The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-10-02
Stocks and Bond S.

New York, Oct 1.-The stock market
reflected the operations of professional
dealers on a larger scale today than for
| a long time past as a result of the ar
rival in New York from summer out
ings of the majority OF the more inf1u-
entail element among the professionals.
The market advanced with a considered. e
show of animation and strength. The
movement was clearly apart from any
forced demand from the short interest,
such as played a part in the spasmodic
upward movements of last week. This
was made clear by the comparative
heaviness all day of stocks which have
shown the most pronounced weakness
lately, and in which a distressed short
interest would naturally make itself most
evident. Notwithstanding the strength
shown by the bull contingent, they
were unable to maintain prices at the
close, and the tone was therefore heavy
at the end and prices were considerably
off from the best. Because of the bro
kers who were employed in the buying
the rumor circulated on the stock eX-
change that it represented operations
for the account of a well-known s eel
magnate who has already electrified
Wall Street on one occasion this year
and who is known to command an in
f1uential following. The pleasure Of the
room traders in this hypothesis was Lot
altered by the quietness of American
Steel and Wire, which forced the trad
ers TO the explanation adopted by the
jealous husband in the play that this
absence of all signals must in itself be
a signal The movement centered in
Union Pacific, which was absorbed in a
very confident manner and in very heavy
blocks all day An extreme rise OF "a
resulted. The Southwestern railroads
moved somewhat in sympathy, but no
so widely. New York Central and Gin
cinnati, Chicago and St. Louis stocks
were strong, Influenced apparently by
the rumors that the latter is to be alb
sorbed by the former as other subsidiary
roads have already been absorbed. The
leading industrials, the local fractions
and some of the steel stocks rose from
l to 21a points, and Pressed Steel Car
rose an extreme 32s. A raid in the late
dealings on Tennessee Coal. which car
ried that stocks IA under Saturday I'M
settled the market. The coal strike
seemed to be ignored and the coalers
as whole moved contrary to the mar
ket The professional bulls professed
greatly increased confidence over the
money outlook notwithstanding an adj
vance in the call loan rate on the ex-
change to ~ per cent. The continued
marked weakness of sterling exchange,
which was quoted IS cent to the pound
under the Friday rate for demand ster-
ling, gave further ground for the expec-
tation that gold may come in from Eu-
rope. Discount rates were slightly easier
in London, and there was a relaxation
also in Berlin. where the relief there
is great at the successful terminal on
of the stock exchange settlement. The
easing of the money rate al these CEN
sers in spite of the suggestive decline
of exchange rates at New York leads 10
some claims that the difficulties before
the foreign money markets have been
exaggerated. and that gold can be spared
for New York without precipitating "a
crisis. II cannot be said that this view
meets with much favor outside the spec
uIative element which was engaged N
putting up prices today.
Tn. bond market continued irregular
and the dealings on a small scale. Total
sales. par value. $4,000. United States
refunding 2's, when issued, advanced !
per cent in the bid price and new As
declined II