The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-12
HEAVY PROFIT Taxing
Tempting Advances Early on
London Quotations.
NET LOSSES THE RULE
Weeks Tendency Has Been
Strongly Reactionary'

New York, Feb. T.-There was profit
taking on quite heavy sale in stocks To-
day, said to be for the account of one of
the principal bull operators. The inter
val of two days before trading will be re-
sumed on the exchange was the motive
for closing up some accounts, as is al
ways the case on the eve of a double holi-
day. The sharp advances in some stocks
at the opening afforded more favorable
opportunity for realizing profits. The
spring rise was largely influenced by the
higher quotations for Americans in Lon
don, and was also helped by the marked
strength of one or two specialties, notably
Metropolitan Street Railway and Peo-
pies Gas, the latter on the published re-
port of the company's finances. London
bought here on a considerable scale and
helped to sustain prices to some extent.
But the offerings were not well absorbed
and support was largely withdrawn. The
weakness of stocks averaged the putting
out of short lines. The covering of some
of these before the close brought them to
level materially above the low point, but
still left net losses as the general rule
There were some very striking move
ments of stocks in special cases.
The total sales of stocks today were
1856. 900 shares.
DAYS BOND DEALINGS.
The days dealings in bonds continued
on a remarkably large scale, single lots
of par value from $4,000 up to $50, 900
changing hands frequently. The par
value of sales for the day of Atchison ad-
justment tours alone was $4,000 Some
of the speculative bonds reacted quite
sharply in sympathy with stocks, but the
general tendenc was upward.
THE WEEK REVIEWED.
There has been a strong tendency to re-
action in the stock market at times dur
inig the week, principally due to appre-
tensions regarding the Cuban question
Early n the week the market was sold
very aggressively by houses with Wash
ington connections and this was interpret
ed as being induced by belief that af-
fairs with Spain were reaching a criti-
cal stage. The manner in which the out
come of the De LONE incident was accept
ed in Wall street induced large covering
Vi SHUT COUlTdCtS Dy IHeS6 w dSnlngtOn
sellers and the market rallied strongly on
Thursday but this rise was attributed
by some persons to manipulation. The
resumption of realinzing which followed
today'sa dvance gave color to this suppo-
sition. The market seemed to be in the
hands of giants in speculation and they
refused to offer their holdings on a declin-
ing market long as it is capa BILE of being
checked by support. That the market is
heavily over-bought for great speculative
accounts looking to he ultimately sold for
profits is generally believed.
FOREIGN STOCKS.
New York. Feb. 1.-THE Evening POSTS
London financial cablegram says:
1.-THE stock markets here were quiet but
generally good today, the feature being
a sharp rise. despite dearer money. The
buying was good and significant. Amer
leans were active, although the dealings
were professional. The close was under
the best. 1t is noticed that however good
New York prices are there is tendency
to deal from there"
THE RANK STATEMENT.
New York. Feb. 1.-THE weekly bank
Surplus reserve, decrease s.. 344575; loans
increase 5.976, 500 specie, increase SO 500; (
legal tenders. decrease 1000, 900; deposits
increase $4,S56.0OO; circulation, decrease
S447, 700. The banks now hold $50, 457, 600
in excess of the requirements of the %
per cent rules.