The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-10-30

Of the day. It was argued that with the
easier tone of exchange and the moderate
views expressed as TO gold requirements
by the authorities OF the Bank Of France,
the probability of an outgo Of gold on
Thursday of this week was considerably
lessened. The announcement Just before
the close Of the market of an engage
ment of $4,000 in gold for shipment on
Thursday precipitated a sharp realizing
movement. and wiped out a good part OF
the earlier advances. Another S2,0oo,0oo
engagement was announced after the
stocks that were weakest yesterday were
foremost as a rule in the recovery to-
day. The recovery did not reach 10 the
full extent OF yesterdays losses at any
time. The upward reaction was achieved
also on q considerably smaller volume
Of business. There was an expectation
this morning among the small specula-
tors at least, that formal announcement
might be made during the DAY of an adj
justment Of the Northern Pacific diff
Guilty. This expectation was again appar-
ent. Competent observers OF the situation
believed that this may be daily Incl
dent for some time TO come, as cOnSulta-
tons on this situation are constantly
held, but with much remaining 10 be
agreed upon. Among the days special
movement the sensational rise in Mich
igan Central revived the rumors of COM
ing developments in the Vanderbilt group
and was reflected in sharp advances in
other members of the group. Michigan
Central sold yesterday at 1l6. an ad
vance Of several points over the preced-
ing sale in last March. Today IL sold
in 100-share lots successfully at us, 20.
125, 135 and 40. after which it relapsed 10
80. No explanation was forthcoming of
the movement. Amalgamated Copper was
influenced by the supposition that devel
opments are pending which Will benefit
the conditions in the trade. There was
some support also for the United States
Steel stocks, accompanied by reports of
great activity in that industry.
Brokers credited with acting for in
siders both in United States Steel and
Amalgamated Copper bought their re-
spective stocks together today. These in
terests have been supposed TO hold d.
vergent views of the speculative outlook
for some time. The buying of Amalga-
mated Copper for Boston account was
very large, as il was of other stocks.
This was supposed 10 be rebuying Of
stocks sold yesterday from that source.
In cOnsonance with the upward move
ment of prices. the prevalent view Of the
money outlook was less pessimistic, al
though conditions in that market remain
the same. a number of favorable condi-
tions which were ignored yesterday in the
selling movement came in consideration,
especially the continued trade activity as
reflected in the large bank clearinss
throughout the country, and the sustain
ed increase in railroad earnings.
Reports today of September net earn
ings showed an increase over Septem-
Der last year for some of the important
systems as follows: Atchison, 1929. $50;
Reading system. $s0,S53; Northern Pacific,
1863, 227; Erie, SS92, 227, and Chesapeake and
Ohio, SCI, rs. Amalgamated Copper was
the only stock to recover all of yester-
days decline. The closing was duh and
heavy at the reaction.
Railroad bonds moved narrowly and
were irregular. Total sales. par value.
$1.s75.0O0. United States new fours de-
clined 4 per cent on the last call.