The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-10-24
WALL STREET
VERY ACTIVE
Foreign Exchange Dealings
Gave Energy to Market.
STOCKS TRADING DULL
Santa Fe Among The Few
Stocks That Advanced.

New York. Oct. 3-Foreign exchange
was again the governing feature OF the
stock market today. There was consid-
cradle speculation in exchange because OF
the slightly higher rate for sterling al
Paris and the resistance offered BY the
| local market 10 the volume OF bankers
bills put out during the morning. These
offerings. it was believed, represented &C
cumulations OF bills held in reserve for
such an emergency. Most OF the day S
business was done at 81 S575 for Satur-
days steamer. Experts intimated that
an outward gold movement might soon
| be inauguTated, although negotia tons. gd
be inaugurated, although actual negotia-
tons could not yet be cOnsumr1ated on a
profitable basis. Later in the day de-
| mand sterling broke 20 points and was
offered az S4.ss60.
Little can be said fer the stock mar
ket. which was duller and more narrow
than on the previous days Of me week.
Some speculative activity was shown at
the opening in Baltimore AID Ohio. Read
ing, Erie. Atchison, PenDE% lvsria, s..
Paul. Missouri Pacific and the ST. Jospeh
and Grand Island securities, ali Of which
scored slight advances The rest OF tho
list was partially firm, With practically
no demand for the inSustr.als Further
activity was shown during the nso-ain s
session when Louisville and Nashville sd-
vanced points, but elsewhere the Est
made no material change. Operations
continued almost altogether professional
and some traders covered their short
contracts on the theory that the market
had been oversold. The early gins. with
few exceptions, wera soon Lost. bat
such issues as Louisville and Nashville.
ST. Paul, Illinois Central and krie held
steady.
Sugar and international Power were
about the only industrisls dealt in up 20
this time and transactions in the lsttor
stock were believed 10 be FOR pool account
Up TO the final hour there was no de-
cide- pressure TO sell. but In the late
trading such stocks as Lackawanns, Bal
timore and Ohio. Kansas City Southern
and a few industrials were hammered
down TO the lowest prices Of the day.
The liquidation in Northwestern was he
lieved TO result largely from the unfaver-
able view taken by traders OF the new
relations OF the Union Pacific road vita
St. Paul Rock Island and Illinois Central
AS proof of the extreme tenderness o.
the market a scale Of 500 shares OF North
western early IN the day caused drop
Of almost 1 per cent. The uncovering OF
stop loss orders in the same stock caused
a IUTtNeT UtClDe OF dlIEDSl , ptiiASs Win
a net loss OF - per cent, the stock recov-
ering on buying orders ct the close
For the first time in over week London
was a buyer or balance, but even this
fact together with the ease Of arts ster-
ling and another Australian gold impor-
tation. failed 70 awaken any enthusiasm.
The closing was weak and the days bus
mess was under 100000 shares.
One OF the disturbing features was
report of labor troubles on the Southern
Pacific system.
Call money ruled at from to 81 per
cent, most Of the days loans being made
at the higher figure. No change was re-
ported in time money rates. Two impor-
tant financial transactions VIII have 10 be
met in this market within the next fort
night on Saturday the first payment Of
one-half on the Baltimore and Ohio roads
increases of S42. 10000 capital stock falls
due. on November ! the second install
ment of about s25,00000o OF the Pennsyl-
vania road stock Increases Will have 10
be met.
Some Of the speculative issues in the
bond market were heavy. but the move
ments were without Importance except in
the Wabash debentures- The general list
was irregular and duh. Total sales. par
value. 81 80, 900 United States twos and
threes advanced K and the new fours
declined /. per cent on the last call
Closink stock quotations were as fol-
Lows