The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-03
STOCKS VERY UNEVEN
Some Shares Soar Above the
Sinking Market.
SELLING TO TAKE PROFIT
Changers Sensitive on the
Nebraska Freight Case,

New York, Feb. 1.-The stock market
was under liquidating pressure today, but
the strength of some special stocks and
manipulated advances of others made the
market exceedingly uneven. There were
numerous halts in the liquidation during
the day and partly successful attempts
TO achieve rallies, so that the day was one
of constant changes, some stocks mount
ing upward strongly while the market
was tending downward. There was every
evidence Of continued heavy selling to
take profits in some of the most promi
nent favorites in the recent speculation,
notably Northern Pacific, Union Pacific,
and the Vanderbilts. ute a large ele-
ment of the professional traders sold the
market with q good deal of Yigor and
confidence. Nevertheless offerings were
very well absorbed and most of the net
losses of the day are confined to fractions.
The early transactions showed positive
strength under a combination of influ-
ences, among these considerable buying
for London and especially of Ontario and
Western. There was quite a large volume
of buying orders from commission houses
also during the day. The new securities
of the Union Pacific company in the unlist
ed department of the exchange advanced
with something Of a rush over the open
ing prices and impaired strength to the
whole market. Baltimore and Ohio ad-
vanced ~ points over yesterdays high
point. With the execution of accumulated
buying orders the bearish tendency Of
traders grew and obtained the ascend
ency. There were various reasons given
TO account for the decline. Among them
the cutting rates between Minneapolis
and Chicago. and the apparent hopeless
ness of agreement as to rates on - ex-
pected Klondike business. The grangers
showed themselves especially sensitive
and were hurt also by a growing appre-
hensive over the outcome of the Nebraska
maximum freight rate case, which is
awaiting decision by the supreme court.
Great Northern preferred added six more
points to its advance of yesterday, and its
subsidiary company. Manitoba, MINES
ota Iron and a number Of other inactive
stocks showed marked advances. The
Reading stocks were strong on rumors
of the sale in London OF about 5000, 900
of the cOmpany's bonds. Norfolk and
Western preferred gained sharply on the
dividend declaration. Notwithstanding
these exceptional elements OF strength,
the general tendency of the market was
toward weakness. Rumors Of losses sus-
tanned by a local bank through injudi-
ciQus loans encouraged the reactions. The
rates for exchange hardened a shade on
investment induced by the low rates for
money, which continued to work to an
easy basis. The days exchanges at the
local clearing house went to the enor-
nous total of s204, %, 925, rejecting some
Vehy heavy financial operations. The de-
tails of these could not be ascertained
The total sales of stocks today were
100000 shares.
BONDS.
The market continued strong on a large
volume Of dealings. The Kansas Pacific
concols were decidedly unsettled, first ad-
vancing a fraction, then reacting to 100
per cent, and later recovering to 11024 per
rent, net loss of Il per cent. Total sales
We're S5.0OO,O00.
United States new tours declined Il per
cent bid, but there was an actual sale of
the coupons at an advance of Il per cent.
New tours, registered and coupon, 12S;
tours, 118; coupon, 1141a; twos, 9914; fives
registered, and coupon, 11S1l; Pacific skies
of SO, 10.
FOREIGN STOCKS.
New York, Feb. 2.-The Evening Posts
London financial cablegram says:
The stock markets here were quiet and
Irregular today, politics being the prime
factor. You may distrust all the rumor-
ed details of the Chinese loan, but look for
a speedy arrangement of the matter
Americans were irregular. Ontario and
Western was naturally the feature. Cen
trail Pacifics were bid here at the close
Interest in Americans is spreading and
the feeling here as TO the future caurse
of the market is very confident. Spanish
and Turkish stocks were good, the Paris
hourse being buoyant in tone. with fur.
Their eager buying of Tintos and De
Beers. The allotment of India council
bills eXcites comment, telegraphic trans
feTs being sold not only under 16d but
below exchange of the day. very small
supply of American bills is arriving. L
is believed that New York is-6poIding then
back"
LOANS AND EXCHANGE
New York, Feb. Mooney on call nom
inally 1l1d1& per cent Prime mercantil,
paper. 3d4 per cent. Sterling exchange
steady, with actual business in bankers
bills at $4S42i for demand. and at $3.50
4.S22l for sixty days. Posted rates, s.. $50
4.S3l2 and s4.S5ikQ4s6. Commercial bills
S4.S2. Silver certificates. 56l+ 65TL. Ba
silver, SOS. Mexican dollars, ASA.
TREASURY STATEMENT.
Washington, Feb. 2.-Today's statemen
Of the condition of the treasury shows
Available cash balance, $223, IL. $50; col,
reserve, $l64. SS2. 746.
GRAIN AND PRODUCE MARKETS