The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-10-27
STOCKS AND BONDS.

New York. Oct. 26-Professional oper-
ators did not find much difficulty in bid
ding up prices today and their operations
made UP the larger part of the rather lin
tied stock market. They met light offer
ings OF stock as prices advanced, but
they attracted no outside following 10
speak of. Some buying by uncovered
bear operators was induced and this
helped somewhat in the advance In the
occasional pauses in the professional op-
erations on the advance, the market fell
into an almost stagnant condition, but
yielded little. The closing was strong
and not much below the best
The days news was not especially en-
couraging, and in fact offered several
double factors. But traders are inclined
to argue that the resistance offered by
last weeks market to the effect of the
failures in Baltimore and Pittsburg is
evidence of an underlying condition Of
strength. The failures at Baltimore and
Pittsburg not only created an influence of
their own, but they aroused the spirit of
suspicious inquiry into banking and trust
companies as whole. This makes it
improbable that these conditions have
any surprises in store for the banking
world and the operators in stocks are
encouraged from this to feel confidence
that other failures would be with as little
effect as those that have already oc-
Cured Specific reports of improved con-
ditions at Pittsburg and Baltimore also
conouced TO the feeling of encourage
ment.
The advance in prices was not affected
by the admissions. now first made in
the weekly reviews of traffic that the
general traffic situation does not look
so strong as it did month ago. This
is In strong contrast to the great con-
fidence expressed by traffic officials over
the future of business up to this time
AIS weeks report admitss that every
thing is moving in much smaller volume
than at any time in many months. and
for the first time in long while some
OF the roads have their freight solicitors
actively at work again. These reports
come from sources that have complained
hitherto that Wall street was the only
blue spot in the country. Now that the
evidence OF depression is appearing. Wall
street experiences the relief from hav-
ing already gone through this process Of
There was also an appreclably nrmer
market for time money today and call
loans rose to 1 per cent, when beiated
borrowers supplied their needs. New
York exchange at Chicago fell to 50c dis
count. and attention is awake for a long
expected movement of currency west
ward. Since July the New York sub
treasury has transferred only sl00.6s) to
Chicago. while for the same period OF
last year there was transferred to that
point through the government institu- I
ton $4,000. \ conjecturaI explana-
ton Of the light decrease in cash re-
serves last week is that funds finding
investment in bonds are withdrawn from I
trust companies deposits. while the bond 4
sellers are depositing in the banks.
Today's speculation centered In Anal f
gamated Copper. which rose an extreme
-. points. The advance was based on
much the same kind Of argument as that 4
In other stocks. namely. that the harm /
from the Montana litigation was dis
counted in the previous decline in the
stock. Reported efforts to compromise
the copper quarrel We're also en- element
n the trading. and It was argued also
hat the Jump in the price % raw cop
per. which has resulted directly from
he closing down Of operations by the
maigamated properties. might yield q