The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-11

Deiofo IL Gets betfer-But tt Does &c
Better, and the Advance Continues tn.
Rest Of the Day, Despite All Londor
Operations to the Contrary Bond Mar
ket Strong Governments shaded-sil-
ver's New Low Record.
New York, Aug. 10.-The price Of most
stocks this evening was distinctly high
er tnan last evening, the gains extend
prominent stocks. There are several
reasons why this net result OF the days
trading Is particularly notable as inii-
eating the recuperative power Of the mar
ket. In the first place the market open
ed with yesterdays disposition to take
profits apparently still rampant. The
offerings for this purpose were very
heavy and the market sold off sharply
under the large transactions. The de-
cline was accelerated by the pressure Of
short sales, professional operators being
convinced that a reaction Of considera-
bic proportions was impending. The
gr2ngers were subjected TO the severest
pressure and but few active stocks es-
capped loss OF nearly point By the
time the decline had reached this pro-
portion, the offerings began to show
signs OF diminution, that unfailing ind
cation of an undertone Of strength in
falling market, and prices sooon became
firm After a period OF dizziness, they
resumed an upward course and advanc-
ed steadily and strongly for the rest OF
the day on a continuance Of business. A
large part of the shares which were pre-
c,pitately thrown over yesterday, IN the
desire TO realize profits, were bought
back today, many Of them below the level
at which they were sold. The early
short sellers. many Of them, felt conpeH-
ed to accept the inevitable tendency to
advance in view of the decisive test or
the reactionary power OF the market
which was given this morning. The re-
was effected in the race OF
the selling for London account IN ratner
larger volume than usual. and of especl-
aljy severe declines OF Americans on the
I on5on exchange. Today was the fort
nightly settlement or delivery day on the
London exchange The belief had pre-
vailed In some minds that the recent
selling of the Americans by London was
short account and that the settlement
y oIId disclose the fact in an Increased
demand 10 cover shorts. Contrary 10 the
O soectation IF this class, London sold all
the international stocks very Freely
with the exception of Northern Pacific
preferred This goes TO confirm the M
preston that foreign capitalists nave
really been liquidating their holdings OF
American securities on a very large
scale. The only symptom Of the eXis-
tence OF any short interest in London
was some demand to borrow stocks here
On the part of the representatives OF
london interests. The disregard or the
stock market effects OF London's ath-
tude by the rally here was all the more
marked in view Of the facts.
The day was marked by further de-
Zine in sterling exchange on posted |
'ates to s4S4h and s4.S61a for long and
short respectively. and OF actual rates TO |
;4S3% and S4S5% for long and Snort |
Rates for time money for the long peri |
IDS hardened perceptibly and this invit-
a some selling OF sterling bills for fu- |
uture uses, the proceeds being put into |
oans. Discount hardened in London,
md there was active bidding there for
,old.
Crop prospects, reports OF foreign crops
hortages and the accompanying rise in
he wheat market all continued favor
bile to the advance in prices OF stocks,
S did further reports of current rail-
Dad earnings. The total decline was
nore than recovered in all satocks, but
he net gains sxtendei to a point for
niv a few sh es. The rise from the
1west exceeded a point IN all of the
rangers reaching Chicago Great Yves
7rn. ST Paul led the group in point of
ctivity. with sales OF g., 900 shares. Hi
DIS Central rallied 2k per cent from the
west. a recovery Of over point also
ccurred IN very many Of the western
nd southwestern railroads as well as
some leading southern railroads. n
lrge number OF fndustrials and special
es, including a large number OF the
nthracite coal roads. are IN the same
ategory. Consolidated Gas showed a
It gain Of per cent. Metropolitan
raction 21s per cent; New York, Chi
ago and ST. Louis per cent. and Pull
ian l per cent Brooklyn Union and
li::ois Steel each lost a point.
The total sales OF stocks today were |
4 .962 shares, including: Atchison pre-
FRED 27,620: Burlington 400; Erie
ex) 1852; Illinois Central 1926; Louis
lie and Nashville 395; Mania tan L 30;
etropolitan Traction $50; Missouri
acific 1925: Missouri, Kansas and
exas preferred 3,o15; New Jersey Gem
al S,S91: New York Central 1865;
orthern Pacific SOL: preferred 2o.72o:
400: Reading $50;
ock Island q. sos: s.. Paul 64.050; s..
lul and Omaha 6.S65; Southern Rail-
av 1910: preferred $3.50: Union Pacific
80: American Spirits 1929; American :
1b1cco 1854; Bay State Gas 1885; S
licago Gas 1855; Lacleje Gas $3.50: S
andard Rope and Irvine 4.5e0: Sugar =
,792; T. c. and I. 1857: United States :
sa.her preferred $40: Chicago Great 9
este-n 5S.440. :
The bond market gave decided evil =
nee OF strength on liberal purchases =
nich advanced some OF the prominent :
sues notably. Business was in consid- q
a bic volume, but the aggregate showed q
shrinkaye from yesterday i
tai The to,aI transactions were S. S
1000.
Trading in government bonds was fea- 5
red by & sale OF a block OF 100000 of 2
E new coupon tours. The market ruled Z
avy at I slight shading in quotations s
the close. y
FOREIGN STOCK MARKETS. g
New York, Aug. l0.-The Evening 8
st's London financial c3blesran says:
There vas a general setback in the .