The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-10
STOCKS UP and DOWN
Last Fifteen Minutes Put in on
the up Grade.
BONDS GENERALLY FIRM
London Stock Markets are
Idle and Dull.

New York, Feb. e.-The most notable
feature of the stock market today was
the strong rally in the last fifteen minutes
Of trading. After ? o'clock bears started
raid, apparently with an aggressive de-
termination to shake out weakly margin
ed holdings and to reach stop-loss orders
They seemed to be succeeding admirably
in forcing down prices. declines ranging
from 1 to points all through the list, but
the appearance Of support at the low level
led TO covering movement which became
a rush, and the closing was very much
like a rout of the bears. Substantial re-
coveries were very generally and in
large number of cases earlier declines
were entirely wiped out. The market was
one of ups and downs all day, the open
ing showing numerous signs or heaNl-
ness in spite of higher range Of prices
reported from London. The bulls prompt
~ offered support and rallied the mar
ket, holding their advantage up TO noon,
when a tendency TO realize sent prices
downward again The Cuban situation
discouraged aggressive tactics on the part
of the bulls, the professional traders be-
ing disposed to realize all day. There
was a decrease II the volume of trading
and a falling off in the outside interest.
The declines, however, brought out good
buying Michigan Central. Northwestern
and Omaha showed special signs of
strength and the local street railroad COM
panies also advanced quite vigorously.
Union Pacific securities were all quite
strong the advance apparently being due
TO a belief that the reorganization had
concluded to secure the Kansas division,
eve at the governments own terms. Great
Northern preferred was conspicuous for
a reaction of nearly points from its re-
cent remarkable advance. Pullman was
marked up 3l5 points on small transactions
and Ripper preferred scored a sharp adj
vance. London bought stocks here on ball
ance.
Money continued to rule below II. per
cent for call loans, and there were reports
Of large loans for a year at 3I2 per cent
The withdrawal of the 10 per cent in
stalIment of the government deposit of
Union Pacific payment was reflected in a
credit balance at the clearing house for
the sub-treasury of s6S2. 100. The sub
treasury has been having a daily debit
balance at the clearing house of $6O0, 900
or upwards for some time past The
plethora of money was not appreciably
relieved by the operation.
Sterling exchange hardened an addi-
tional fraction. The current demand for
exchange is believed to be due to some
large financial operations involving set |
Elements abroad.
The total sales of stocks today were |
$50, 200 shares.
BONDS.
The speculative bonds showed a reac- |
tionary tendency in sympathy with stocks |
but prices for bonds for the most part |
held firm. Total sales were 81 230, 900.
United States old tours coupon and the |
new fours registered were Is per cent |
lower bid.
FOREIGN STOCKS.
New York, Feb. 9.-The Evening Posts |
London financial cablegram >yys:
Lord Salisbury's speech last night fail |
ed to stimulate the stock markets here |
today. They were idle and dull The ru- /
NOR that the difference between the 1
Grand Trunk and the Canadian Pacific /
have been arranged cannot be confirmed. /
kafirs were suddenly fat at the close on /
the sales on President Kruger's re-elec- |
ton. Americans opened above the parity /
but with little heart. They recovered /
later on New York buying. and closed 4
steady. Discounts advanced perceptibly to- /
day and the market borrowed largely /
from the bank. There was a sharp decline /
in Greek exchange"
LOANS AND EXCHANGE.
New York. Feb 9.-Money on call easv
I4q1'2 per cent; last loan, u per cent. !
friIne mercantile paper. 3G4 per cent.
sterling exchange strong, with actual
business in bankers bills at s4s5zsq4 s5z,
for demand and al s4S3lsG4 s3lt for sixty /
days bills. Posted rates. s4s4G4 s6I1: com
mercial bills. siS21z Silver certificates
56l2457i2. Bar silver, 56as.