The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-10-25
STOCKS AND BONDS.

OOh0 AMI EOfs0~-
New York. Oct. 24-Today's stock mar
ket showed what is frequent in the pro
gress Of professional operations IN the
market for an advance. namely. the
shifting Of long accounts from one group
OF stocks into another BY realizing where
an advance in price has already occurred
and buying into a group that has been
quiascent The group selected for the ad-
vance today was the cOalers- The pIau-
sibIe reazons for the advance n the
prices OF these stocks we're the fact that
the present years output promises 10 be
the largest on record, while prices are
frrnly maintained ~ q profitable level
both for the mining OF the coal and It's
transportation 70 market The policy
adopted OF beginning 10 advance the
price Of coal several months ago brought
il 70 the maximum intended. This had the
result of keeping up the demand all
through the sumner months. instead OF
throwing the requirements for the whole
winter on the period Of cold weather, but
confidence IS professed that the business
VIII continue large through the winter.
and much was made today OF the report
that only lack Of sufficient cars placed a
limit upon the anthracite ard soft coal
movement While the effort was rather
obvious 70 concentrate speculative attsn-
ton upon these stocks and the causes
which moved them, there was enormous
realizing proceeding IN St Paul, Union
Pacific, Southern Pacific and the Wander
bits. which have been advanced by the
recent manipulation. Rather less was
heard OF Northern Pacific settlement and
the working out Of extensive plans in
the trans-cortinental railroad field The
forcing 70 cover Of q large outstanding
short interest Is an evident factor and
probably q motive for the operations FOR
the advance. The failure Of small bro
keradge house not a member OF the stock
exchange which was caught short OF
some Of the stocks recently advanced.
was an Indication OF the distress OF that
element.
The heavy proft-taking IN the PaciEcs
and St Paul was emphasized by the de-
cided weakness OF Peoples Gas on threats
OF continued hostile law suits. The stock
fell an extreme 3 points, closing at about
the lowest AmaIgamated Copper was
also decidedly weak early in the day. The
personality Of the sellers giving the ap-
pearance OF inside liquidation. The stocks
rallied well. however. and closed with a
small net gain There was rather more
urgent selling OF the United States Steel
stocks than for some time past. but the
decline was restricted TO a fraction and
was partly recovered Among the gains
that in Lackawanna reached s; Delaware
and Hudson and Baltimore and Ohio. 3;
Chicago Great Western. preferred. AS.
and others Of the coalers between l and
.. Part OF these advances were yielded
before the closing which was heavy and
near the lowest for some stocks St.
Paul's extreme decline was ~; Chicago
and Northwestern, 2ts; Union Pacific. =,
and others = point or over. Conditions IN
the money market were without notable
change. The sub-treasury on its routine
operations has retrieved its earlier con-
tributions TO the market on account of
payments for gold deposited az Pacific
coast points. There was a pause in the
advance in foreign exchange. owing 10
the larger receipts Of cotton bills. Appar-
emily there was renewed selling OF long
sterling with a view TO covering at ma
turity. The weekly statement Of the
Bank OF France showed a strengthened
condition, but money rated continued
hard in Paris and over a million dollars
was withdrawn from the Bank Of En-
gland for shipment 70 Paris. adding TO
the probability OF any early advance In
the Bank OF England rate
The railroad bond market continued
quite active. but realizing IN the con-
vertible bonds made # irregular. Total
sales. par value, Ss,525.oo0. United States
bonds were all unchanged on the last
call