The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-18
Trading IS Doubtful
Waiting Policy Prevails in the
Stock Market.
BEARS BUSY AT TIMES
Final Covering Brings Prices
Well Back Again.

New York, Feb. 1.-THE most important
fact in connection with today's market
was that the heavy liquidation Of yester-
day was not resumed. There was ag-
gressive pressure by ten bears at times,
but they refrained from leaving their con-
tracts open and their covering before the
close brought prices back 10 near the
highe level of the day. Net gains, frac-
tionaI for the most part, but extending TO
q point in some cases. Quotations receiv-
ed this morning from London showed the
prices of Americans there substantially
above the closing prices here last Night
but that simply meant that declines from
yesterdays London closing had not fully
reached yesterday afternoon > heavy de-
clines here after the London exchange
had closed. The declines in London when
served TO sustain prices were on cabied
orders from New York and represented
IN covering Of shorts put out in this mar
ket. The opening here was at or above
the London parity. but prices yielded i'm
nediately after the opening on liquidatinS
sales through commission houses. Sup
port was forthcoming before these fell to
last nights close and the market rallied
but fell 10 the lowest before noon on the
iisuuieting report emanating from Key
West that evidence had been discovred
to show that the Maine had been destroy
ed by d torpedo outside the ship. The
selling on this report was quite large and
the levelo 70 prices was carried substan-
TALLY below last nights close, but the sub
sequent rally indicated that these sales
were largely by bears who were not sure
of their position. In fact, the whole day :
market reflected a doubtful frame OF
mind nthe part of speculative public,
and disposition 70 pursue a waiting poll
lev. Some degree of speculative interest
was doubtless diverted to the wheat mar
ket Yesterdays increase in the Burling-
ton dividend rate and the final steps to-
ward the purchase of the Kansas Pa
cific by the Union Pacific reorganization
committee, which was quite lost sight Of
yesterday, had a favorable effect today.
There was large buying today Of Oregon
Short Line and Oregon Navigation, which
was not explained by any definite news
announcement. Minneapolis and St. Louis
showed a resumption OF strength on buy
ing said to be for control. The doubtful
condition of the speculative mind was re-
fected in periods OF intense dullness dur
ing the day.
as, 100 shares.
The bond market showed weakness in
sympathy with the midday break in stocks
but closed strong and generally higher
than last night. Total sales were So, 800. COO
United States New tours and the tours
coupon were Y per cent lower bid. the old
tours registered u per cent lower, and
the fives Il per cent lowr.
London, Feb 1L-Operators on the stock
exchange today were undecided. a lighter
money market, as well as the Maine dis
aster, tended to check fresh business.
American railroads opened more cheer
full; zut until Wall street shows the way
the market here is indisposed TO do much
business. Although the volume is small,
prices materially improved upon parity
level. Spanish securities were frmeF on
the belief that the destruction of the
Maine was the result of pure accident.
New York, Feb. 1.-THE Evening Post
London financial cabiegram says:
THE stock markets were stagnant to-
day. except for Americans, which are still
most uncertain. They opened animated
and we'll above parity, with buying orders
from New York, from the continent and
the provinces. Then arbitrage houses sold,
New York supplying the stock with mar
row margins. The tone then weakened and
the close was a a fraction above the
lowest. The future of Americans turns
on politics. other factors being favora-
bic, South Americans were lower Bra
I'll was the lowest on record. Kaffirs
were fiat on the dismissal OF Judge J. C.
Kotze. president Of the supreme court of
the South African republic. Grand Trunk
was good on traffic reports. Gold was in
better demand at as esd"
TREASURY STATEMENT.
Washington. Feb. 11.-Today's statement
of the condition OF the treasury shows:
Available cash balance, $21e. 262 973; gold
reserve, 1856, 6i5. 80.