The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-12-31
STOCKS AND BONDS.


Coffee-Steady; No. Rio. 1-l6c.
STOCKS AND BONDS.
New York Dec. 30.-Today's stock mar
ket was largely a matter of money sup
plies. The symptoms were indubitable
that these were scarce the call on rate
running up at one tine TO u per cent.
The general rate for calls was 10 per
cent. There were a humber of depress-
ing factors which reinforced this motive
for selling stocks. and the consequence
was a general declining tendency of
prices during the morning. later in the
day the money rate became easter IN
der offerings by bankers, among whom
]. Pierpont Morgan &, Co were conspic-
uous. A very urgent demand developed
for Reading. which caused an advance
Of four points in that stock at a new
high record price at each step of the ad-
vance. The dimensions Of the trading in
the stock were such as 20 show that only
the largest financial interests could con-
duct it. The individual Hooks taken ran
all the way from 1000 10 5000 shares.
The general market steadied under the
influence Of this movement, but was sin
gularly unresponsive even in those stocks
most nearly allied in interest to, Read
ing, with the exception Of New Jersey
Central. which made an advance OF SIS
on light transactions. When Reading
yielded to realizing the general market,
which had been held only steady, gave
way again suddenly and dropped 10 the
lowest, the industrials and Paciics lead
IN The closing ID
Many rumors circulated to account for
the strength OF Reading. It was said
that stock readjustnent was at hand.
Another report was that Pennsylvania
was buying for control The failure OF
confirmation of rurnors caused suspi
cion among professional traders that the
powerful demand in the stock was de-
signed for sentimental effect on the gen.
eral market to help support prices in ac-
cordance with the efforts supposed TO be
making to that end by great banking in
terests. The urgent demand for money
disappointed expectations aroused by the
unexpected increase shown IL banking
reserves by the bank statement on Sat
urday. and the large gain by tie banks
indicated by today's return OF sub-treas-
ury operations. resulting from the pay
ment on Saturday for the redemption OF
a block of S2500.c00 of government bonds.
Today over half q million dollars add
tionaI was paid out for redemption Of
government bonds. Later in the day it
was explained that payments were being
made for the s75.oOooOO of Northern Pa
cifc convertible bonds. the proceeds of
which are TO be used for the retirement
t.
was said that one check of s34. COO had
passed on account Of the subscriptions.
1t has been claimed hitherto that this
operation would be accomplished by
transfer Of banking credits and without
affecting the money market. The furry
in money caused some fresh -uneasiness
as to possible delay in the period OF re-
taxation after January l. The reduction
in the Calumet and Hecla dividend and
the closing down OF the Anaconda mine
depressed Amalgamated Copper sharply.
Sugar was under renewed pressure and
showed the lack of recent demand from
a short interest. The assembling OF the
conference Of northwestern governors to
concert measures of opposition 10 the
Northern Securities company made the
Pacifcs weak Union Pacific seemed to
be affected also by some disappointment
over the meagreness of details in the an
nuai report regarding the methods Of
financing the Northern Pacific settlement.
Proceedings begun in Ohio under the anti
trust law resulted in sharp declines in
Ohio soft coal road stocks. The contro-
versy between Germany and Venezuela
had some effect in foreign markets. but
seemed to be ignored here.
The bond market was moderately &C
tive and irregular. Total sales par value.
s.. $50 900. The United States fves coupon
and the refunding twos registered de-
cllned 4 and the coupon. the threes cou-
pom and the old fours Is per cent on the
last call.