The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-09-19
STOCK LISTS
WERE STRONG
Notwithstanding Which Trad
ing Was Apathetic.
MONEY MARKET QUIET
Report of a Plan of Exchange
in Gould Stocks.

New York. Sept ls.-The stock market
maintained its undertone Of strength TO-
day. but the trading was extremely spa-
theuc outside OF a spotty assortment Of
stocks whose show q strength helped to
sustain the general list. The money
market was quieter, but rather stiI
Loans were left undisturbed, however.
and no pressure Of liquidation was forced.
The level of prices. therefore. was NOT
disturbed. except as the sympathetic In
huence OF the strong stocks helped 10
harden the market The Gould group
was the most conspicuous. Reports II
a plan were current with color OF Official
sanction for an exchange OF St louis
Southwestern preferrsi for a Missouri
Pacific bond. This was interpreted By
speculative contingent as a forerunner Of
the long expected Gould consolidation
plan. The Missouri Pacific care into me
movement late IN the day and took ,.e
leadership OF the whcie inarket The re-
turn TO New York Il President Goula
from q tour OF inspection served u slim
ulate the movement. Rock Island made
/ q much larger sain on a small volume OF
dealings. The advance was based upon
the decision Of the Iowa state authori-
ties that the Rock Island reorganization
plan IS not in contravention of the Iowa
law. There was activity and strength
In the curb market I'm contracts for the
new Rock Island securities. The stocks
Of independent steel companies were
Of the extraordinary pressure Of orders
for all grades Of iron and steel products.
and q degree OF activity in production.
which is limited only by the available
supply of material. The freezing weather
in the northwest was ignored until the
break in the corn and wheat market.
which helped 10 stiffen stocks. 4ne COM
paratve heaviness of some Of the south
ern railroads may have been due 20 the
persistent unfavorable reports from the
cotton crop.
The money outlook continued the prin-
cipal topic Of discussion III the financial
district. There was no radical change in
the situation today. An additional en-
gagement Of half a million dollars Aus
trafan gold was announced 10 arrive sew
ersl weeks hence. The banks continued
10 lose To the sub-tressury. notwith-
standing the disbursement by that in
stitution on account Of October govern
ment interest. the customs collections and
the deposits for transfer 10 the interior.
serving to more than Offset the interest
payments. However. the loss 10 the sub
treasury since Friday has reached only
81 s5S. 900, compared with s. 725 lo0 for the
same time last week While the drain
is thus reduced it viii be seen that moth
ing Of the needed recuperauon OF the
banks reserves has been afforded By the
treasury's measure Of relief The fact
that the Bank Of England RETAINED from
advancing its discount rate today was
given a favorable Interpretation. But
sterling exchange here continued TO har-
den 70 a fun cent above the low level
Of the week. carrying exchange wen away
from the gold import point. The prices
Of gold in the London market were adj
vanced and something over a million dol
lars were Withdrawn from the Bank ~
England for points other than New York.
II is evident that the quiet money mar
ket in New York is due in no small part
TO the constraint upon the speculation
st the stock exchange The market
closed duh and steady.
The bond market was dull and about
steady Total sales. par value $500
United staes refunding IS advanced =
per cent; the b 2. per cent and the old
e. = per cent. The new IS declined z
per cent on the last oan.
Closing stock or1otaffoue were