The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-09-05
STOCKS AND BONDS.

New York. Sept. 4.-Partly as result
of the furry in call money which loaned
as high as per cent and for other potent
reasons the stock market today developed
a distinctly irregular tone. Before the
close OF the morning session more or less
weakness was shown in a number Of
speculative issues, namely Reading. Penn
sylvania, New Ytrk Central. Union Psci-
nc and Southern Railway. These and
other less prominent stocks fell to a level
generally lower than yesterday closing
prices. Much of the selling was OF
character technically known as good"
and in conservative quarters the opinion
prevailed that the pace OF the early week
had been too fast. Trading in the fore
noon was again very heavy but the day
as a whole was less active and more
circunscribed in distribution of business.
In the face of these adverse conditions
Few high records were made in Balti-
more and Pennsylvania, Wabash common
and preferred. Wheeling and Lake Erie.
Pacific Coast. National Railroad of Mex
leo, P1ttsburg, c. c. & ST. LouisSHR
leo. Pittsburg. Cincinnati. Chicago and
st. Louis. Cast Iron Pipe and Foundry
issues and Sloss-Shefield Steel common
preferred. The feature of the opening
was the strength and activity OF United
States Steel. common. Purchases OF the
stock were on a large scale and resulted
in a substantial advance. but the fun i'm
provement was not maintained. The
move in Steel common. was presumably
based on its strength in London. from
which center good buying was reported
for American interests. Locally. London
traded in about 1900 shares, chiefly Steel
common. but sold on balance. Early
decline in Pennsylvania was followed by
a reactionary movement in the stocks Of
most OF the southwestern roads. There
was no news concerning Reading and the
common stock on dealings much below
those OF the previous two days closed
with a decline of 2k points. Opinions
offer as TO the ultimate fate of that pro-
perty, but the knowing ones declare that
its future rests with Pennsylvania inter
ests. who II is said. will turn 1t over to
the Baltimore and Ohio line. Shares OF
the latter road, particularly the common.
were active and strong particularly at
the outset, but closed with a net loss. A
smart advance in Wabash was attributed
to manipulation by a leading operator.
The early afternoon brought sharp gains
in Peoples Gas, Manhattan. Virginia
Carolina Chemical. Cotton OIL. and some
OF the more obscure issues. The advance
in Gas was accepted as dive" against
the short interest in that stock. Selling
orders in the last hour caused reactions
throughout the general list and the clos
ing, while active. was weak. In the
Standard Railway group marked weak
ness was shown by Norfolk and Western.
Louisville and Nashville Illinois Central
and Union Pacific in addition to those
already named. or the miscellaneous
stocks, the weakest was American BIZ
cycle. preferred. which decline six points.
On the curb Northern Securities more
than maintained its strength Of the early
week. opened at 117Iz but reacting toward
the close. Call money opened at 55z per
cent and only a comparatively small
amount was placed at the top figure. the
bulk OF the loans being made at from s
TO 7 per cent. There was little disposi-
ton to lend money on time in view Of
the rates for demand loans Foreign ex-
change continued easy with no sign Of
an early reversal The sum OF $4,000 was
transferred to New Orleans FOR local
banks. and this with other operations.
shows gain by the sub-treasury OF over
50, 600 since last Friday
Railroad bonds continue very active
and irregular. Total sales. par value
a. sS5. 900
United States old and new fs regular.
advanced }. per cent on the last call.
Closing quotations Of stocks were as
folfous