The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-11
STOCKS FACE ABOUT
Movisg Up Sharply, Crop
Prospects Assisting.
CLOSE BUOYANT AT BEST
Greater Strength in Changers
--SpeCialtieS Advance,

NV York. May 1o-The stock market
moved up sharply today, although al some
times considerable irregularity appeared.
Certain large interests were open purchas-
ers of their specialties. and the absorption
Of some 7O.0o0 shares by London aided the
market leaders in pushing up their favor
ties. In the afternoon the rapidity of the
advance induced the covering Of large
short lines, and commission houses were
again active purchasers. There was no
furry IN the money market, the ruling
rate for cal loans being 4 per cent. Sterl-
ing exchange eased off on the largee pur-
chases of stock for foreign account. An
element in shaping sentiment was a rumor
that the government crop report 70 be is
sued today would show an improvement OF
several points over last month st. Paurs
favorable weekly statement of earnings
was a source of strength 10 the grangers.
The lower range of prices brought about
by yesterdays decline proved attractive 10
many would-be purchasers and while there
were no important news Developments
sentiment was completely reversed today
Stocks which were the center Of weakness
yesterday, notably IN Flower specia!ties.
were aiming the strongest features today
Brooklyn Transit rising ~ and Federal
Steel and Peoples Gas about 4 each
Among the specialties. there were some
very pronounced advances, including
American Tobacco u. American Smelters
57s, Steel Hoop and Third Avenue each,
American Stee! and Wire 3a4. Tennessee
Coal and Iron and Continental Tobacco
312 each and Anaconda Mining and Man
haitian 3 each. The railways advanced
from 10 So points for active issues Bur-
hngton scoring the extreme rise Metro
politan, which lost a point. was the most
pronounced exception to the general
strength. In the forenoon there was con-
siderable commission house liquidation
which induced certain professionals to
make drive at the market but large
operators absorbed offerings and this turn
ed the tide and steady improvement fol-
lowed. A report that the Industrial COM
mission hearing in Washington had been
postponed for thirty DAYS led 10 purchases
Of the stock of some of the companies 70
be investigated It was reported that a
prominent commission house. after a con-
sultation with the financial institutions
carrying its loans. was forced to sell
large line of stocks shortly after the open
ing, and that il was on sales from this
quarter that the market was temporarily
depressed In the forenoon. Practically
everything Joined in the late advance and
the market closed buoyant at the best.
The total sales of stocks today were l.
02759O shares
The railroad bonds participated in the
improved speculative temper but advances
were not material. except in a few in
stances. Total sales. $2.S20.o00. United
States fours advanced pa and the threes
Is in the bid price.
New York. May 0.-Commercial-Adver
Users London financial cablegram: The
markets here were quiet today. They were
influenced by the settlement. The tone
was more cheerful Americans were de-
cidedly active. They opened above parity
and arbitrageurs steadily sold stock OBJ.
tanned cheap in New York last night. but
London absorbed it easily and there were
also early buying orders sent privately
from New York. causing Improvement
here. New York opened strong. then re-
lapsed and later rallied 10 the best. but
in the street became fat. The general
contango was 4d4 -. St. Paul was scarce
at 1-2d4 Coppers dull but improved
Anacondas began az II IL and closed at !
i Is on American buying The TfIntos
were 81. Utahs SIS. Bostons > - Fgftv-
one thousand pounds gold in gold bars
was bought by the bank; e50.o0) was en- |
gagged for the Cape. Silver idle and the /
tendency heavy. Money was dullish. IN /
changed. The Alameda sailed from sgd
ney today for San Francisco with e15I. go /
gold.
NEW YORK STOCKS
New York Stock markets furnished BY 4
c. B. Bennett Commission Co. 325 East /
Douglas avenue. Wichita Kansas. Local 4
and long distance telephone. 494: