The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-04
STRONG BIT N SPOTS
General Tendency of Stocks
Still Downward.
BEAR PRESSURE MARKED
More Interest in Bonds and
Prices Better Held.

New York, Feb. 3.-The strength of to-
days stock market was confined to spots
and the generally tendency continued to-
wards lower plane on realizing sales
Pressure by the bear traders was marked
and the outside support afforded by buy
ing orders through commission houses
was considerably less. There was a strong
tone in a few individual stock and ad-
Nances in others were brought about by
manipulation. London also bought some
securities here. All causes combined,
however, did not avail to maintain prices
in the general list and the average level
of the market sagged to a lower basis.
The most conspicuous movement Of the
day was in Great Northern preferred,
which added Il more points TO it's recent
upward course, making its gain thus far
for the week 26 points. The supply of this
stock in the street at any time is exceed
ingly light and urgent demand for even
q small volume raises the prive very
quickly. The methods of operation on
this road and its financial relations to
its subsidiary companies makes the stock
attractive and the advance this week
gives strong ground for supposing that
the general possibilities are shaping in
concrete form. There was nothing in
the news Of the day to warrant a state
ment as to what that concrete form may
be. Over 5000 shares changed hands du-
ring the day. Baltimore and Ohio also
showed continued strength, grounded on
rumors Of the approaching completion of
the reorganization plan for which there
was no authentic warrant. Norfolk aid
Western preferred advanced over a point
at one time on the strength of yesterdays
! per cent dividend declara ton, the buying
Of the stock for London account being
particularly good. Almost all of the gain
was lost in a late reaction. The coalers
were favorably affected, as a group, by
the prevailing cold weather, but they fail
ed to hold their gain. The Vanderbilts
were strong at times, Michigan Central
being brought into the talk OF consolda-
ting. Sugar also ruled above yesterdays
closing prices. Other exceptions to the
prevailing weakness might be named, but
thew were not conspicuous and did not
hold all their advance. Union Pacific pre-
ferred was very largely dealt in and rose
sharply over last nights close. but fell
below before the close. The activity of
the market showed a considerable falling
off from recently prevailing averages.
The total sales OF stocks today were 309,-
600 shares.
BONDS.
The active interest in the bond market
was much better scustained than in stocks
and prices were better held, the general
level being higher and some sharp gains
being scored. The total sales were s5,-
O,000.
Government bonds were strong all
around. United States twos advanced u
per cent, the new tours. the fives and the
old tours registered, Il per cent, and the
old tours coupon Il per cent bid.
FOREIGN STOCKS.
New York, Feb. 3-The Evening Posts
London financial cablegram says:
The stock markets here were irregular
to dull today, the reaction being most
marked in all stocks recently affected by
klondike influences. There was a sharp
fall in Grand Trunks. good traffic returns
being offset by a report of a pending rup-
ture with the Canadian Pacific. Foreign
stocks were good on Paris buying and
mines were better for the same reason.
The general tendency here at the moment
is to secure profits on Americans, but
there is a firm undertone."
New York, Feb. 3.-Reports current yes
terday to the effect that ]. Pierpont Nor
gan Il Co. had sold in London something
like $6000.OOO of Reading general mort
gaze per cent bonds were confirmed to-
day.
TREASURY STATEMENT
Washington. Feb. 3-Today's statement
of the condition of the treasury shows;
Available cash balance 1929, 35I, O91; gold re-
serve. SlGi, 1852.