The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-19
CHANGERS and SUGAR
Make Sixty Per Cent of the
Stock Market.
PRICES BELOW THURSDAY
Bonds Generally Firm--Ameri-
cans Rally in London

New York, Feb. B.-The tone Of the
! speculation was doubtful and hesitating
| in Wall street today and a large prepon-
derance of the days dealings were in
| Sugar and the grangers. Nearly 0per
cent of the total transactions were in
these stocks. Coupled with the fact that
! the total sales of ali stocks showed a
marked decrease from the recent advance,
the large proportion absorbed by these
specialties formed significant comment
| ary upon the condition into which the mar
ket has fallen. After the opening weak
ness, due 10 sympathy with London ana
some other foreign exchanges had been
| overcome it looked as though the strength
radiating from the grangers had prevailed
| in the market, but the increasing weak
ness in Sugar, coupled with fall in the
| prices of local New York specialties in
| the final hour, was decisive factor IN
| The radical utterances made in the course
! of the debate precipitated in the senate
| on the Maine disaster also engendered dis
trust in the minds Of spectators ana
prompted liquidation. Business on the
decline was by far the most animated of
|
largely influenced by the conditions in
the wheat market, but there were also
special causes at work in their behalf.
Gossip was rife as to the probable &C
| ton of the st. Paul directors on the div
| idend rate, the rumors all pointing to an
| increase. The absorption of this stock was
| credited to a powerful financial interest
which was said to be selling out its hold
| ings of Sugar at the same time. London
supported St. Paul stock freely and sold
other international stock here. Rock Is
| land responded to the action of the direc-
! tors in calling the debenture and extern
sion bonds, thus assuring the stock the
benefit of an early reduction of fixed
charges. The Union Pacific, Denver and
| Gulf securities We're strong on rumors
that the reorganization in prospect would
| bear easily on them. Adams Express was
an instance of strength, selling at 1857
per cent, an advance of 81 points as
against sale at par on Tuesday ex-divi
dend and ex-100 per cent in bonds repre-
senting the distribution of the surplus.
The total sales of stocks today were
| 351, 500 shares.
BONDS.
The bond market held firm except that
some of the speculative issues yielded in
i
individual transactions in the Union Pa
cifc tours, the Texas and Pacific seconds
and Rock Island extension fives. Total
sales were 81, $780, 900.
United States old tours coupon were Il
per cent bid higher, and the old tours
registered, the new tours and the fives,
Is per cent higher bid. New tours regis
tered and coupon 12724; fours 1929; cou
pom, ia; twos. 100; fives registered and
coupon. 11312; Pacific skies of SO, 1O4
FOREIGN STOCKS.
New York. Feb. 1S.-The Evening Posts
London financial cablegram says:
THE stock market here remained dull
to fiat today. Americans, however raj
lied at midday, and this being followed by
New York support, prices closed firm at
the best. The selling in the morning was
by weak bulls in the Kaffirs crowd and
altogether the market has had a thor
oughly healthy shake-out. Canadian Pa
cific and Grand Trunks were fiat. The
former was steadily sold by New York.
| Argentines were weak on heavy sales
from Paris. Kaffirs were down on the
London Times political leader. Copper
shares were easier. The decline in the
German bank rate had no effect here, 1t
having been anticipated"
REVIEW OF THE WEEK.
New York. Feb. 1S.-Bradstreet's inan-
cial review tomorrow will say:
Speculation was altogether dominated
| this week by unsettling influences due to
the Maine disaster at Havana At the
beginning of the week there was a de-
cided disposition in the market to re-
cover from the depressing effects of the
De LONE incident. but this, of course,
was completely checked by the uneXpect-
ed news which awaited the street on
Wednesday morning. Fears that the long
threatened crisis in our relations with
Spain was at hand, caused heavy liqUida-
ton of long stocks, and bear operators
also sold the market vigorously. pro-
ducng sharp though not excessive de-
clines throughout the list. on Thursday,
London came with higher prices for Amer
lean stocks, and was a, liberal purchaser
here, our own market responding. al
though the absence of definite news about
the cause of the Names destruction save
an opportunity to senSatiou-monEers TO
circulate many disturbing and exaEger-
ated stories. The market was affected
by this and prices were very irregular.
though before the close on Thursday a
fair degree of strength re-appcared and
the shorts put out in the two preceding
days were extensively covered. The fea-
lures of the market were the extreme
nervousness and the decreased support
from the pools and large operators,
though the extreme declines were in many
cases arrested by buying for large inter
ests which could not be described as short
covering. The liquidation OF long hold
ings was extensive, and public buying Of
course was almost entirely checked; in
fact. conservative commission houses, as
a rule. advised caution and waiting until