The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-09-19
RECOVERY N STOCKS
Stock Market Moves SimuI-
taneousIy With Corn Reaction
FROST SCARE IS OVER
Loss on Yesterdays Rise
Eagerly Realizes Today.

New \ ork. Sept E.-People who argued
that the sudden weakness that Developed
in the stock market yesterday after the
early show Of strength was due TO The
frost scare in the corn belt. found con-
frmation for their views in the recovery
in the stock market today simultaneously
with the reaction in cora The loss OF ali
yesterdays rise II the price OF corE show
ed an eagerhess 10 realize on long lines
that took the edge OF the apprehension
regarding further damage 10 the crop.
The effect OF this DEVELOPMENT was nstur-
ally most pronounced IN the stock OF the
great western railroads. whose traffic is
large in corn, namely the Changers and
Pacific, including Atchison and Missouri
Pacific, but there was no reason why the
developments il the corn market should
have sympathetic effect on railroads in
southern territory. these Carrying an
thracite and bituminous coal aud the
network OF central traffic and minor
eastern tEsnk lines which are usually
designated az Junior VanderbiIts. Prices
ant. and the buying OF them was on
scale which could only be for the account
of largest OF the local interests. Buying
was without any specific news to explain
It. 1t was a tribute 70 the same source
which constituted the determined support
OF the market al through the recent
crisis. The public in Wall street was
strong IN the conviction that what are
called the Vanderbilt Morgan Gould
Rockefeller and Hartman interests were
all buyers on q very large scale OF the
various stocks in which they are inter
ested. Spectators and professional oper-
ators exhausted the best powers OF con-
lecture IN striving 70 discover the motive
OF this buying. As there was no acute
pressure OF Liquidation. the mere purpose
20 support the market was not sufficient
explanation, as Il was on last Friday and
on Monday. There was considerable cross
trading early in the day. which had the
Of an effort to confuse senti-
ment, brokers usually acting for large
capitalists making very large trades on
both sides OF the market and almost sim
The persistent weakness OF
Copper. which fell another
3it points today, stil further confused
sentiment When that stock made a
vigorous rally OF % the effect OF the
buying elsewhere became emphasized and
prices rose buoyantly Throughout the
list to the top level OF the DAY. Southerl-
Railway was easily the feature, and
nearly all the transactions IN the stock
during the last hour were IN one thou
sand TO FIVE thousand share lots. The
price rose points and an extended add
lional list OF the Morgan railroads ad-
yanced from TO ? points. Hooking Val
ey gained Is. The Vanderbilt group.
including New York Central. the New
York. Chicago and st. LOUIS stocks.
Canada Southern. Cleveland. Cincinnati.
Chicago and St. Louis, Peoria and East
I'm and Lake Erie and Western rose
from az 70 rs. giving rise 20 confident
predictions Of ar early announcement of
/ comparative plan OF merger for eli the
Vanderbllts The rise of fls in Sugar
vas due 10 the stocks subscription rights
declared by the stock holders today. Con
litions IN the money market were tran
suH under the influence Of continued !
arge outgo from the sub-treasury 20 /
he money market. The banks have gain !
Il during the week from that Institution /
IS. $500. The easing effect Of this re- I
served 10 further steady for (
ign exchange rates and deferred en- I
zagements OF geld for import. while the (
xchange at Chicago Eel back @ 20 cents /.
discount. compared with 10 cents dis /
cunt yesterday and par CT Friday.
Speculative bonds we're active and 4
trong, but there was some irresuarity /
.mong less active issues. Total sales. T
Yar value. s2.0s5oo9 United States re- /
unding tvos advanced = per cent On 4
he last call.