis: silver certif-
Gates. 6aGsrs: bar silver 81 Government
bonds stronger; state bonds quiet; railroad
bonds strong.
BANK CLEARINGS.
New York. March S-CleariRss So. sa3lSl;
balances S-6z79
Boston. Mass. March S.-CleaIinss SIS
0o9. ss4; balances Sl,729.ii9.
Philadelphia Pa. March S-Clearinss 81
0SS. So: balances s.. 9s1. GO.
Baltimore. Nd, March S--Clear.nss s.
5SS So; balances So. 1S5
81 Louis, Mo. March 5-Clearinss 81 81
20: balances $50 -. Money 5d7 Per cent:
New York exchange - cents discount bid;
- cents discount asked.
Tp- .Sr-rV CTsTENrT