The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-02-04
STOCKS AND BONDS.

New York, Feb. 3.-The professional
element among the stock operators show
ed a rather hopeful spirit this morning,
and started with some confidence 10
buy the trans-continental railroad stocks.
The movement seemed to be based upon
an assumption that the supreme court
would hand down its decision today in
the Northern Securities company case,
for within half an hour after the time
for the sitting Of the court the morning
gains in these stocks had been wiped
out. The dealings in Southern Pacinc
We're especially large and gave evidence
of operations by a speculative pool. The
buying of the stock is OStensiDly based
upon the expectation of an early refund
ing of large issues of bonds bearing
high rate of interest. and which mature
in the next few years. The financial dis
tricts were flooded with very optimistic
estimates Of the current earnings OF the
road The price carried was at one
time IL over Saturday, but il Jared little
better than the other PacificS in the re-
dictionary movement ana closed with a
net gain of 3. There were very heavy
dealings also in st. Paul and Union Pa
Cific, but their gains were entirely wiped
out. Efforts were made TO revive the
market by inaugurating a movement IN
the COalers. Lackawanna spurted 14l4
very little stock coming out. RumOrs
We're revived that the cOmpany'S stock is
TO be doubled with valuable rights TO
present holders. The dealings in Anal
gamated Copper were on an enormous
scale, the number of shares sold being
about the largest for single day in the
history of the stock. It was under pres
sure throughout, with occasional rallies,
and late in the day fell more than three
points under Saturday, closing with a net
loss of rs Proft-taking was an i'm
pOrtant element In the weakness or the
stock. but there was q disposition TO dis
credit recent rumOrs Of a combination
with other copper producers. he weak
ness of this stock did not affect the
early Use in the trans cOntinentals, but
its depressing influence gained force later
i'm the day. The favorab bic statement Of
net earnings for December was RESPONSE
BILE for strength in the Minneapolis, St
Paul and Sault Ste Marie stocks. The
common rising 21s and the preferred ia
with final reactions OF about q point
Weakness in Metropolitan was attributed
tC reports of an early retirement from
business Of one of the company large
capitalists. The large increase in loans
by the bank last week was the subject
of much discussion without throwing
much light upon the uses for which the
borrowed money was designed. The fact
that nearly SO 600, with increase or
halt OF the total was made oy two or the
leading banks in the clearing mouse,
which are affiliated with the financial
power which originated most Of the great
combinations last year, encouraging the
supposition that large syndicate opera
tions and possibly new projects are in
hand.
The sudden and unexpected declara-
ton and disbursement OF per cent
dividend on Northern Securities stock
might account for part of the loans al
though the public is ignorant of what
volume of this stock has been exchanged
for that of the constituent companies.
Subscriptions to 2 number of new railroad
bond issues might also be responsible
The money market continued easy. not
withstanding the expectation that the out
ward movement of gold is 20 be re-
newed. In fact, the ease of the money
market is the permissive factor in the
export of gold.
Railroad bonds were moderately active
and irregular. Total sales, par value.
S4245059. United States bonds were all
unchanged on the last call.