The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-08-20
BUYING GETS FURIOUS
Stocks Offered Are Absorbed
at Advances.
EXPANSION OF BUSINESS
Is st--Symptoms of a
Boom in Stocks.

| o. To-Day ana the c-CSlIfS showed = III
riously active buying movement in force
which was absorbing all offerings at ad
vancing prices. Some Of these Offering:
| were heavy, eS result Of the attractive
level OF prices attained. and numerous IN
diyidual blocks Of 1000 shares and upward
Of St Paul were snapped up with appar.
ent avtdity. St. Paul resumed the leader.
/ ship OF the market and was wels taken
and firmly held al day, but 1t was no;
uTra! The last half hour OF trading that
It was taken decisively IN hand and rushed
up from about 1I012 70 1924. The other
/ grangers followed suit. though at q less
/ Lively rate. and with not near so large
I a volume Of business. Burlington recov-
cred its III dividend and quarter be-
1 sides The earlier part Of The day showed
! a marked falling of in the animation Of
the market and the conspicuous move
ments in prices were confined almost en-
/ ttrsIy 10 the industrial spec.alties. II be-
! came evident at the opening that there
were supporting orders IN leading stocks
which offered a barrier 60 further declines
IN them There was in addition q contin-
uance OF the outside demand for stocks
through commission houses. Some Of the
industrials showed a broyant tone and
served to sustain prices. Although there
was some realizing during the first hour,
IL was so we'll bsorbed that the bears be
came discouraged and desisted from their
efforts TO break the market. When Il was
announced that the stock exchange would
be closed from today until Monday it be-
] n,
ones who felt timid ABOUT leaving COM
mitments outstanding. The aggressive
movement in St. Paul started the bull
movement in full force. SONS Of the sharp
gains in individual stocks were: Lake
Erie and Western, 5; Lake Erie and West
ern preferred, IA; Minnesota Iron, g.. 4:
New York Air Brake, ~; Pacific Coast
Improvement, 31a; Pacific oCast Improve
ment preferred, 3; Inland Paper Company,
s. The rise in St Paul was 31s.
Reports by trade journals and from 9TH
er expert sources tel Of some expansion
Of business as a result of the termina ton
of the war with Spain. The expansion of
the countrys' business is stridngly mani
fest in the condition of the New York
money market, where the pressure for
funds from interior points is already be-
ginning. There is apparently nothing 20
meet this demand but gold, and New York
banKs are shipping gold 10 the interior
for circulating medium. The New York
money market has responded with a hard
ening tendency, and the foreign exchange
market with a fall in rates, while the
Bank of England has been strengthening
its reserves by contracting its loan ac-
count in anticipation of a call for gold
from New York and a resulting rise in
money rates in London. An early gold
movement to New York seems inevitable,
and there is eager demand by national
banks for the new government bonds. AS
fast as they can be acquired they viii IN
doubtedly be used for expanding the bank
circulation. These facts make il evident
that tae country is finding ample use for
the very abundant increase in its money
supply.
Total sales OF stocks today were $50. 400
shares.
Government bonds were easier; United
States new As, registered and coupon,
127>. Is 111a; coupon, 11l1a; Is. 81; IS,
registered and coupon. III; Pacific IS Of
49, 1924.
FOREIGN STOCK MARKET.
Madrid, Aug. B.-Spauish fours closed
today at 81
New York, Aug. 19-The Evening Posts
London financial cablegram says:
1t was d blank day in the stock mar
kers here, the exchange being half empty
in advance of the holiday tomorrow. The
tone was good, however. There were
sharp recovsries IN Canadian Pacific and
in Grand Trunk Americans opened dun
following the New York lead. but rallied
on New York support. Argentines were
good on a further drop Of points on the
gold premium The fall in De Beers mines
continues
LONDON, Aug. 19.-Spanish tours closed
at 04ls; unchanged from yesterday 5
closing.
PARIS. Aug .1s.-spanisn fours closed at
1876. The general market today was
hesltating throughout Spanish tours
fuctuated during the morning, but in the
afternoon showed improvement
Berlin, Aug 1s-Dne boerse was ex-
tremely quiet today. Spanish fours fuc-
tualed considerably. owing 70 q wrongly
reported low London quotation, but they
closed steady. Northern Pacific railway
shares were easier and Canadian Pacific
shares firm
LOANS AND EXCHANGE.
New York. Aug 1s.-Nooc.-Nouey on
call nominauy IizG2 per cent Prime
mercantile paper 5-.G4 per cent Sterling
exchange easy with actual business il
bankers bills at "a 81 a. for demand and
a. sass al ss7. for 50 days. Silver GER
tifcates 5sa4 15siz; bar silver So. Mexican
dollars IS
BRADSTREETS FINANCIAL REVIEW.
New YORK Aug. 19-Bradscreet' hnan-
cisl review TOMORROW WI say:
This Gas been q week OF active and
excited speculation The public has cone
into the market, aid buying. which az
times assumed al almost reckless ap-
pearaace has extended throughout the
share Isl. Large professional Interests
nave taken Up various parts q ire Est
IN succession and found -tse public ready
TO follow their lead TIE conspicuous
feature % the week vas cns granger
stocks and shs ms striking incident
the increase OF the Burlington dividend
rate 70 =. Per cent gcE,sriy. OF per
cent per aaaGm- Tn-s announcement.
coming cut o. wednesday. when he
market seemed likely % react under AK
ing % profit by the traGe-s kept Up cne
excitement and advances Tor that day.
while i resulted n dealings 20 the ex-
sent % 80 ota shares, ore O the iz-sesr
days ehe exchange has a2d 4 sone =-ne.
on THURSDAY, however. there vas Go-s
or less rsac1oa through the market
profits beng taken freely. while ~ ne
decline ,he7e Ess far sfozzt CO fresh
buying On Er.5ay re market tended