The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-10-13
Stocks and Bond S.

New York, Oct 12.-The undertone OF
prices moved up pretty constantly to the
close, which was strong but notably
dull and with gains well mainta ned.
The dominant factor in the market was
the large engagement of gold for import,
London, Paris and Berlin all contri5ut-
ing, the total amounting 10 2. So o..
The dealings in stocks were not large
at any time. and the days operations
were attributed to professional opeI ato-s
for the most part. There was a fair dis
trlbution of the strength, but the effec-
tive dealings during the day were con-
centrated in a few stocks and tho e dis
tinguished for the recent large short
selling from which they have suffered.
Peoples Gas was the notable example
in the industrial list The stock sold off
after the opening on the presump ion
that yesterdays buying had satisfied the
demand from the shorts, but the large
covering at the decline caused renewed
advance and It was lifted at one time
an extreme 34c, closing with net gain
of NC. In the railroad list Northern
Pacific was in largest demand on buy
ing supposed to be from interests. But
here also the short interest played an
important part in the days advance,
which reached 2, with the net gain ~.
But while the strength of those two
stocks was prominent, a list of those
which rose from 1 to points was g.
long one. Notwithstanding the notable
dullneSs at the last the closing was
steady and net gains were well maintain
ed. The failure of the money rate TO
respond to the operations in the stock
market gave color to the supposition
that they were conducted by profess
sional operators who had supplied them
selves with time loans with a view to
such a contingency as the present. The
call loan rate, in fact, was inclined to
sag, the ruling rate declining to Ger
cent, Notwithstanding that loans made
today carry over until Monday The fur
Their drastic contra ction in cash reserves
of the banks, indicated by the preinGi
nary estimates failed to harden the
money rate. Apparently the banks have
lost during the week upward Of $500, 900,
or about as much as last week. This
would effectualiy wipe out the remein-
ing surplus of the banks, unless the re-
serve requirements have been consider
ably reduced. The action of the moneY
market today indicates that this must
be the case. and promises showing OF
a considerable loan contraction. There
was also some relaxation IN the interior
demand for currency, New York ex-
change at Chicago rising to 90 cents dis
count compared with 10 cents discount
yesterday. Reports of the receipt Of
additional gold at Pacific coast points
which will be quickly available by tele-
graphic transfer to the New York
money market and the lessened demand
upon the market by the sub-treasurv by
reason Of the large m d-monthly rensi n
payments were also accepted as prom
Use of relief for the money market The
most substantial encouragement in the
days events was from the fact that the
Bank of France seemed disposed TO treat
demands for gold more leniently. that
institution being best equipped of all
of the worlds great banks to supply
gold.
The bond market was quiet and
changes were uninportant. Total sales,
par value. s7700o1 United States new
fours advanced Il on the last call