The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-01-25
S[UNP0NCUBlNNEVS
Liquidation Sets in in the
Share Market.
MARKET CLOSES WEAK
And Near the LoWest--Bond
Weaken in Sympathy.

New York, Jan 24-There was nothing
particularly interesting in today's stock
market previous to the reception of the
news that the United States ship Game
had been ordered 10 proceed to Havana.
Until that time the market was wholly
in the hands of professional traders and
transa ctions were on small scale. Stand
ard stocks were neglected and the secu-
rites of the local corporations which are
more or less dependent upon municipal
favors, were briskly manipulated. Later
some of the Vanderbilt stocks were taken
up and advanced sharply. The general
market remained persistently heavy dur
ing all this time, but fuctuated very mar
rowly, the offerings being light as well
as the demand. In the international
stocks the declines We're hardly aspro-
nounced as those reported from London.
This state Of affairs continued until after
midday, when it was followed by general
improvement, prices of the majority of
stocks having risen a shade above Sat-
urdayS close just before the selling move
ment induced by the news of the Names
movement began. This news was regard
ed with skepticism at first and the mar
ket held steady for time, but upon the
publication of the Associated Press &C
in. The offerings were not on a tremen-
dously heavy scale, but the demand was
light and prices fell fast. Specialties
which had been marked up IN the morn
ing and some of the railroad stocks which
have shown the greatest strength recent
ly suffered the heaviest losses on a rush
to take prfits. The Northern Pacific and
Union Pacific were CONSPICUOUS sufferers
in this respect. Northern Pacific pre-
Of off N1ip In
a few cases fractional net gains remained
after the late decline, but net losses Of
between l and points are very frequent
all through the list of active stocks, in
Guiding the leading specialties, the grang-
eTs and Missouri Pacific The attitude
of the authorities at Washington in at
taching so little significance to the pro-
posed movement of the Maine had little
effect in aIlaying the bearish tendency of
the market. With the exception of sharp
rallies in the local New York group, the
market closed weak and near the low
est. In the last fifteen minutes of trading
Third Avenue slumped to 1872 per cent,
and then jumped ~ points, to Isl per
cent, a fair example of the instability OF
this group of stocks. The notice from
Washington that the deposits in New
York banks on account of the Union Pa
cific sale would be called in the week
ly statement, the first on Wednesday
next, was doubtless with the concurrence
and the approval OF the banks in which
the deposits lie The government arrang-
ed in the first place to leave them there
in order to guard against stringency in
the money market. Their withdrawal now,
it is hoped, may give some tone to the
money market, which has grown quite
plethoric with probability of still great
er congestion of idle funds Today's call
loan market however showed no quota
Bile change
The total sales of stocks today were
800 shares.
BONDS.
The bond market showed increasing
weakness as the day advanced in SYM
pathy with stocks. the declines being
marked in those bonds which have shown
recent strength.
The United States new fours fell y per
cent in the bid price today. The calling
of the government deposits in New York
tends to increase the supply of govern
ment bonds by releasing those which
have been placed as security for these
deposits.
FOREIGN STOCKS.
New York Jan. 24-The Evening Posts
London financial cablegram says:
1.-The stock markets here were quiet
today, pending the settlement, but dull
opening was succeeded by a steady close.
Contangoes on Americans are expected
to rule about the same as at the previ-
GUS settlement. Although money is i'm
proving in value, I expect that the mar
ket will have TO get assistance from the
Bank of England before the end Of the
week"
LOANS AND EXCHANGE.
New York, Jan. 24-Money on call 11E6
2; last loan, 2 Prime mercantile paper
easy Sterling exchange dull and heavy,
with actual business in bankers bills at
s4SSat for demand and Si.S5A for GO days;
posted rates, $4S3G4S3la and $4S5l2G4S6;
commercial bills. sAS21k. Silver certificates,
56d57I5; barsilver SOP; Mexican dollars,
432..
TREASURY STATEMENT.
Washington, Jan. 24-Today's statement
of the condition OF the treasury shows:
Available cash balance, $240, BIB; gold re
1870 ESQ 400 IN