The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-26
RECOVERY N STOCKS
Gold For Import the Principal
Influence.
BIG INVESTMENT DEMAND
Net Gains on the Day of a
Point or Two.

P0InI or TWO,
New York, Feb. 25.-There was a sharp
recovery in the prices OF stocks today in
which the engagement of gold for import
was the predominant influence. The course
of the exchange market yesterday fore
Swallowed the early importation Of gold,
which is the direct outcome of the stiffen-
ing in the rates for call money. The
amount of sterling exchange held in New
York is yariously estimated at $40. 900, 900
upwards. 4 large part Of it has been used
as collateral for loans and the large liqui-
dation Of loans has released a quantity of
this exchange and brought it upon the
market In other words, the rise in mon
ey rates makes it more profitable TO bring
home funds which have been left abroad
on account of the higher rate hitherto
prevailing there. The import movement
of gold is likely to continue unless there
should be sharp advance in the money
market in London and Paris.
The calling in of this country's gold
credits abroad is likely to put a stop for
the present to foreign buying of our secu-
rites, which has been large of late and
which continued even today. The bears
made an effort to retain control of the
stock market at the opening today by
raiding a few Of the specialties, notably
Metropolital Street Railway and Manhat-
tan, but they were unable to wipe out the
gains shown in sympathy with London.
Trading was nervous during the first hour
but after that the upward tendency be-
90 rIx
out the day with slight occasional reac-
tions. A distinguishing feature Of bust
ness was the large number of small lots
of stocks changing hands, rejecting
large investment demand, which was in
vited by the low prices after yesterdays
slump. The large short interest created
in the recent decline was material fac
tor in today's rallies, the bears having evil
IDENTIFY placed stop loss orders which were
uncovered as the rise progressed. Large
corporation interests were credited with
continued absorption of stocks today. The
days highest level of prices was not fully
maintained, but net gains generally We're
from ! to points. Great Northern pre-
ferred gained 6 points on renewed ru-
mors of valuable distribution to be made
to stockholders. The effort being made to
adjust rate differences on western and
factor in the market. Money on call loan
ed at per cent, but later became easier
in response to gold engagements. Rates
were firmer in both the money and com
mercial paper markets. There is a con-
tinued large movement of currency 70 the
interior to meet an expanding demand for
money there. With regard to assertions
that this movement of money is designed
to strengthen bank reserves against pos
S;ble contingencies it should be borne in
mind that banks are allowed to keep a
part of their reserve &c the New York city
banks which are designated as Geposito-
ries. These deposits still figure III the le-
gGi reserves of the interior banks as much
as though they were in their own vaults.
The total sale of stocks today were
467, 600 shares.
BONDS.
There was sharp recovery in bonds
todly in sympathy with stocks. Total
sales we're 500 600.
United States new tours coupo:. de-
cliheG 4 pc" cent, tbs registered I Fer
cent ard the old tours regis -e:Cd and the
fv,:s r per cent bid. New fou.S registered
1?sI. upon 1858; fours 11ls4. counan il2;
tw0s registered 991a; fives registered and
COUPON I'212; Pacific skies VI 90. It3A..
FOREIGN STOCKS.
London, Feb. 25.-The MARI et for Amer
lean securities, after firm opening, was
quiet and declined, but recovered towards
the close 81 more buOyant feeling. The
close was firm and the demand fair.
Spanish tours were quoted today at 5924,
unchanged from yesterday.
New York, Feb. 25.-The Evening Posts
London financial cablegram says:
There was an irregular tendency in
the stock market here today, The activ-
ity was entirely centered in Americans
and the buying here was considerable and
influential. 1t is felt that if the political
situation improves the market here is
likely to become better. as the recent
slump gave just the opportunity desired
by many to lay in stocks. Prices closed
near the best. There is no change in
Spanish securities, although the Paris
bourse was fat and mines were heavily
sold from there"
Paris. Feb. 25.-On the bourse today
Spanish tours closed al go. a decline of 1-16
from yesterdays closing price. In con-
sequence of the governments majority in
the chamber Of deputies yesterday. bust
ness opened better today, but closed heavy
Spanish fours wre agitated by adverse ru-
mors in regard to the examination of the
wreck of the Maine.
y
business was firm and quiet and Ameri-
can securities found a better market.
LOANS AND EXCHANGE.
New York. Feb. % Noon: Money on call
21kdS per cent. Prime mercantile paper
314 per cent. Sterling exchange unsettled
with actual business in bankers bills at
81 S44dI2 for demand and S4S2l4I1s for
sixty days. Posted rates $AS1iz and
81 S5l9G4SS. Commercial bills SIdqia. Sill
yer certificates 55l9d56ia. Barsilver 55l2.
Mexican dollars 45l4
GOLD IMPORTS.
New York. Feb. 25.-Heidelbach. EEich-
leheimer &Co. have engaged SO, go in gold
for shipment from France tomorrow 10
the United States. /. Won Hoffman S, Co.
viii import $500 in gold partly from
France and portly from England. on stea-
mers leaving tomorrow and next week.
The National City Bank has engaged $50
90 in sold for shipment from England to-
morrow. Kuhn, Loeb & Co. announced
that they would import $250G1 in gold. TO
be shipped tomorrow. This makes the to-
tai engagements made today for shipment
tomorrow or next week. both from Paris
and London, s. 80 co.. Muller. Schal &
Co. also have S.e.1.0o0 francs in gold on
the way TO them, but this is in transit and
viii not remain in this country.
The Evening Posts London correspond
eDr cables q : follows