The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-10-18
FINE TONIC
FOR MARKET
Is Found in Rumor of Pur-
chase of 1925 Bonds.
RELEASING S2O,OOO,OOO
Rising Prices and Confidence
Follow Announcement.

New Torkw, Oct. Il. Another day OF
rising prices characterized the stock
speculation today and the degree OF conf
dence that prevailed was a notable con
trast TO the depressed feeling that existed
at the outset OF the week The formal
announcement that Secretary Shaw had
agreed 70 purchase ali bonds OF the issue
OF ISIS presented at the treasury to-
day and tomorrow was an effectual tonic
10 the market. II was stated that a
block Of S5.G60.OOo had been accepted and
II was predicted that fully twice as much
more would De Immediately turned in by
q syndicate at 1874 and interest. which
would net about lbs. All told IL was ex-
Dected that the tenders under this offer
would release about SO, 0oo. 900 treasury
funds which would be speedily available
10 the loca money market With this
prospect OF a new material IN sight 10
continue active operations the pools went
10 work with considerable confidence
ana bid up their favorites notably. The
call money market showed great ease
today and there were confident expecta-
lions that a good bank statement would
be issued tomorrow. which would contrib
ute toward further ease next week The
preliminary estate showed that the bank
came out about even in their operations
with the sub-treasury and the interior.
but the completion OF some syndicate
transactions this week is expected 10 re-
duce the loan account decidedly. Ac-
tive operations by a noted speculative
clique was said TO be based on the money
received from the Louisville and Nash
vile settlement and was pointed out that
the early closing Of the Rock Island re-
arrangement would release q large vol
ume OF money which has been tied ny
in arbitrsge operations between the old
and new securities. The usual crop OF
rumors respecting this or that stock was
put 10 good usage during the day. but
the most tangible assertion was that IA
vorable traffic alliance had bees effect
ed between st. Paul and Union Pacific
Not much was heard Of the rumored in
crease in the Norfolk and Western divi-
dend. and yesterdays interest in that
stock was largely shifted into other
quarters. The soft coal stocks as a
group were notable feature Of the day,
an early rise OF almost points in Balti-
more and Ohio caused an increased de-
mand for other stocks OF this class. The
heavy operations in Norfolk and Western
at the opening. but after a rise to so@4
the stock was liquidated heavily and
sold under yesterdays close for a consd-
cradle part Of the day. But little inter
est was displayed in .the anthracite coal
stocks N there was some disposition to
reduce dealings in them until the actual
settlement with the miners Is worked out.
Trading was furiously active during the
first two hours and when the list showed
some disposition 10 lag. St. Paul was
brought forward as a leader. Immense
blocks of this stock were taken, lifting IL
4k 10 19fz Large orders were placed
in other transcontinental
stocks and there was q ready response
in ali other parts OF the dist. While
there was some shifting of interest from
one group 10 another. the lessencd de-
mand for special stocks did not under
mine the strong feeling which permeated
the entire list. The United States Steel
stocks became prominent after long Pc
riod Of neglect and their rise started an
active demand for various other indie
pendent iron and steel stocks The high
priced specialties were not much OF a
factor in the market. but there was an
demand for many low priced
stocks. especially those in the middle
west and southwestern territOries- Pro
fessional traders quite generally shifted
their actions mfwyeptaoincmfwyp
their operations 70 the long side and were
active in driving some Of the stubborn
shorts TO cover. Late in the day heavy
buying movement developed in the east
ern trunk lines. led by New York Cen
trail, and there was more general In 4
1uiry for the higher priced railroads, in
GLIDING Illinois Central and the Grangc-s. I
Top prices showed q fair sprinkiing Of
gains. reaching two points and over. and .
there were many point or more The F.
closing was active and strong. but some .
n the leading futures OF the day were .
below the best.
Railroad bonds sympathized moderately .
with the rise in stocks and there was /
heavy buying In the speculative issues 4
Total sales par value. S3.s950O0.
United states old ~ and new is coupon 4
advanced :. and the new 4s registered I
3 ner cent on the last call.
Closing stock quotations were as fol
oEs