The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-01
ACTIVE AND BROADER
But Very Uneven, Withal, is
the Stock Market.
INTEREST IN RAILWAYS
Trading Closes in a Profit
Taking Mood.

New York. Jan. s1.-Today's stock mar
ket was more active and broader than al
any time since the present upward move
ment began, but it was exceedingly I'M
even and some prominent stocks in the
list showed declines. The market ignored
the heaviness OF some of last weeks
speculative favorites and other stocks
were taken up and pushed aggressively.
There was obvious realizing in New York
Central. Lake Shore, Rock Island, and Su-
gar. The leaders of today's advance were
Chesapeake and Ohio, Cleveland, Cincin-
natl, Chicago and st. Louis, Louisville,
Pennsylvania, and Northern Pacific pre-
ferred The first two named were affect
ed by the published rumors that an ANAL
gamation was in prospect similar to that
projected for New York Central and Lake
Shore. There was quite large demand
reported for Chesapeake and Ohio for
London account, which was attributed to
the presence in London of prominent au-
thority in that company. Other properties
which are largely under a similar control
shared TO a less extent in the strength.
Northern Pacific preferred continued its
remarkable advance and touched 60 per
cent du-ing the day. Confident assertions
that an additionl dividend was imminent
accompanied the advance. Louisville con-
tinued TO enjoy the advantage of the re-
ports of a funding plan nearing compile
ton. The strength of Pennsylvania was
said to be due to the operation of pool
which are based on the assumption that
the stock has not enjoyed a rise common
surate with that OF other trunk lines,
which are no better situated. The sharp
rise in Baltimore and Ohio, which at the
highest amounted to 31s points, was unex-
planned by any news of the day. Strength
in a number of the industrial specialties,
notably Tobacco and Leather preferred,
and the advances of some of the high
priced investment stocks and the strength
of the coalers due to the prevalent cold
weather helped TO sustain the market and
| the continued large absorption of rail-
road bonds was an additional factor. The
| tone of the grangers was heavy all day,
with the exception of Burlington, which
| rose at one time over point, and OF
Northwest and Omaha, which moved In
sympathy with the Vanderbilts. There
were several halts during the day. due
to a taking of profits, and the trading
| closed with a very general movement to
| that end which embraced all the strong
| est and most active stocks, cutting down
! their extreme gains in all cases. Sugar
| lost nearly all of it's early advantage.
| London was both a buyer and seller in
| this market, and Union Pacific and st.
Paul felt the adverse effect of this sell
ing. Commission house business was on
| a very large scale.
The total sales of stocks today were
ga, 100 shares.
Business in the bond market was on
very large scale. Kansas and Texas con-
soils, the Union Pacific and Atchison issues
and the Texas and Pacific seconds were
in special demand. Prices are higher all
around Total sales S6,340.0oo
The United States new tours advanced
4 per cent bid, and the fives coupon Il
per cent.
FOREIGN STOCKS.
London. Jan. 31.-The market for Amer
lean securities advanced at the opening
and remained steady all day. The strength
was due to the general widening or IN
terest among the outside public The
close was firm and the demand fair.
New York, Jan. 31.-The Evening Post'i
London financial cablegram says:
THE stock markets here were generally
quiet today, but Americans were booming
Prices here for the latter opened above
the parity and steadily rose, closing strong
almost at the best; buying, however. was
! professional. Louisville and Nashville
was the feature, on reports that the fund
ing scheme had been agreed to by the
syndicate and that preliminary TO II,
dividend will be announced. Chesapeake
and Ohio vas also strong here. The &C
tivity of Americans has taken the winC
from Grand Trunk, which is depressed
Argentines were easier. Money is tigh
at the end of the month and there were
large borrowings from the Bank of Eng
land but discount rates were easier. III
per cent. on talk of large government dls
bursements now that the engineering
| ctriLf iS over