The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-01-30
MEEK WAS EVENIHL
Cuban Developments Lent
Strength to Stocks.
RECORD MONTH IN BONDS
Yesterdays Dealings Re-
suited in Net Gains.
RECORD MONTH IN BONDS

New York, Jan. 2e.-At the opening. the
STOCK market today looked as though the
orders accumulated by commission houses
over night were to sell in order to take
prof1ts. First sales were very general at
a fraction below last nights prices and
ZOO shares of New York Central thrown
on the market drove the price of that
stock down IS point. The market stedied
almost Immediately and recovered grad
ually TO above last nights level, net gains
being, however, very unequal. Lake Shore
was most conspicuous in its movements,
rising 81 points, to 19413 per cent, on the
reported plan to exchange $500 of New
York Central 312 debenture bonds for S1OO
of Lake Shore stock. New York Central
ultimately tended strongly upward after
wavering somewhat. There was also
some taking of profits on the advance,
que TO doubts as to how far the stock
would be allowed to benefit from Lake
Shores surplus earnings, which, it was
rumored, would be applied TO a sinking
fund for the bonds issued in payment.
Another strong element in the market
was Louisville, which advanced over
point on reports that plan for refund
ing obligations at a lower rate of interest
was under consideration. This stock was
leader of the market ia point of activity.
advance en- well defined rumors that an
additional dividend is in prospect. In
Denver and Rio Grande preferred, North
west and a number OF less prominent
stocks showed notable gains. These ele-
ments Of strength served to sustain the
market and to counteract some tendency
to sluggishness and heaviness in the gem
eral list, sa that net gains were achieved
In most stocks, though they are small
eiH ~ he
uotations from London this morning
showed some depression in the market for
Americans there, which was attributed
10 the apprehension awakened in the Brit
ish mind by yesterdays vote on the Tel
Ter resolution in the senate.
The total sales of stocks today were
201, 500 shares.
THE WEEK REVIEWED.
The week opened with q continued tend
ency towards a reaction and the hesitat
Ing tone in the dealings on Monday gave
way to very positive weakness upon the
announcement that the Maine had been
ordered to Havana This sharp decline
seemed to clear the speculative situation
by giving the shorts an opportunity to
cover and by shaking out the weaker mar
row-margined holders, who were regarded
as a menace to the success of any move
ment in advance. The character of the
DuNlnS at the OeCllUe 1ndub II very CNtOcill
that powerful interests were taking up
heavy lines of stocks with confidence and
their aggressive manipulation for an adj
vance was evident during the remainder
Of the week. The most effective factor
in their favor was the strong upward ten
dency of New York Central, at first I'M
explained, but made clearer later by in
formation of a plan in contemplation for
absorbing the Lake Shore. How much
of "a lxef WA (
due to the influence of this special move
ment and the sympathetic strength in
the widely extended Vanderbilt group was
made evident on Friday when realizing
movement in New York Central left the
market without support and reaction
resulted. Rock Island was another sus-
tanning force on the announcement of its
refunding plan and on the very large in
crease in the earnings for the fiscal year
thus far shown by the presidents state
ment. Rock Island helped an advance
in the whole of the granger group until
the publication of the December earn
ings of Burlington and st. Paul, which,
on account of the small increase In net
and large increase in operating expenses,
were viewed unfavorably by the traders.
The weeks statemnts Of railroad earn
{ngs have been, as rule, published today,
the latter being regarded as an especial
" reliable index of the country's rail-
road business All of the securities OF
the Kansas and Texas company have been
very strong during the week on the I'M
proved financial condition shown by re-
ports for the year thus far.
The bull operators made use Of reports
I'm anticipation of the presidents speech
on Thursday night and some of Friday S
selling was due to realizing upon the de-
livery Of the speech The markets ad'
vance was helped very materially by the
large buying for London account or
Tuesday and Wednesday but the almost
equally heavy selling on the succeeding
davs from the same source made II EVIL
dent that the speculation was only for {
short turn.
The tone Of the money market worked
easier. Notwithstanding the Withdrawal
from the banks of the first 10 per cen
installment Of the government deposits
Of Union Pacific payments. It Is eVi
dent also that the increasing abundance
of money and ease Of rates is all tina
prevents larger imports of gold as tn
supply of exchange is constantly lncreas
ing and rates for money in London an'
Berlin are again hardening. Net Ealn
from the general list extend up 10
rointS and in the specialties to 14h point
in Lake Shore and 6ls points in New Norl
Central. Kansas and Texas preferred
the Chicago and Eastern Illinois stocks
Rock Island. Northern Pacific preferret
and Northwest also made heavy gains.
BONDS.
80 for +N.a aal- Of