The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-29
STOCKS AND BONDS
STOCKS SHOW REMARKABLE
STRENGTH ALL THE SESSION.

Practically the Whole List Tends Upward,
With Scarcely a Halt. Occasional Offer
ings to Take Profits being Absorbed at a
GuIp-Leading Influence on Opening is
London Buying of Americans-GraiE
Carrying Roads to the Front; Also Iron
and Steel Propertles-Bank Statement
as Prosperity Symptom.
New York, Aug. 2s.-The stock market
made remarkable show Of strength
throughout the short session today, prac-
tically the whole list tending steadily
upward, with scarcely a halt. There was
profit-taking at intervals during the
morning, but the sales to realize were
absorbed at a gulp, with scarcely an i'm
preston, and the buying resumed and
kept up steadily until the close.
Sharp advances in the prices Of Amer
lean securities in London gave the i'm
petus to prices at the opening. Arbit-
rage brokers' also bought some Of the in
ternational stocks. This buying was
banking house not regularly engaged in
arbitrage dealings is known TO have
been a buyer for foreign investors. The
see-Saw effect of the decline Of wheat
was again manifest today, and the crop
damage scare of last week was displaced
by renewed confidence in the yield of
wheat and the safety of corn. The
grangers were largely dealt in on the
strength of this factor, but they moved
over a somewhat restricted range on
account Of realizing sales, which affect
ed no very marked reactions. Omaha
was the center of interest in the whole
market, rising by leaps and bounds to
II rs per cent, and closing only Is per
cent under that, with a net gain of 3
points. The buying was in execution of
large orders. The so-called Gould roads
in the southwest showed advances in the
prices Of their shares on account of the
good showing in earnings of recent
traffic statements. Wabash preferred
gained point and Missouri Pacific and
Kansas and Texas preferred ga per
cent each. Illinois Steel jumped points
and other iron and steel stocks were
firmly held on the favorable outlook in
that industry. The industrial stocks
otherwise were somewhat neglected. The
cGalers also were not conspicuous and
lacked strength. The buying movement
was in full flood at the closing and
prices We're at or very near the best Of
the day.
New York, Aug. 2S.-Total stock sales
today
Atchison preferred 2O,122; Chicago and
Omaha 1890; Chicago, Burlington and
Quincy 12.16O; Louisville and Nashville
4,459; Missouri Pacific 5,7S5; Northern
Pacific preferred 5,525; Ontario and
Western 6,9S5; Rock Island Is, 400; ST.
Paul 24,175; st. Paul and Omaha 16, 100;
Southern Railway preferred 1000; Union
Pacific, Denver and Rio Grande 1000;
Wabash preferred 200; Laclede Gas g.
$50; Sugar 1857; Tennessee Coal and
Iron S,505; Western Union 4,107; Chicago
and Great Western $500
THE WEEW REVIEWED.
The week in the market has seen the
almost total abatement of the crop dam
age scare, which exerted pressure on
prices all last week Even the publica-
ton of the governments weekly crop
estimate on Wednesday, with its unfa-
vorable view Of the condition of the corn
crop and the yield of spring wheat, only
effected temporary reaction and that
not Of large proportions. Otherwise the
market has tended steadily upward all
week. The total average decline of the
previous week as obliterated on Monday
and the weeks rise had carried prices
10 the top level of the movement. a de-
tailed analysis of some of the railroad
reports showed that increased earnings
We're due as much to weStbound general
merchandise as to eastbound grain
traffic This increase IN general freight
business and the reported growth of tele-
graph business were made effective use
of as reliable indications of the expan-
sion Of general business in the country.
The sentimental effect of dollar wheat
was no small factor in effecting the re-
sumption Of the upward movement in
the stock market. \ feature OF the
week has been the reduced volume OF
transactions. Thus, the reaction in the
middle of the week brought out no large
offerings to liquidate. On the other
hand, the sharp advances on Monday
and some other days were on a total
volume of transactions only about one
third as large as some days during the
recent period of greatest activity. At the
same time, Il IS evident that very heavy !
orders to realize are placed at certain |
level above the market in the prominent
speculative stocks, which, checks any adj /
vance above a certain point On the |
other hand, there is evidence OF heavy I
buying orders, some Of them on an in |
creaSing scale downward, which are a
strong buttress to the stock below the /
existing level and which demonstrates /
the faith OF large operators in the con- /
tinuance of the improvement. This con- |
dition gives a remarkably firm and /
steady tone 10 the market. A number of !
stocks have attained prominence during
the week Missouri Pacific and Chicago /.
and Omaha are the most noteworthy eX- |
amples, and today Omahn was added to /
the list. with a jump of points in the /
half-day's trading.
The fact that the money market IN |
New York has become easier during the /
week is hard 10 explain, in view of the J
continued increase in business activity /
all over the country. The failure OF the /
money market 10 harden is attributed 10 I
the fact that the heavy re1renchment /
eni enormous liquidation which has been
going on for months in every depart
ment Of business have left large sur
plus funds available al interior points
as well as in New York. The plethora
OF money is the cause Of deferring the
gold import movement, rates for money