The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-11
is RECOVERED
STOCK MARKET EXPERIENCES A
RALLY AT LAST.


Trend of Pr.ces.- aud the Liks-rhere
ID Also SomethiAs to Recall Old Times,
In the Statements Of London and Com
mission House Buying
New York, Aug. 10--The long ex-
day, although. of course, the gains scor-
ed were not commensurate with the ma
terial declines that occurred last week.
Business was fairly extensive and was
well attributed and while the trend of
prices was upward. the movement was
long-prevailing professional character
OF the market was furnished by purchas-
es for foreign account and the execu-
ton Of moderate commission house or
ders. The initial source OF the rally
was higher prices in London and ar
bitrage purchases. IN a number OF in
stances the fluctuations recorded were
quite wide. The important influences
bearing upon today's market were early
strength and eventual ease in call mon
ey rates and a steadily declining morket
for foreign exchange. The government
crop report as usual was not published
until some time after the close of bust
ness. The opening was strong and
higher, covering of shorts being a de-
cided feature. TIE Improvements in
the first few minutes of business ex-
tended to IL per cent in some OF the
leading shares, with Sugar exceptionally
rising 31s per cent 10 sSS4 per cent.
The bears took the aggressive and
vigorously raided the stock. and also
manhattan In the case OF the last
mentioned Property. considerable
amount OF long stock was dislodged.
Sugar sold off 50 per cent. 70 80 per
cent, being adversely influenced by the
publication OF cabled advices reporting
a sharp break in foreign Sugars Man
haitian sold off points. to 741s per cent,
and various other shares yielded TO
material extent. Northwest figured for
"a per cent. TO s51s per cent. and many
new low records We're Established. Among
the less active shares. Brooklyn Union
Gas was conspicuous by a break OF As
per cent, to 151s per cent. An importane
influence at this stage was an advance
in call money rates to an extreme per
cent, which induced liquidation in many
quarters. The market steadied for a
time during the first hour. but another
sharp raid was made, this time on the
industrials. Tobacco yielded 4 per cent
TO 81 per cent. and leather preferred pa
per cent. The last stock was alleged 10
be sold on a con tinued unfavorable mar
ket for sole leather. AT the general low
level, supporting orders appeared in some
stocks and foreign buying and extern
sive covering turned the scale again.
A feature of the rally was the execution
Of a number OF small-lot buying orders.
The rally was attended by rumorso a
concerted protective movement by sub
stantiol banking interests. The report
was not confiYned but nevertheless a
material advance in prices occurred.
The improvement was increased toward
the close by drop in call money to
per cent. Large blocks OF stocks ex-
changed hands and purchases were
made for the London account with more
confidence than for some time past The
gains We're notable in many cases. SUI
gar jumped per cent. TO SO per cent;
Tobacco 81 per cent, TO 54h per cent:
Manhattan 81 per cent TO IS per cent;
Lake Shore ga per cent, to 13 per cent:
Northwestern 3% per cent, to ssh per
cent; st. Paul 2s per cent to 26B per
cent; New Jersey Central 2iz per cent.
to 80 per cent and Western Union 2iz per
cent, to 75A per cent. The closing was
strong with net gains OF 1a2 per cent
throughout.
The total sales OF stocks today were
2S3, 006 shares, including: American To-
bacco IS. 200; Atchison 5000; American
Sugar $500; Burlington and Quincy,
Il, 300; General Electric 5000; Louisville
and Nashville $500; Manhattan 10000;
Missouri Pacific $500; Northwest $500;
Reading 1900: Rock Island $500: 81.
Paul 1920; Western Union 1890;
Wheeling and Lake Erie $500: Southern
railroad preferred 1000: silver certif-
Gates 10000.
The bond market moved Irregular
with decided strength TO the specula-
tive issues, in sympathy with the rally
in the stock market. Improvements OF
1a2i2 per cent were scored. the last In
Atchison tours. The high-priced in
active mortgages continued 10 sag, with
important concessions generally. The
sales were 81, 563O0G.
Governments were weak and lower on
sales of $500
Silver certificates were easier at ssz
cents. for $3s.00o
FOREIGN STOCKS AND MONEY.
New York. Aug. 1O.--Evening Post's
London financial cablegram:
The stock market sopened gloomily
today bu- closed more cheerful. The
settlement in mines today revealed a
smaH account and healthier condition.
Paris IS ceasing TO sell. Americans
opened above the parity today and thea
gave way, Louisville mad Nashville
dropping 10 3ss4 per cent and 81. Paul
n ri,r
tons. them arket closed above the low
est point and with a better demand.
Money Is too plentiful to Justify the
alarmtst views expressed in some quar-
tiers as TO probable failures. Whatever
difficulties may exist. they are likely 20
BE- tided over this settlement and al
though the situation IN the United
States Is stilI regarded very gravsiy
here, present opinion IL that much mus
now have be osideutneucd Asvzyij haalrd
now have been discounted The other
markets shared in the improvement and
IL only the settlement goes WEEK, some
slight recovery IS looked for.
The Paris bourse was distinctly FIR
mer.
E5erlinwseteady.
London, Aug. I0.-Consois for money
11ess: for the account liz 1915: Cana
dan Pacific $50: Ere Il: Erie first pre-
ferTed IA: Illinois Central IS: Mexican
ordinary Isiz; St Paul common s2@s;
New York Central 81: Pennsylvania S9is
Reading 1zs: Mexican Contra! new =.
Moasy 4 per cent
The rate OF discount II the ooen mar
k=t Tor short bills / Bias per cent:
-hrs months bills 3-iss7s per cent
London. Aug 10.---GOlc - quoted a.
Z a. H.
iS.Z5. al Lisbon 1871: al Rome 1919.
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