The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-24

misunderstanding Feeling of Skepti
| cism Regarding Wheat Damage in tn
Northwest, and Grain-Carryin. Road
Reap the Benefs-To:aI Sales Largel,
Increased.
New York, Aug. 23-The stock marke
| today shook itself free from the heavy
restraint which was imposed upon i
| during all of last week and bounded up
ward again. Today The large dealers VIII
threw their holdings upon the marke
last week TO materialize bought bach
stocks in enormous volume and brought
the level Of the market about up to tha'
Of last Monday, when the rise seemed
to have eliminated. That great moneyed
interests were concerned in today's buy
ing was shown by The heavy blocks OF
stocks that changed hands and by the
extensive buying Of bonds. There was
one order for any part of one million
Of bond which is favorite in the mar
ket at present. The commission houses,
which had withdrawn from the market
last week and had joined the selling
movement towards the latter part of the
week, were out in full force again in the
market today. II was more a movement
Of the large dealers 20 buy back al the
lower level what they had sold. The mo-
tive Of the abandonment of the bear
movement and the resumption Of buying
was a craving skep.icism regarding the
reports Of reduced spring wheat crops in
the northwest. The enormous liquidation
in the wheat market gave confirmation
TO these doubts. The continued rise Of
wheat in England and on the continent,
on the other hand, was continuing evil
dece Of the foreign need for wheat ad
gave assurance OF great traffic TO the sea
board 10 transport grain, and back again
to transport the merchandise which the
farmers profits would buy. The strength
Of corn and cotton in London also aid
ed the stock market.
The fact that foreign houses sold grain
in the market and that purchases for eX-
port were largely curtailed did not pre-
vent the sterling exchange market from
weakening &c for actual rates OF both
long and short sterling, the former fall
ing to s4.S3ss, the latter to s4.S5ls. This
reflects the warning influences OF the
measures taken by the Bank of Englnad
to defer the movement of gold to this
country and was a strengthening factor
in the stock market. The grangers and
all grain-carrying roads led the improve
ment, Burlington leading with pa per
Nandarhi1- sh ,
ern, the Gould stocks and the internal
cional shares were all very strong and
few failed TO show net improvement Of
At least a point. The anthracite coal
shares, particularly the Reading issues,
were also active and strong. Leather
preferred was largely dealt in at an adj
vance. Atchison preferred gained Is
Der cent; Illinois Steel per cent; Louis
lille and Nashville IA per cent; Michi-
can Central per cent; Rubber preferred
1-2 per cent, and Chicago Great West !
m preferred IL per cent.
THE DAYS SALES.
The total sales of stocks today were |
49. 362 shares, including: Atchison, 1850; !
referred 1888; Chesapeake and Ohio. |
,230: Burlington, 400; Illinois Central /
,45o; Louisville and Nashville, 1850;
dissouri Pacific $3.50, preferred 1875;
L $500; New York Central,
800: Northern Pacific 1901, preferred
g. 1875; Reading, 1925; Rock Island20, 800;
i. Paul 5000; Southern Railway pre-
erred S.134; Union Pacific 1859; Ameri-
an Spirits $500; American Tobacco
500; Chicago Gas 1850; Pacific Mail
$50; silver certificates 5000; Sugar $40:
'ennessee Coal and Iron 1850; United
tates Leather 1920; preferred 26O2O;
Western Union 1920; Chicago Great
Western 1916.
The bond market showed re-awakened
ctivity, the Atchison, Erie and North
n Pacific issues being prominent.
'orthern Pacific threes gained Is per
ent; Atchison adjustment tours is per
INT. and Erie threes IA per cent.
FOREIGN STOCK MARKETS.
New York, Aug. 23.-The Evening
ost's London finacial cablegram says:
The stock markets were inactive to-
ay, but the tone was firm, mainly in
Ivering by the bears in view of to-
settlement
The rise i'll Americans was partly due
this cause. out also to the renewed
fers OF purchases by arbitrage houses
II dealers and by the public generally.
minis side at the lower level establish
The reports OF a shortage in the Unit
States wheat crop are not generally
L.,t - !
nee the scdnt response on the part OF (
e Baltic Clique today.
'Shrewd operators expect a renewed .
Sc in Americans. and from all indica- S
ms l should judge such an opinion 10
correct Undoubtedly New York is '
wing largely, the amount carried here ;
New York operators speculatively, G
d the stock actually shipped 10 New :
,rll by each steamer. being alike large. 0
III there is no doubt that speculative ?
ying by English operators is growing. a
The leading American houses here c
i me differently. They sayeach day e
u all the buying IS from New York,
4 that every one is a seller here. They )
" be right so far as dealings on & c
ge scale are concerned. but l can on /
81 ythat il is 4 common experience 70 .
now with men % nave their small
count running in Americans and who s.
year ago could not have. told you the .
&c Of a Yankee share Il You asked o
m. / know of one large firm OF brok-
alone who have done . profitable $
siness almost entirely in speculation in y
lsrlcanS in the past month. G
l send these details. not u give the I
a that there Is any strong bull move ~
~ in Americans, but 70 show how "
nplex are the currents and that II G
81 nor be supposed that the American
-ket Is no; attracting much attention :
. -. :,