The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-09-30
STOCKS AND BONDS.


New York. Sept 2a.-People who came
down TO Wall street today expecting a
dernoralizing break in prices met with a
surprise as vigorous support was forth
coming from the most powerful financial
interests in the country and was steadily
offered throughout the market The mar
ket closed active and strong and at the
best prices OF the day. Net gains OF 2
70 points were the general rule through
out the list. and in the leaders exceeded
this Pennsylvania Amalgamated Copper
rising 81. and Union Pacific, Atchison,
Street Railway, Brooklyn Transit and
Peoples Gas from TO 81. The expec,a-
ton of the further slump today was
founded on the demoralized tone OF Penn
sylvania and the resulting unsttelement
Of the whole list last night. This infu-
ence was supplemented by the further
decline in British consuls today to a new
low level A the course of this Premier
British security has kept pace with our
own market on the down grade, rejecting
the same condition of over extension OF
CAPITAL in certain lines causing the re-
cessity for drastic liquidation elsewhere.
the opening tone here was decidedly un-
settled The United States Steel issues
preferred breaking through yesterdays
new low record The majority OF opening
changes was on the side of declines, and
there was some special pressure against
New York Central. Yesterdays break
in Pennsylvania having brought that six
per cent stock down to a parity with the
FIVE per cent New York Central. the usual
bear pressure under these circumstances
developed against the latter. But Penn
sylvanias opening rise of point was the
proclamation that other influences were
at work. The buying of this stock was
traceable to the banking house Of Kuhn,
Loeb & Co., which manages the COM
panys financial operations The very
heavy buying orders in United States
Steel preferred were credited in a similar
way 10 J. P. Morgan & Co, and it was
confidently affirmed that the open buying
of Amalgamated Copper by brokers US
ually employed by the Standard Oil party
might be accepted in good faith as indicat-
ing the activity on the buying side of that
party. There has been an almost super
stitions feeling amonk the whole specu-
lative contingent that the melting away
of prices, which had reached the point
of a slow panic would not be checked
until those financial leaders began TO buy
stocks largely in concert. The conviction
that this would happen had an electrical
effect upon speculative sentiment and
drove the bears to cover with scramble.
Some of the large bear spectators put
out fresh short lines at different stages
of the advance. in the confidence that the
large buying orders were designed simply
to support the market, TO be resold upon
any considerable advance. But there was
10 evidence of this reselling and the be-
lief gained ground that the great banking
interests had definitely changed their re-
cent policy of abandoning the market
TO its own resources and hiding the time
when the fever of selling, which has taken
hold Of the securities holding public,
should waste itself. 1t was evident at
the same time that the urgent demand for
stocks was by shorts. The news of the
day Of which there was little bearing on
values. was not a factor at all in the
movement of prices.
The bond market became firm. in SYM
pathy with the recovery in stocks. Total
sales. par value. 1885. Ooe United States
Is declined Il per cent on the last cc;l
Quotations were as follows: