The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-20
GOES IHE BEARS WAY
War News Leaves the Market
at Their Mercy.
COVERING ON DECLINES
But Still Net Losses Average
Over a Point.

New York Feb. 19.-There was feel
ing of uneasiness over the European po-
Iitical situation reflected from all foreign
exchanges today before the opening OF
trading on the New York exchange. The
collision of British and French authori-
ties in the Niger district and the excited
condition of the public mind in France
were the motives of the heaviness which
in London resulted in a fall of Il per cent
in British consuls. American securities
were affected by the general heayiness as
well as by the special considerations grow
ing out of Cuban questions Declines IN
Americans reached a point in London In
z. number Of cases before the opening mere
and as a consequence selling orders were
placed for London account at the open
ing. There was no local support Tor prl-
ces. On the contrary, there was a re-
sumption of liquidation and bears were
encouraged to raid the market. Prices
quickly fell not only to the London parity
but below it. The declines, ranging up
to 3 points and over, invited covering oy
the sorts and prices hardened, but at no
time did they fully recover to the close.
Weakness apparent in Sugar made it the
and it sank to 12S2s per cent, the whole
list selling off to the lowest. There was
very determined support for Sugar at
below 129 per cent and the closing Of the
market saw a battle royal in progress be-
tween bulls and bears, and the carket con-
sequently in a very unsettled condition.
Rallies of over point were made by
number of stocks besides Sugar, but mt
losses were left on an average of over
point. London selling was a feature of the
day and the supply of st. Paul from that
source was sufficient to meet a large de-
mand here and keep the price down. The
rate war in prospect between the Cana
dian Pacific and the transcontinental lines
in the United States for Klondike traf-
flc was a large factor causing a decline
of points in Canadian Pacific and of less
amounts in the other roads affected. In
ion Pacific tours were very heavily dealt
in, two individual transactions of par
value Of s25O,000 and $4,000 respectively
being recorded. One block of 100 of Rock
Island extension fives also changd hands
The total sales of stocks today were
$4,000 shares.
THE BANK STATEMENT.
New York. Feb. 19.-The weekly bank
statement shows the following changes:
Surplus reserve decrease Sc, 74S. 900; loans,
increase $7,7OS, 800; specie, increase 8. $780,
100; legal tenders, decrease IS, 645. 800; de-
posits, decrease 1923. 800; circulation, de-
crease s136, 600 The banks now hold s25.-
6SS, $50 in excess of the requirements of
the 25 per cent rule.
FOREIGN STOCKS.
New York, Feb. 19.-The Evening Posts
London financial cablegram says:
'Today's stock markets were stagnant
pending the settlement, which begins on
Monday. The West African scare mo-
mentarily affected all the markets, MAIN
ly because of the general bull account
with no bear commitments to steady
them. Consols touched 112A per cent SELL
ers, and recovered 11212 per cent There
is reason to believe the scare for the
sharp fall in stocks is justified and a re-
covery is expected soon. The slump was
most severe on Canadian Pacific, Grand
Trunk and Americans simply because they
were weak. The bull accounts in these
are not large"