The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-02-04
On THE EDGE Of PANIC
Stock Market Tested for all 1t
Can Stand.
RESULT OF PR0FIT-TAKlNG
London Market Has That
0ver-bought Feeling.
RESULT OF PR0FlT-TAKING

New York, Feb. Stock values received
severe test today. me market az one
time bordering on the panic stage through
the enormous outpouring OF stocks rom
professional ard commission house sources,
but the day left of with irregular changes
OF a fraction either with. with the tone
strong.
Before the opening i: was argued thai
yesterdays market showed that reaction
was under way but ii was contended tina;
the forces resisting a decline. Il the so-
sence OF extremely unfsvoraole news
= ould not Likely allow prices to recece
very far. The absence Of decided tore 10
the early market was in part due 10 the
expression Of a prominent bull leader That
the market had tired look. but tha, me
people did not know what 10 do VITA their
money and if the market rested week or
two per cent would De probable.
The market opened rather irregular. the
grangers showing a good tone on ST. Pa1fs
increase OF $4,000 for the fourth week IN
January. The specialties were inclined 10
sag and commission house business was
moderate. Such strength as there as In
the market disappeared under professional
pressure There was an absence OF sup
port nom large interests and realization
set in. which gave the bears encourage
ment for a vigorous demonstration. which.
after feeble rally. resulted in many stop
-
floor that heavy selling ca. from Washing
ton, and the rumor gained credence that
the ratification Of the peace treaty was in
jeopardy.
The market felt the effects Of the heavy
realizing that took place last week and
this The lowest prices Of the day were
shortly after noon. The Erangers were
down from 3-s in ST. Paul TO 1-2 in Bur-
lington; the coalers from I-2 in New Jer
sey Central to 2 l-2 in Reading first pre-
ferred. In the Pacifics the range was from
IA to -, the maximum loss in South
ern Pacific. In the specisities the decline
was even more pronounced ranging from
about 2 points in Sugar and Tobacco to
in New York Air Brakes. In this group
Manhattan and Tennessee Coal each lost
y
Federal Steel about each and CONSOLE
dated Gas 81. Lake Erie preferred drop
cpd IA and the preferred stocks CT Great
Northern and Iowa Central about points
each. The declines were very general and
embraced almost everything Of conse-
quence. as is indicated by the above de-
tails.
Large orders appeared when the bear
movement appeared 70 have lost its force
and liquidation quickly ceased. The bull
leaders took hold OF their various spe-
cialties and helped the recovery, which
CO atinued practically TO the close, with
only a momentary slight recession on
proft-taking. Traders generally took the
long side for a turn. on the idea that much
Of the week-held stocks had been trans
ferred 10 stronger interests. Among the
stocks which responded most readily 20 the
recovery were New York Central, Penn
sylvania. 81. Paul. Burlington. Sugar.
Reading first preferred, Atchison preferred.
Tennessee Coal. Consolidated Gas and
Manhattan. Metropolitan Street Railway
made a very handsome gain for the day.
Il rose a point in the initial dealing. broke
3 and rallied l - The buoyancy in this
stock. together with the resistance shown /
by New York Central on the break. made
them leaders in the recovery. The adj
vance in Metropolitan Street Railway was
said 10 be based on the belief that the
Metropolitan copany had obtained control
of the Third Avenue line Standard OF
stock dropped from 40 bid last night 70
offered az 4l2 on curb today. with transac-
e.. her \ -
at 435G42s. The opinion was entertained |
in some quarters that the extra dividend
on the stock would be considerably greater !
than the actual allowance Of per cent /
which was made. Consequently disap-
pointed holders who had bought previously /
in expectation Of a handsoen1 distribution |
offered their stocks ard in the absence OF /
a market speedily brought about the I
slump.
The total sales OF stocks today were 81
100 shares.
BONDS.
The bond market yielded sympathsticaIly |
with stocks. but cid not display much r. /
Operative power when stocks rallied. To-
tai sa,es. q 5000
United States n-w fours coupon. de- I
Z 4 =
STANDARD OIL OPERATIONS.
New York Feb. 3-Considera5le Houida- +
ton In Standard Oil certificates was The
feature q the early curb operations 4
The offerings were stimulated By the dis- 4
appointment % the dividend declarations. (
a larger distribution than the ezra Q pr /
cert having been expected The stock T,
closed yesterday az 40 bid and today a.
s55GisS. The low level invited support 20 4
Tire stock and m compsra fvely. Hght uu--
chases the price bounded up TO A. al II.so +
a m
FOREIGN STOCK MARKETS
New York. FEB. a-The Comme-~fa1 A. /
vertise-'s London financial czb.ezra-.
The markets here had a good star sut
occurred early The make, has
a feeling that both Americans and Afr
cars have ben 5ve--bouzht. TIE r,9z.
Eas depressed Americans began firm +
One sr6isrsgeur offered t-eeiv ara .hs-
London selling set in making a choryv
market after receipt % The Ner YORK
prices Ths stree; was distinctly fat but
there vas q hslf-6ollar rise Just a. tra
asst TIatos touched e. - and closed A.
p Copper vas pound down. Arzc--sss
touched z HIS and closed az & q the ssls
y heavy books. Ulderst1cd 90 ena1z-s
RON me exploration company or the R9.h-
schuds- sevs--y-.hree thousand D7u-s. ~
god n ba-s Ms boug1. y rhs hznk A.
Is : -, ten thousaod poz15s Szs tass-
'or B-azl-
Berlin, FEB. z-Busines SEQ the aou-so
.oday was quiet Spanish oar recovered
Arne-lcan securities wee Inactive e1s
1aE sharss we're H-ru o. ths reduction re.-