The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-12
SUPPORT is ABSENT
STOCKS TEND DOWN, SHORTS Gov
ERING AT INTERVALS

the holiday and the Foreign Selling
Contributes to the Depression-LocaI
Banking Circles opine That the New
Loan WIN Not Land Above Seventy Mil
lions. Net, in the demonstrating Ex-
change Firmer-LarGe Purchases of
General EIectric-Bonds.
New York. Feb. 1.-THE stock mar
ket today was considered 10 reflect the
absence OF support from prominent
financial houses whose interests in the
new government loan have been liqui-
dated. The course OF values was down
ward. with intervals of reaction on
covering by shorts. There was also
liquidation by professional dealers who
are usually disinclined TO hold stocks
over a holiday. The foreign selling
contributed TO the depression although
reported expressions OF opinion from
the leading financial centers regarding
our new government loan are encour-
aging In local banking circles it is
now beginning 70 be apprehended that
the net gain in gold to the treasury
as a result OF the new issue. taking into
consideration the probable drafts that
may be made upon the sub-treasury
10 pay for the bonds, viii not exceed
about $70,OG00V0. OF course this is
only a matter of conjecture. but some
unfavorable sentimental effect was IT
tached 10 the theory today. n firm
er market for sterling exchange. at an
advance 4 per cent in rates for actual
business served as a bear text, altho'
the call money market exhibited fair
~ easy condition.
The speculation opened irregular and
fairly active, but a saggiug tendency
soon developed on liberal sales Of the
grangers, high priced indUstrials and
international shares. A rally occur
red about midday under the leadership
Of General Electric and the Gould
shares, in which the first named rose
Pa per cent, Manhattan 2lz per cent,
and Missouri Pacific, Tobacco and 9TH
er prominent shares 1G1M per cent.
The purchases of General Electric were
on large scale and were for the most
part credited 10 Boston. The ostensi-
BILE bull influence is the reported &C
tfvity OF the management in extending
its opera tons, as, for example, in con-
nection with the electrical experiments
on the Brooklyn bridge and the report
ed proposed change of motive power
on the Manhattan elevated lines. Bal
timore and Ohio moved easily down
points on depressing reports as 10 the
physical condition of the property
The street had believed that the stock
had fully discounted any existing IN
favorable conditions. Subsequently
officials OF the company charged the
circulation Of the rumors TO a London
60 IaT3 e-ra Na-,,
obtainable in relation 10 the expert
report of the physical condition of the
property recently completed. but in a
general way it is declared to have been
satisfactory. 1t is understood that an
expert examination Of the company's
financial condition is about TO be begun
The stock subsequently rallied So per
cent and closed rs per cent lower on
the day. The final hour was charac-
teriZed by a resumption of pressure
against the market and values receded
TO the lowest of the day. Manhattan
was conspicuously weak feature, de-
clining Az per cent to, and closing at,
10S% per cent. Other important loss
es were in New Jersey Central and Del
aware and Hudson pa per cent; Sugar
and General Electric rs per cent; Mis-
souri, Pacific IL per cent and the Gran
gers 11s4A per cent, the last named
in Northwest Among the speciaIties
Illinois Steel broke per cent and Cleve
land, Lorraine and Wheeling preferred
4 per cent. The latter. however, re-
covered all but a point OF the droG
The closing was fairly active and weak
at the low level
The total sales OF stock today were
III, 211 shares. including American Su-
gar $500; American Tobacco IS. 500; |
Atchison 500; Burlington 10000; Chi |
cage Gas $500; Distiuers 500; General !
Electric Is, 400; Louisville and Nashville |
8, 900; Manhattan consolidated 10, 600: /
Pacific 400; Northwestern g.
500; Reading 1909; Rock Island 1000; |
st. Paul 400; Tennessee Coal and Iron /
4, 300; United States Leather 1900: Wa |
bash preferred $500; Western Union g.
s00
Railway bonds were heavy in tone |
and prices were shaded particularly l
for the speculative issues. The deal |
ings were less active, aggregafing only |
81, sos, 900.
a reactionary tendency was noted in |
governments, and slight concessions
were generally made In quotations The
trading was unusually brisk, footing
up 500, 600. The bulk Of the business
was in the new fours coupons chiefly at
seller 20 fat
Tomorrow being the anniversary OF
the birth OF President Lincoln and
legal holiday in this state, the New
York stock exchange, sub-treasury and
financial institutions generally viii be
closed.
London, Feb. u.-Closlng Consols
FOR money and account 1851; Canadian
Pacific 59iz; Erie II: Erie seconds IS;
Illinois Central 1904; Mexican ordinary |
~; 81. Paul common 7Sh; New York
Central 1919; Pennsylvania 54%t; Read
ng 6ss; Mexican Central new fours Il:
bar silver 305s pence per ounce: money
Z per cent; rate OF discount for open !
market, short bills and three months
bills, al 5-16 per cent
Philadelphia, Feb. 11.-Clearings go
g.. I31; balances 31,777.ss7.
81. Louis. Feb. 11.-Clearings S41s5-
,1s; balances $635, $50 Money 4as Per
,ent- New York exchange par bid; .
;snts premium asked.
New Orleans. Feb. 1l.-Clearings 81
04, $50.
COFFEE MARKET.