The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-24
STOCKS AND BONDS
BEARS HAVE TIE SHARE MARKET
ALL TO THEMSELVES.

per:ies Which Have Combine Attach
meuts and Affiliations, and Not Only In
Railways Hut In Industrials. as Well
Close Is Weak with Almost Every thing
Down-Bonds Lower in Sympathy.
New York. March ss-The bears were
rampant today and were in absolute con-
troll OF the market. Everything on the Est
was more or less depressed and several OF
the stocks which were most effective in sus-
tanning the market against the several ef
forts made last week by the bears 10 raid
it. were foremost today in yielding TO the
pressure on the market. The decisive in
1uence in effecting the decline was the ap-
prehension excited by the decision of the
supreme court at Washington yesterday
holding that the Trans-lfissouri Freigh: as
ISOLATION was Illegal under the terms OF the
Sherman antitrust act. There IL doubt
whether, under this decision. any agree
ment between railroads for division Of iraf-
fic and maintenance OF rates will be he'll
lawful. There are many properties listed
that have been sufferers from indiscrim.n-
ate rate-cuttins and competition for bust
ness. The anthracite coal group is a nota-
bic example, and the shareholders base
their hopes of Improvement in the value OF
the properties on the restriction of compe-
tition by agreement. The Ohio soft coal
roads have also been victims of unrestrict-
ed competition to a degree that has brought
about a number of reeeiverships. Traffic
agreements are, in fact, felt 10 be very
important element in the pTospesity of all
railroad properties. The industrial stocks
did not escape the effect of yesterdays de-
cision, either, for its affirmation. by in
ference, of the validity of the Sherman law.
IS felt 10 confirm an effective instrument
against some of the celebrations of capt.
tai. AS a consequence, there was no sup
port accorded the market. Contrary to re-
cent conditions, business was all done on
the downward course of prices, and when
prices stead:ed for an interval. while own
ers withheld their property for a rise, bust
ness Immediately sank into stagnation.
This weak condition of the market agra
waited the effect of special depressing
causes, such as the continued slump in
New Jersey Central. There was an enor-
nous Liquidation in this stock, and there
seemed to be an entire lack of support in
the stock. There was much stock thrown
on the market and stop orders were uncov-
cred on the decline. The extreme fall OF
tie stock was AZ per cent. with a subse-
nuent recovery 10 l per cent on covering.
Tn other coalers were not affected more
than the general list Reading common and
first and second preferred each losing !
per cent, and Delaware and Hudson 3. per
cent The only favorable feature in the
market was the increased strength OF for
ofc bats r.. int .
were, in consequence, less depressed than
the average decline. Chicago Gas seemed
an exception to the downward course for a
time. but later yielded rs per cent. The
Vanderbilt stocks, which have shown ex-
strength for some time past,
showed the effect of extensive profit-taking
in New York Central and Oma-
ha. The declines in the group were: Oma-
ha. 211 per cent: New York Central, 2is;
Southern. IA. Cleveland. Cincin-
natl, Chicvago and st. Louis. IA: Illinois
Central and Northwest. rs. Burlington led
in the decline in the grangers with a fall
of 2A per cent. Rock Island lost rs per
cent, and st. Paul IL per cent. Manhat-
tan was unfavorably affected by a judi
cial decision upholding the rapid transit
law, and fell 1ia per cent, recovering the
fraction. Sugar yielded TO the unfavorabie
of the balance sheet as pub
ished for the last year and sold down 2k |
per cent. Consolidated Gas fell IL per |
cent and American Spirits preferred III |
per cent. Western Union showed excep- |
tional resistance to the downward tendency |
Of the market and made a full recovery OF |
is loss of a point Minnesota Iron sold al |
i21z per cent. as against IS per cent at the |
preceding sale. Some covering and sup |
porting orders in the final dealings made 1
he close irregular. New Jersey Central and |
Western Union achieving their recoveries |
1t that time. The under;one was. how
,ver. decidedly weak.
The total sales Of stocks today were 21s-
- shares, including: American Sugar 81
90; Burlington and Quincy, g,leO; Chicago /
Jas trust receipts, 1890; Louisville and |
1900: Manhattan Consolidated, 5.
90; New York Central. 500; Northwest. s.
90; Northern Pacific preferred. $500; Oma-
Ia, 1000; Reading. 1850; Rock Island. g.
%; St Paul, q. 100; Western Union. $3.50;
lew Jersey Central $500: silver certih-
.ates, 1900
The bond market ruled lower IN sympa-
ny with the depression in the stock mar
ret. but the losses were manly restricted
o a fractional limit. The sales were g.
IS. 600
Governments continue TO sag on moder-
tie offerings The sales were SO GO.
FOREIGN STOCK MARKETS.
New York March 3-The Evening Posts
1ondon financial cablegram says:
THE stock markets were quiet but frrner
oday, apparently on indications OF short
less Of stock. a the beginning OF the set
lement. Consols were 1925. Americans
lat or New York sales. Mines were steady
he settlement again reveals the smsllness
( the account. There are persistent re-
orts that gold Is TO come from the United
;ates soon. Meanwhile Russia and Japan
re buying here keenly. and the price Is
llly 77sl0d. The Paris and Berlin mar
cts were firm
LOANS AND EXCHANGE.
New York. March 3.-Money on call easy
: 1isG1ss per cent; prime mercantile paper
"A per cent: sterling exchange strong with
ciual business IN bankers bills a: lsd
80 for demand, and aS7.dIss for sixty
avs; posted rates H-esG4 So and 22a
ss2; commercial bills s4sss.; silver certia-
a;es s2L; bar silver s.: Mexican dollars
p. government bonds weak; rev as reg
tered ana coupon. u: IS registered ana !
upon. il53. As registered. III; - coupon.
J; IS registered. 3: Pacific SIS OF g. 10. |
BANK CLEARISCS.
Phils 6elphia. Pa. March 2--Clea-iuEs sc
/: balances Si.Zls.5n
Baiamore. Nd. March z.-Clea-i7gs g.
9 81: balances 81 rs.
St Lou.s, No, March = -ClesrinEs 81 |
s ~: balances tsls.5s Money 567 Per
III. New York exchange - cents premium
z: - cents asked
TREASURY STATEMENT.