The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-10-23
STOCKS AND BONDS.

New York, Oct. 22.-Waiting on the
Northern Pacific settlement best de-
scribed the condition of today's stock
market. As the conviction is general that
the final steps in the settlement must
await the presence in this city OF J. P.
Morgan, and as that gentleman was re-
ported still in the northwest on his re-
turn across the continent, the outlook for
immediate activity in the stock market
was not promising Whether any sig
nificance attaches to the fact that out Of
the northwest came the influence which
moved the stock market TO strength and
activity, late in the day can only be sur
missed There was no clearly defined ex-
PLANTATION Of the movement but grew
and spread from the Chicago and North
western stocks and embraced the princi-
pal railroads in the northwest and the
Nanderhelts all the way to the seabOard.
Northwestern itself rose an extreme 8
points, the preferred 10, Chicago, st. Paul.
Minneapolis and Omaha 10, the preferred
Is, Chicago, Milwaukee and st. Paul 3,
and the preferred ~. Considerable sym
pathetic effect was produced by this at
the last, resulting in advances Of as
much as q point in some of the Pacifics,
Changers and half-priced specialties. New
York Central and the so-called Junior
Nanderbtlts advanced / to IL. An i'm
preston has gone abroad that the devel-
opment pending in the Vanderbilt system
is to take the form Of a melon-cutting
for the benefit Of the Lake Shore. The
recent increase in the valuation Of sub
sidiary stocks held in it's treasury pro-
vides material for an extra disbursement
which would operate indirectly to the
benefit Of New York Central. The pam
phlets report from the Great Northern
railway. notwithstanding the large de-
crease in net earnings reported as a re-
suit of last years spring wheat short
age, contained SO lattering an account Of
the general conditions in that region and
the large movement of immigrants
thither that it was an important influence
in the result of all the Northwestern rail-
roads. Great Northern preferred itself
fell IL at first. owing to the showing
of net earnings. but recovered with the
late movement in the group.
There was continued speculation in
Copper, the stock receding
early on the decline in raw copper in
London and the further spread Of futures
below that for spot, indicating the eX-
pectation of a coming fall in prices.
Copper, however, recover
ed with the late buying movement in the
market, large lending Of money on call,
Standard Oil party was interpreted by
the spectators as an indication that the
attitude of opposition TO a speculative
advance by that party had been modified.
The banks received payment for an adj
ditiOnal half million of gold at Pacific
coast points, and there were reports that
the movements Of currency to the south
was declining, although s275,0 900 was de-
posted at the sub-treasury for transfer
TO New Orleans. From money stand
point the further violent rise in foreign
exchange was not reassuring. There /
seems to be something like a rush of cot
ton this week to export points, but this
has not had the slight influence in check /
ing the advance in exchange, which
would quickly reach the gold export
point at the recent rate of progress. The (
expected movement OF gold from London
to Paris also set in today. and there were
large additional shipments to Berlin,
the continued money disturb
ances at those centers. a triangular
process of remittance from New York
to Paris for the repayment of loans con-
tracted in the Northern Pacific trouble
and in preparation for the coming Paris /
stock exchange settlement are said to
be influences in the movement of gold
from London to Paris. The market
closed somewhat irregular. Railroad
bonds were lower. Total sales. par value,
g. 745. 600. United States old tours de-
clined Is per cent on the last call.