The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-26
STOCKS AID BONDS

New York. August 25.-Today's stock
market reflected very determined dem
onstration for an advance. but effective
operations were confined 10 q very limited
number OF stocks The speculation vas
clearly under the same auspices as that
which originated IN Southern Pacific last
week and which was predicted upon the
return 70 Wall street OF a well known
speculative leader. The holiness and dash
( or today's operations were indicative Of
The personal direction OF this leader. The
early advance in Southern Pacific was
taken advantage Of To effect very heavy
profit taking. when completely wiped out
the opening gains. Instead Of resuming
the campaign Immediately IN that stock.
X was shifted 70 Pacific and Baltimore
and Ohio in the east. The sympathetic
response OF these movements was almost
wholly confined 10 stocks Immediately re-
lated IN the case Of Bs\-1ore and ONO
there were Pennsylvania and Chesa peske
and Ohio. Southern Pacific made some
recovery in sympathy with Union Pa
cifc.
There were gains here and there among
the grangers, but on very light trsnsao-
tons Northwestern's - point rise in
response 10 the favorable annual report
was made on single transaction. MIN
neapolis, ST. Pauid and Sault Ste. Marie
advanced violently 81 without explana-
ton and Evansville and Terre Haute
81 point rise was unexplained. In the
railroad list other gains were few and
almost obscure stocks. The express stocks
again made a notable advance in concert
with no news 10 throw light on the move
ment- Amongst the special, Western tn
ion. Manhattan and Tennessee were the
most conspicuous examples OF strength.
i was a notable feature that q large mass
OF securities OF very prominent railroad
companies lay completely dormant
throughout the session and there were
prominent examples showing net losses.
This disinclination 10 follow the bold
leadership Profered by active stocks was
due 70 the uncertainty Of the money sit
uation
On Saturday afternoon after the stock
exchange had closed The sub-treasUry was
called upon 10 transfer $500 oe which was
deposited for the purpose Of interest. To-
day $4,000 additional goes 10 Chicago
and the rest 70 View Orleans. New York
exchange az Chicago remained at a dis
count TO-DAY Of . cents This is pretty
conclusive evidence that the interior de-
mand for currency has set Il in force
Had il not been for The aggressive lead
ershfn IN the few strong stocks today.
II is 10 be presumed that the stock mar
ket would have rested some greater ap-
prehension because Of this rapid depletion
Last weeks moderate replenishment OF
the surplus was probably due 10 a reduc-
ton Of deposits through loan contrse-
ton. Today's foreign exchange market
was easier. in spite Of q higher discount
rate in London. lower sterling at Paris
and considerable sales OF stock for Lon
don account here. The grain market
showed large seaboard clearances and
there was q considerab bic supply Of spot
cotton bills in the exchange market. The
rate for call runey vas also undisturbed.
opening AZ per cent and closing % be-
low that rate The conspicuousiy strong
stocks closed active and at the best, max
ing the closing generally steady
The bond market was not v-ry active
outside Of Union Pacific Convertible. but
was strong Total sales. par value. S+s75.
CO United States bonds advanced =
per cent on the last call.