The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-30
.NHL STREET STOCKS
Temporary Quarters Opened
With Great Activity.
UNION PACIFIC ADVANCE
Speculation in Steel q Notable
Feature.
UNION PACIFIC ADVANCE


doubts entertained that the speculative
advance might be interrupted after the
holiday interval they were dispelled with
I in Eve minutes after the trading opened
in the new temporary quarters OF the
Stock Exchange. The first transactions
/ demonstrated the leading position OF the
United States Steel stocks. Union Pacific
and Northern Pacific in the speculative
/ situation. and that the leadership was
unaffected during the whole Of the day
/ There was great activity and some strik-
/ ing strength shown BY a number OF
other stocks, but they paled into Insignia
canoe IN comparison with the furious &C
ttvity and extraordinary price changes in
the leaders Often during the day there
were strips OF several feet Of ticker tape
which recorded successive transactions
il one or Two OF these stocks with not
single block Of less than q thousand
shares in the series and running up TO
5000 shares. The extreme advance in
Union Pacific extended 10 12itc IN the
later afternoon and in Northern Pacific to
1o3.. United States Steel stocks did rot
show such wide fluctuations as is natural
from the much greater volume OF the
c0mpany's total capitalization Nevertne-
less, the common stock achieved an ex-
IRENE advance Of 81 and the preferred
% and held more firmly than almost
any other stocks IN the list There were
some very striking gains among the
Changers. Pacihcs and trunk lines, but
these seemed to be associated in the
minds OF the buyers with the movement
ia Union Pacific. Rock Island was at
one time 64 over Friday. St Paul -,
New York Central 5, Pennsylvania 81.
Baltimore and Ohio 8, Illinois Central
3l5 St Louis and san Francisco second
preferred ga and A number OF other re-
lated stocks from 10 points Colorado
Fuel rose points and Amalgamated Cop
per Sis. If these stocks are set apart Il
win be found tAal the dealings else
where and the movement OF prices other
wise were not sensational But contem-
plating these special price movements
and the volume Of dealings in the stocks
enumerated. one has ccmpassed the sali-
eut facts OF the extraordinary market OF
the day. There was no specific news 70
account for the unprecedented dealings
which lifted the days record 70 2.750. 00o
shares AS the vital point OF the spec
ulation is the money supply, the increase
ia surplus reserves shown BY Saturday
bank statement was a favorable factor.
The large gain In cash was noted with
especial satisfaction as rejecting The
continued flow OF funds 10 New York
Much store Is placed also in the govern
ment interest disbursements 70 be made
on May 1st, and large corporation oivt-
dend payments are also counted upon for
help to the money situation. The reliance
placed on these factors was made, evident
by the small monetary effect Of the en-
gagernent Of 81 1000 IN gold for export
and the opinion OF exchange experts that
probably 5000. 00o might go out during the
week. There was some doubt as 70 the
destination Of the gold, but that II would
go 70 the continent and not 10 London
seemed evident. The additional engage
ment OF 100000 for London was IN
known until after the close. The decline
OF the continental exchanges on London
in spite Of the rather plethoric condition
Of the continental money markets and the
relative stiffness OF the London money
markets Is beginning 70 arouse suTmiss IN
financial circles whether preparations are
not making By the continental govern
ment banks 70 provide for floating
Russian loan in addition to the require
ments OF the British loan. The strength
Of the Steel stocks was accompanied by
rumors Of coming statements which VIII
show extraordinary earnings by the Uni
ted States Steel corporations. The belief
Is widespread in speculative circles that
extensive re-aGjustments Ia the relations
Of the various Granger and Pacific rail-
road systems are Eecessitsted This be-
lief gives rise 20 almost Infinitely varied
rumors almost ali OF which are received
with a certain amount OF credunty. The
action OF the whole market shows clearly
that the demand for stocks from all
classes Of buyers maintains its force and
heeds only the leadership OF an upward
NOV ement il price 70 bring in such buy
ing from ali quarters as eclipses all pre-
vious experience in the history % spec
.ulative markets in New York. The Anal
volatile oufburst n Union Pacific and
Northern Pacific today seemed 70 arouse
rnisgivines and there was free proft-tak-
ing all through the rast Of the list. but
this is exactly the history 81 last week
similar movement in Union Pacific. which
caused widespread apprehension lest the
elimination Of tie boom had arrived and
which was nevertheless followed hy
renewal in fun force q the speculative
advance
Dealings II Union Pacific convertible
bonds were In enormous volume and the
price shot up "a points IA response % the
advance IN the common stock Detl-
ings otherwise were large sud price
changes Irregular. Total sales. par value
S. o1ae09 United states hves advanced
=. and the fOurs coupon AID refEnci1G
tvros - per cent or the last call
Closing prices u stocks were az fol-