The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-06
spotted ALL WEEK
Stock Market Ends it al a
Lower Level.
LESS CASH Is LYING IDLE
With Big Increases in De-
posts in New York Banks.
LESS CASH is LYING IDLE

New York, Feb. 5.-Today's stock mar
ket was lifted to a higher level by the
conspicuous strength Of a comparative
ly few stocks. 1t was noteworthy that
the Vanderbi!ts which gave the initial i'm
petus to Yesterdays advance, showed the
effects today of profit-taking, Lake Shore
losing points and New York Central
small fraction. Michigan Central, after
bounding upward at the opening, reacted
over a point, but closed with a substan-
tial gain. The far-reaching importance
of the merging OF New York Central and
Lake Shore and the prospects Of addi-
tons to the plan continued 10 nave
marked sentimental effect on the whole
market. The possibilities in the way OF
reduced expenditure for administration
and of stability of rates for traf1c from
consolidation are canvassed with eager at
+eption by dealers in securities. Penn
syIvania was conspicuously affected ana
the Iong-sustained advance In the STOCK
OF its subsidiary company, PlttsDurg'
Cincinnati. Chicago and st. Louis, Is
pointed to as evidence OF closer relations
20 come. Burlington rose strongly on ru-
-nors of the ripening Of the refundlng plan
rate General Electric, Lake Erie and
Western preferred and Lackawanna We're
markedly strong and Norfolk and West
ern preferred continued its upward move
ment There was a reactionary tendency
in the Erie and the Susquehanna ana
Western stocks on realizing. The recent
ADVANCE is accounted for by well defined
reports of a plan for exchanging the Sus-
ouehanna stocks for an undetermined per
oentage of the Erie stocks. Great North
ern preferred sold at q further decline
of points and was bid down still fur
Their. the various reports of plans for in
creased capitalization and distribution of
the cornpany's accumulated resources be-
ing so conflicting as 10 lead to the convic-
ton that no plan has yet been formed.
Although business was on a large scale
and widely distributed, the fluctuations
in price were exceedingly narrow outside
special cases, the most important OF
which have been indicated.
The total sales of stocks today were
80, 400 shares.
THE WEEK REVIEWED.
The stock market has been exceedingly
"spotty' all week, but has gradually
worked to q lower level of prices by real
lzing sales. The liquidation has not reach
ed the proportions of a pressure to stop
losses, except Ia a few cases. The mar
ket has rather been let down by easy
stages, the descent regulated by the sus-
tanning force Of some marked strength
by special stocks in each days trading.
Chesapeake and Ohio, Cleveland, Cincin-
natl, Chicago and st. Louis. Louisville,
Pennsylvania, Baltimore and Ohio, North
ern Pacific preferred, the coalers and a
number of less prominent stocks have
been thus employed at different times as
pegs to stay the market The downward
course has in consequence been so gentle
and the general tendncy so obscured by
few judiciously distributed gains In
each days list that the interest of outsid-
ers in the mbarket has scarcely been dis
turbed, and they have absorbed large
volume Of holdings from professional
hands. AS a consequence, the profession
ais desired a lower level to buy back
stocks and turned bears. The investment
demand for the high-priced usually dor
nant stocks has been keen and a num-
Der of them show marked gains. Great
Northern preferred is most conspicuous
with jump of 25 points. Manitoba, its
subsidiary company, is up lbs points
There has been an enormous absorption
of bonds. especially Of the middle and
low-grade issues at advancing prices
Rates for money have worked lower, IL
spite of the progressive withdrawal Of
government deposits in New York banks
The Friday afternoon rise served to OBJ
!iterate a large number of losses, and
those that remain are largely confined Il
fractions.
The heavy increase OF over 81, 100000 il
deposits Of clearing house banks for th'
week marks the continued flow of funds
to this center and the withdrawal of gov
eminent deposits must be allowed for il
addition In estimating this movement. Tn
EXPANSION of nearly $S.O00.000 in loans
though heavy. falls far short OF absorb
ing the total of the increased deposits.
At different times during the week tn
market has been under the influence o
aggressive strength in Chesapeake an
Ohio, Baltimore and Ohio, Louisville
PENNSYLVANIA, Northern Pacific preferred
the coaiers, Union Pacific, and other les
conspicuous stocks. Wide advances hav
occurred in some Of the high-priced close
lv-held investment stocks, notably Grea
Northern preferred, which advanced a
extreme q points, but reacted point:
The weeks heavy proht-taking sale
have been well absorbed and the outsid
PARTICIPATION in the market has grown
Many stocks have been at times belo'
last weeks closing level and some prom
inent stocks end below. but the geners
level of the market is higher. principal
rs a result of the movement of yestel
dav and today. Gains generally range bt
tween l and points, with exceptions
active stocks up to points.
BONDS.
The bond market has continued to sho'
The great activity and strength which
did in January The total par value {