The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-11-13

New York, Nov. 12.-There was rather
less buying demands, and rather more IT.
regularity in the stock market from the
outset today. The hesitation in the ad-
vance grew and turned to sharp reactions
in the late dealings. Selling to take
profits was Joined to extensive short lines,
put out by the bear party on the argu-
ment that the rise in prices after endur-
ing for so great a length Of time would
make the market vulnerable to attack but
there was still persistent points Of
strength in the market and although the
extreme advances in the strong stocks
were notably curtailed, many Of them
have considerable net gains to show for
the day.
The local traction stocks were conspic-
uous examples. In Metropolitan the ad-
vance reached 37s at one time and in 3.
T. 2ss. while the net gains are "a for
metropolitan street railway and rs for
Brooklyn Transit. The Anthracite and
soft coal carriers selling below par also
showed continued strength as did the iron
and steel in dustries The disposition TO
take attractive profits after the consider
able advance IN price which has occurred
was emphasized by the expectation that
several millions of gold will go out this
week on Thursday to Paris and on Satur-
day probably 10 London as the rate Of
sterling exchange today advanced to a
point which makes gold exports to Lon
don direct profitable. The strength of
sterling here was, in spite of easier money
rates both in London and IN Berlin. a
relaxation Of the continental pressure
upon gold. The necessity of a large move
ment of gold from New York a this time
Of the year calls renewed attention to
the extent Of the American borrowings in
Europe early in the year with the expec-
tation that our foreign trade balance
would continue so favorabel that these
loans could be repaid at profit out of the
abundance Of the foreign exchange bills
in New York. The fact that this expec-
tation has not been realized and that ex-
change bills are scarce owing to the fall
ing off in our export trade arOuSeS some
natural surmise whether the high prices
of stocks reached earlier in the year did
not also represent undue expectations. It
is TO be recollected that the projects which
stimulated the stock imitation and even TO
some extent the actual manipulation of
the market were furthered by the resourc-
es of these foreign borrowings. In the
present movement more than one stock
has reached a record price and all stocks
are undeniably high priced. On the other
part, the extraordinary railroad earnings
and trade activity are natural incentives
to speculation. TOday's returns of gross
earnings for the first week in November
show such increases over last year as 6S
per cent for Rio Grande, II per cent for
Wabash, Is per cent for Chicago and
Eastern Illinois and 9 per cent for St.
Paul. The government estimate on the
corn crop, although il offered no very
unexpected information, renewed the de-
pressing influence of the heavy shortage
in the crop, and the corn carrying rail-
roads in the west and the southwest were
therefore most acutely affected by the
profit taking. The cut in the price of
sugar especially affected that stock. The
market closed active and weak. There
was another large days business in bonds
but the price movement was irregular.
Total sales, par value, s5.29G,O00
United States bonds weer all unchanged
on the last call. The leading stocks clos
ed as follows:
The closing quotations of stock market