The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-02-11
STOCK WENT
UP LITTLE
On Wabash Which Was in
Greater Demand.
MOVEMENTS TECHNICAL
Influenced Altogether by News
Received.

New York, Feb. 1.-THE spirited
strength and activity with which the stock
mmarket opened today was not maintain
ed and the tone OF the market became
gradually more reactionary and at last
easy at general net declines running to a
point or more in a few Of the leading
active stocks. The most prominent of
these was Wabash preferred in which so
much of yesterdays strength and activ-
ity centered. This fact made the specula-
tive sentiment peculiarly susceptible to
the fact which became very obvious this
morning that there was very large selling
going on of Wabash preferred under cover
or new strength which il was sought TO
develope elsewhere. The suspicion got
abroad that the apparent active demand
for these stocks and the show of strength
which this gave to them was due rather
to skiilful manipulation by the speculative
pools having them on hand than to any
sudden realization OF their vvalue at pres
ent prices on the part of a widespread
demand. The whole movement Of the day
fluenced by any Of the days news. The
Size OF the individual orders on the Rock
Island for which the accepted unit seemed
to be 1000 shares gave an artificial appear
ance to the movement in that stock so
that IT had little impression on sentiment
when it wps moved upward in face of the
general reaction which took hold Of the
market during the second hour. The sup
port of Mo. Pacific had no better success
in restoring the tone Of the market The
Atchisons were accorded their turn in
the advance and among the specialties
Amalgamated. Peoples Gas, Brooklyn
Transit and American Smelling were con-
spicuous. Sterling exchange continued to
advance and London to sell stocks here.
but these factors were no more prominent
than during yesterdays strong market.
Call money continued easy and an ad-
vance in sterling at Paris sufficiently Of
set the rise here to keep gold exports be-
yond profitable limits. The sub-treasury
took nearly $500. 600 from the banks on
yesterdays operations. wiping out the
previous gain from that institution and
establishing net loss of $442 coo since
Friday. These figures caused some cal
culations to be made on another unfa-
vorable bank statement for the week,
but call loans We're made at a lower av-
erage than yesterday and there was in
creasing ease in securing time loans. The
bill introduced yesterday by the chairman
of the finance committee of the United
States senate for liberalizing the provis-
ions for deposit of United States funds
with national banks was considered an
important influence In the opening
strength of the market The acceptance
of other than government bonds by the
curity for government deposits is believed
to have been the saving factor during the
money stringency. The provision allow
ing the proposed Panama canal construc-
ton bonds to rank with the per cents
as securities for deposits and circulation
will afford another important measure Of
relief from possible money stringency.
The coming requirement for the payment
OF SAC, 0oo. 600 to the Panama company share
holders makes these means of relief OF
special importance. The approach of the
1hursda holiday may have had its in
fiuence upon the realizing movement OF
the day.
The bond market continued irregular
Total sales par value $3.5s0.00O. New rs
reg and the 2s declined a ON the last
call
Closing quotations OF stocks were az