The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-02-25
STOCKS AND BONDS.

New York, Feb. 24-The minds of on
! orators in stocks today were manifestly
| turned upon the money market outlook.
| The significant upward movement in St
Louis and San Francisco and in Wabash
! preferred had very little sympathetic eff
| iect upon the general tone of the mar
ket. lac influence of the weak bank
statement on Saturday and the develop
ments OF today in money proved more
was sufficient to overcome any sympa-
thetic effect upon these manifestations
| OF strength. But in the afternoon when
IL was announced that the senate had
taken up the consideration of the Al
drich financial bill substantial rally set
IN ana large proportion of the earlier
losses We're recovered
The whole movement was largely pro-
fessional. but il was but a fair demon
Stration OF tho Importance attached in
the financial community to everything
that promises relief from the threatened
financial stringency OF the coming fall
In this connection any assurance. such
as provided by the Aidrich bill against
Withdrawals from the money market by
the government in the collection of the
surplus revenue is considered of prime
Importance
The Saturday bank statement since
which there was no session OF the stock
exchange until today was regarded as
inroads being made upon the banking
resources by large corpora ton require
ments. The very large decrease in cash
gives rise to the superstition that the
local trust companies are also beginning
to anticipate their needs in the enlarge
ment Of cash reserve to conform with
clearing house requirements
Much significance was attached to the
development today of quite an acute
pressure for funds from Chicago. The
transfer of $4,000 to that center through
the sub-treasury is known TO have been
largely supplemented with direct ship
ments by express. 1t is believed that
large payments coming due on March l
on real estate operations in western towns
are responsible for this unexpected de-
mand. The extent OF commitments on
western land speculation has been sub
lect OF puzzled conjecture in New York
for many months. Large ventures were
known TO have been made in prelimi-
nary payments. with the idea that future
payments would be provided for by a
resale of property, but that market
lost it's activity. as it has in so many
other lines. The extent OF the require
ments for these supplementary payments
for real estate becomes of greater interest
by reason of the demand for funds. The
local money market hardened on account
of these developments and caused a re-
action IN sterling exchange away from /
the gold export points.
The exchange market was not affected |
by heavy sales here Of stocks for Lon /
don account. teh light seaboard grain !
clearances. or by the decline in the ex- |
port demand for cotton. 1t was evident !
that exchange was affected rather by 1
ceSsa ton OF the demand for remittance to (
repay to foreigners maturing loans owing /
to frmer monoy.
The movements in St Louis and San
Francisco and in Wabash preferred were .
in mystery. but spectators sup |
posed the two movements were connected
The stock market hypothesis was that /
a newly secured control OF st. Louis and |
San Francisco carried a threat of compe-
tition to the Gould southwestern system
and that the Pennsylvania railroad was
availing itself Of this to press for sub
stantial property holdings in the Wa
hash system on account OF the latters
trunk line aspirations.
The strength of Amalagamated was at
;ributed 10 the further rise In the metal
and sugar rises seemed To be connected
with an advance in the price of coffee
The market closed quite active and
firm.
There was some breadth 10 the bond
market. but the largest activity was in
81. Louis and San Francisco funding IS
and Wabash debenture BIS. The gen
-ral tone was irregular. Total sales.
par value. sl.621en United States cou-
pom IS advanced !. per cent on the last
az.
Closing stock quotations were as