The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-10-03
STOCKS AND BONDS.

New York, Oct. 2.-The market started
out today with something Of an upward
rush of prices. Apparently the profess
siOnal traders were impressed wit hthe
idea that the statement of net earnings
officially promulgated last evening as the
market closed by the president of the l.
s Steel corporation would have
STRENGTHENING influence on the whole list.
There was quite an active demand for
awhile for L. s. Steel which lifted the
prices IL over Yesterday. Colorado Fuel
and Tennessee coal showed some strength
On The assumption THAI the favorable con-
dition IN the trade revealed by the state
u1ent Of steel corporation earnings would
benefit those companies also. The rail-
road list was affected by a demand from
the shorts. but the force Of the demand
spent itself early and the market fell
into dullness and heaviness, punctUred
by number Of weak spots among the
industrials. The friends Of l.. :. Steel
We're inclined to attribute this weakness
10 the contrast afforded with the policy
of that company in the publication OF its
earnings. but the L. s. steel securities fell
back with the rest Of the market. and the
professional speculative sentiment in the
street failed apparently to be impressed
with the new policy Of the L 5. Steel cor
poration rs an epoch making departure
The large profits reported by that COM
pany had some reassurng effect never
thefcss owing TO the wide reaching i'm
portance attached 10 prosperous condi-
lions in the iron and steel industry. The
distrust left by the Amaigamated Copper
episode and the annual reports OF one or
two Industrial corporations recently
showing net earnings insufficient TO pay
The current rate of dividend and a conse-
ouent encroachment On the surplus for
that purpose partly accounted for the
4 81.
curttfes The American Car stocks the
Pressed Steel car stocks. Glucose and
National salt weer notably affected. los
ing from 2is 10 I points. National Bis
cult. Rubber goods, international pump
and International paper preferred fell
from ! 10 -. Brooklyn Transit continued
weak under pressure Of liquidation which
is attributed 10 q weak annual report ex-
peCted soon. The stock feI IN extreme
rs 10 below So the lowest price Of the
year Manhattan declined IS party in
sympathy. The reduction Of refined sugar
t,nlairad the recent decline in the stock
which steadied toward the close ~ the
day. ending with net gain The level
Of prices generally was carried below last
night, but net declines aid not Feach .
point III Important railroad stocks except
for Missouri Pacific. The money market
continued DAN and sterling exchange ad-
vanced again. The demand was attri-
huted to the requirements for purchase
OF stocks bought recently IN the London
market The announce uert from the
treasury department that The purchase CO
government bonds for the sinking furd
would cease VIII cut of the usin source
Of roplculshnent OF ths New York money
market for some time past against the
Inter7or demsnd for currency. There was
significant drop il quotations On eali
Tor government bonds following The an
nouncemeuL TIE pcstpcner1cnt Of the
meeting Of the Archison directors which
oss expected T. increase rhe dividend
rate OF their common stccis caused some
tssrroIaz-1ent Snl cspress- en- Cover
ing Of shorts rallied the market Slightly
AID Il closed s4no1- ste8ls-
Railroad bonds were d-l arL Irregular.
Tott. sales we're value Ss,5f-iaS. United
States oid IS declined =. the 5, ana Is
= ard the rev IS FER cent en- the last
call.