The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-11
TURN FOR IHE BETTER
Stock Market Runs Away
From the ReactioniStS.
LONDON A FREE SELLER
Changers, Especially South
westerns, Aided By Crops.
LONDON A FREE SELLER

! New YORK, June l0.-Ihere was Drlel
struggle in the first hour of today's stock
market TO extend the reaction which mas
/ been in progress during the week. when
the prices suddenly and vigorously took
an upward turn and il was runaway bull
campaign for the rest of the day. There
was an enormous absorption OF stocks on
! the ascending scole of prices. especially
In Sugar, Brooklyn Transit, the Changers,
and few Of the leading specialties. The
picking up Of inactive and dormant stocks,
however. distinguished the trading quite
as much as the aggressive strength In
/ the great specula tive leaders. The ad-
vance was made in the face Of several In
cidents, any one Of which would have
/ been seized upon TO raid down the whole
list in the reactionary spirit of the earlier
part Of the week, but they were without
the slightest influence IN restraining the
heavy buying of stocks. One of these IN
cidents was the marking down of per
cent for Americans in London on the
score of the chronic British apprehension
/ that the currency and finance Of the Uni
ted States were being unsettled and ru-
MED by the nations supreme legislative
body. London sold stocks early on this
ground. but at the extreme decline bought
a little bit Of Louisville and Southern rail-
! way preferred. These two stocks suffered
depreciation from the fear that the es-
/ tablishing of quarantine against yellow fe-
/ yer In the south would interrupt traffic
and cut down their earnings. There was
/ a disposition at the opening also to con-
/ tinue the bear campaign against Sugar,
and the price was driven down over a
point in the first hour, but advanced dur
ing the rest Of the day, the extreme rise
I hair 49,
growing crops awakened an urgent de-
mand for the Changers. The stocks of
the whole group were bought. Burlington
led with a net gain of %. st. Poul was
| held back a while by London selling, but
! finally joined in the advance. The South
western Granger roads also had the ben
eft of the crop prospects, especially
Atchison preferred, which IS up 19s on the
day. 1t was noticeable that the special
ties which have been strong during the
late weakness in the market fell into the
1 background, except Brooklyn Transit,
which continued its conspicuous advance
with an addition of four points to the
price. The market closed very active
and strong near the top.
Total sales Of stocks today were GIL
300 shares.
BONDS.
| Bonds merely held their own in the early
dealings but prices rose and the volume
of business increased later in the day.
Total sales were $3.6 900.
United States old tours registered on
call declined u in the Dir price, but later
Did up p per cent. New tours 1211k and
coupon 121l9; tours, 1O77s; copuon, 1O919;
seconds. IS; fives registered and coupon,
110&l; Pacific skies Of '99, 1907.
FOREIGN STOCK MARKETS.
New York, June 10.-The Evening Posts
London financial cablegram says:
The stock markets were quiet and dull
today, the speculative markets being de-
pressed by the sharp setback in Grand
Trunk on unfavorable traffic statements.
Americans suffered with Grand Trunk
Foreign stocks were irregular, with a fall
in Brazilians. 1 believe that today's with
drawal Of japanese coin from the Bank of
! England nearly exhausted the bans sup
ply of that coin and l do not think that
Japan will take much bar gold from the
bank"
London, June 10-Bar silver closed fat
at 269sd per ounce
Madrid, June 10.-Spansh fours closed
today at $3.50. Gold was quoted at $500.
Paris, June 10.-Business was quiet on
the bourse today. and prices were barely
steady. Spanish tours opened weak and
clined on realization.
Berlin, June 10.-Stocks on the boerse
today were generally weaker. The gold
export from London and the decline Of
prices in New York caused realizacio
international securities were fairly steady
except in the case Of Spanish tours.
LOANS AND EXCHANGE.
New York, June 10.-Money on call nom
inally I4G12 per cent. Prime mercantile
paper, 9laG4 Sterling exchange steady.
with actual business in bankers bills at
81 S4l4 d4S6l2 for demand and $4SiAd485
for sixty days. Posted rates, s4S5LQ4S7.
Commercial bills. S4S3%. Silver certih-
Gates, 5T1zQ5S15. Bar silver, SIS. Mexi-
can dollars, 45Iz.
TREASURY STATEMENT
Washington, June 10.-Today's statement
Of the condition of the treasury shows:
Available cash balance. $3.50 $40. 69S; gold
reserve. 66.S47,S92.
THE WEEK REVIEWED.
New York, June 10.-Bradstreets hnan-
cial review tomorrow viii say:
More or less irregularity has been
shown in the movement of the market
this week. War and other news has been
less Of a factor, but while the tone Of
speculation has been generally strong.
groups Of stocks which led the recent
advance. while fresh ones have come into
prominence and displayed strength. The
bond markets activity has rejected the
renewed presence OF investors.
Governments have declined a little nj
consequence of the passage Of the war
revenue bin by the senate with a bond
clause and the certainty thus created that
the government would soon bring out a
new issue. on the other hand. the rail-
road bond list has been advancing. the
scarcity Of and higher prices for giit-edge
securities creating n demand for the Sec
ond and even third grade Of railroad
morJga ges. London has both bought and
sold American stocks, though there stili
appears to be a lack Of public interest in
cur securities abroad, and the advances
in the London quotations for them FOR
several days are ascrtbed n purchasing
orders from this side. While the mar
kei here has been active there has been
a falling of IN the amount OF public
participation. and the efforts u manipu-
lators have been apparent in some OF The
more notable movements, particularly the
decline OF sugar and the advance OF vari-
GUS spsialties The sentiment OF the
street continues buillsh- The ease Of
money IS d supporting factor. and while
the delays IN the progress OF the var and
the conflicting news CT absence az any
news whatever from the scene Of h5s,iIi-
ties has been calculated 20 hold back spec
uiation. the underlying feeling IS one or
confidence II the results and the strongly
bullish effect Of further success 70 ou-
arms"
COTTON