The Wichita daily eagle., 1901-04-19
WALL STREET STOCKS
Speculation Spurred by Good
Money Market.
PRICES WERE IRREGULAR
Profit Taking Was Done on a
Heavy Scale.
PRICES WERE IRREGULAR

New York, AprH 1S.-The promise of
good bank statement On Saturday and
the further relaxation il the money
market which resulted IN the main IN
the renewed speculative buying OF stocks
today. The movement OF prices vas ex-
ceediugly irregular and proht-taking vas
on very heavy scale The re-awakeR-
ing OF speculation was not achieved
without aggressive leadership by the pro-
rsssionaI element who called 70 their as
s,stance all the arts OF manipulation 70
move prices upward so as 10 afford the
requisite attraction 70 the outside spec
ulative world. While they were develop
ing new points OF strength they OF their
professional brethren we're actively sell
ing 10 take profits in the recently eN-
plotted stocks. The influence was stil
manifest OF = failure 70 announce the
terms OF the Burlington deal ana also
OF the suggestion coming from St Paul
that President J. J. Hnl had sold out
his holdings Of Erie stocks al a specu-
letfve profit and that no great trans-con-
tlnental system was projected The Erie
stocks Burlington. Northern Pacific and
the Grangers generally were anected uy
these considerations early IN the Gay
The active profit-tazing IN Amais sanatec
| Copper and In Sugar were also lnEu-
enced on the SIDE OF depression. Sugar
was temporarily strong because OF the
/ advance in the price Of the refined pro
duct after the market had close last
night. but sagged away n z charactertsr-
ic manner on the good news later IN the
day. It's depression was emphasized By
the heavy import duty levied upon re-
fined sugar in the British budget Anal
/ earnatsd Copper. On the other hand,
/ scored practically q complete recovery OF
/ It's loss in the late dealings. The most
| effective leaders OF the market were
Atchison and Union Pacific. The dealings
I in both we're on heavy scale and a pro-
fessionaI campaign for a rise wss clear
/ ~ being conducted in both. The gossip
10 account for the rise was that Atchisou
I was 10 be placed on per cent dividend
basis ana that Pennsylvania interests
were to be represented IN the directory
/ as 4 result Of the alleged acquisition or
/ large interests by Pennsylvania N the
/ conpauy. In Union Pacific. Il was said
/ that the Southern Pacific collateral bonds
/ were 10 be redeemed thus releasing the
/ Central Pacific stock. and the Union Pa
/ cific was 10 cooperate with Northwest
I ern in the formation OF a traus-cont-
l mental system 70 Offset the Burlington
l deal. AtchisOn enjoyed an extreme ad-
4 vance OF 27s as a result OF these ma
I l.
1 There were other advances amongst the
! Southwestern and Southern railroads
which were largely sympathetic New
! York Central, the Cleveland. Cincinnati
I chicago and St Louis stocks. Canada
Southern and New York, chicago ana
St Louis advanced from II % - N
conuanv and P1ttsburg. Cleveland. Chi
cago and ST. Louis rose - over last
night in sympathy. The New YORK
public utilities had their PERIOD OF
strength. as did q number OF other spe-
! cisfties notably Colorado Fuel, Iennes-
see Coal New York Air Brake. P1clnc
Coast and United States Express. the
latte, on the election as directors OF OIL
cialstof other express companies ne
gains in this lot Of stocks ran from
about TO 10 points. The relaxation II
the money market had the greater erect
stree there was no responsive harcsnins 3
/ OF the sterling exchange rates ne
/ weekly statement or the BANK oI III
! gland IN fact makes it clear that tne
preparatory easing OF the money market
| there for the coming loan mas alre4ly
! commenced. The large Increase n the
public deposits OF Sl1.5l50Qo reflects the
/ heavy clearances Of sugar and ot1er
goods IN anticipation OF the new taxes
in the budget Heavy disbursements ol
public deposits viii doubtless ue an lLei-
dent 81 the period preceding the loan n
order 20 ease the money market Ine
budget speech was received too late IN
wall street 10 attract much attsnuon'
but the decision for ss,Aopo.es loan
which Is equal 70 the maximum estimates
Is bound % &c apotent factor n lis H.
ture of the New York money market
Dealings IN bonds continued large ard
the market Irregular. Total sales par
value. 3 90. United states new folEa
advanced < per cent on the last cal.
Closing prices Of stocks we're as t'i-
I