The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-06-23
STOCKS AND BONDS
SHARE MARKET SHOWS ITS SELF
SUSTAINING POWER.

Striking Feature Of the Market in the
| Small Transac :ions on Which Prices
Rise-Contempiated Refuuding Opera
lions of the Chicago and Northwestern
] Directorate is the Influence Which Sets
Things Moving Upward-sugar and
Chicago Gas Rather Segiec;ed-Bonds
| in Good Tone.
New York, June 22.-The stock market
today again gave a demonstration OF It's
astonishing capacity for sustaining an
increase Of prices withonly temporary
pausas and trivial reactions. The ma
turing plan of the committee Of direc-
tors Of the Chicago and Northwestern
FOR refundlng the bonds Of the company,
50 as 20 effect saving which may be
applied 10 the stock, has become the CEN
trail object Of interes, in the market.
The upward tendency OF prices, which
! radiated from this stock, ultimately per-
meated the whole market, carrying even
the industrial stocks, some Of which ad
| sagsed during the morning, 20 a higher
plane. Northwestern extreme rise
was ga per cent. Omaha, as being near
est in relations to North western, follow
Ell It's course with closest sympathy. But
the Vanderbilt stocks were al strong in
sympathy. Lake Shore made new rec
ord price, jumping 3 IA per cent. This
was doubtless on exact information or
the benefits TO accrue to the stock from
the rsfunding OF the bonds, the time
Of the exchange OF the old for the new
expiring tomorrow. The New York, Chi
cago and st. Louis stocks, on account OF
| the close relation Of traffic in this with
Lake Shore, also showed a marked ad-
vance. The first prdeferred was bid at
! II per cent, against 60 per cent bid yes
terday. The common stock gained l 1-2
per cent, and the second preferred 2 per
cent. Lackawanna gained IL per cent
to 65 per cent, on a definite announce
ment that the regular dividend will
shortly be declared. A striking feature
OF the markets course was the compare
lively small transactions on which prices
rose This was, OF course, more mark
ediy true of higher-priced investment
stocks a very small supply Of which is
offering in the market at any time. A
| quickened demand naturally marks UP
| the price very sharply. But the volume
! OF transactions as a whole was not large
AMI the dealings were lacking in ANNA
| ton all day. Sugar and Chicago Gas.
| which usually occupy large share OF
attention. and some other specialties.
L.
day, though they showed a recovering
| tendency before the close. Southwestern
! railroads were particularly strong on &C
count OF the good outlook for business
in that section. Continued good crop
news sustained the market, particularly
the grangers The announcement Of
S:OO,000 shipment of gold for Thursdays
steamer and the probability that more
will go, did not renew yesterdays rather
Fictitious alarm on the subject. The
weeks export Of general merchandise
from New York, amounting TO S7,9O9,6SO.
decrease of s2,17S.124 from last weeks
indicates one source of the strength in
exchange Gains OF a point or over were
shown by Tobacco. Burlington, ST. Paul,
Omaha, Suspuehanna and Western pre-
ed, Manhattan, Missouri Pacific, Mime
sofa IRON, Kansas and Texas preferred
and Northern Pacific preferred In the
closing dealings, Lake Erie and Western
fell a point, and the preferred jumped
two points. Laclede Gas lost ! IA per
cent, but recovered il. Tennessee Coal
also fell point and rallied feebly.
Trading in railroad mortgages was in
consider able volume, and some striking
gains wee made in a few issues. in
Guiding Lehigh and Wilkesbarre fives.
which improved IL per cent. The gen
eral tone of the market was good. and
.ree purchases were noted of the prom
inent International mortgages for conti-
mental account. The aggregate sales
were 81 ,SO9, 900.
Governments were more active but
without essential change in values. The
sales were $4,000.
LOANS AND EXCHANGE.
New York. June 22-Money on call
easy a. 1@i l-2 per cent: last loan 1 ii
per cent; closed 1@1 IA per cent; prime
mercantile paper 3G4 per cent. Sterling
exchange firm al actual business in
bankers bills at s4.S7 1-464S7 IL for
demand, and a Sass 1-SG4S6 1-2 for six
~ days; posted rates s4S6 1-264S7 1-2.
and s4sSQ4SS L.: commercial bills
SASS 1-2. Silver certificates so 1880
5-Sc; bar silver co l-Sc Mexican dollars
A 3-Sc. Government bonds firm; state
| bonds dull; railroad bonds firm.
GOLD SHIPMENTS.
New York. June 22.-Kidder, Peabody
e Co. OF Boston will shop 10 Europe
$4,000 in gold on next Thursday by the