The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-29
STILL On RAILROADS
Effort Is Concentrated But
With Smaller Result.
LONDON TAKES'AMERlCA
Local Money Market Steady
Gold Export Outlook.

] new 1Ofks Sune so--Au eu0EL was
made to repeat the demonstration OF
strength in the stock market which was
given by the ourburst Of activity and
strength which carried prices to the high
est in the closing dealings yesterday. but
with = partial success. Manhattan was
rushed up to a fnal quotation Of Ils IL
witch was IA above last nights price
as New York Central was rushed I'D late
yesterday. The sympathetic effect on the
J general list was far below that Of the
/ New York Central movement. Decidedly
the most significant feature OF the days
/ trading was the cessation Of the upward
| movement in New York Central and afiIi-
ated stocks There was an active OPEN
ing in the stock. caused by the accumu-
! lauon Of commission house orders which
was attracted By The strong upward
movement Of the stock. Il was advanced
early in the day, almost point. The de-
mand was evidently satisfied for the time
being and the movement lacked snap. The
! price was allowed TO lag There were
-
! developments which prevented a break in
| the price Of railroad stocks. but there
/ was obvious profit-taking at some points
| an dthe days advances are small EXCEPT
/ in a few cases. The rally at the close did
not bring prices back Co the top level.
( The most potent influence In favor of the
/ bulls was the favorable disposition mani
| Tested toward American securities IN the
London market. This was in face OF ten
| dency TO dullness and depression in the
! general market there. The takings for
London account in this market were esti-
mated at 5000 shares or upwards. OF
various stocks. The demand was most
eager for Louisville and Nashville. which
rose nearly 2 points on the London de-
mand- Various rumors were in circula-
ton Of an approaching increase in the
dividend rate, 10 account for the rise.
Southern railway preferred was strong IN
sympathy. The effect OF the London
buying was shown in a drop in the &C.
tual rate for demand sterling to Ls7 1-2,
thus precluding the likelihood Of further
gold exports at the present time. The
local money market also remained steady
in spite of the activity of the speculation
in the stock market Statements OF rail-
road earnings which were received during
the day continued the extraordinary fav-
orable showing. The cash demand for
wheat and the buying for export were
sustaining factors IN the Granger griup.
even though the decline IN the heavy
northwest receipts was reported 10 have
set n. In view OF these continued strong
features in the situation, an effort was
made to shift the speculative activity in
the lower grade OF railroad stocks. when
s. was seen that New York Central had
become quiescent and profits were being
taken elsewhere. Southern and western
railr.ad stocks were the favOritss. Fin
ally the industrial stocks. which had been
entirely neglected. were taken n hIni for
rise under the announcement o: the
strength manifested by Suga- and Ameri-
can Tobacco. They proved rather heavy
70 lift, and dropped of in :he asst hour.
Continental Tobacco and Federal Steel
being especially weak. The firmness at
the close vas on short covering, INDUCED
by the final squirt in Manhattan.
Tho :'ral sales Of stocks today were
5f2.I4s shares, including American Steel.
500: American Sugar. 300; Atch.son
preferred. $3.50; Brooklyn Transit. 81
40; Burlington, 500: Continental To-
bacoo. 400; Federal Steel. $50; Louis
VILE and Nashville. 500: Manhattan. s.
So: Nor. hern Pacific. 500; Peoples Gas.
Sso: Reading first preferred. 500: Rock
Island. $50: St Paul. $3.50: Southern
Railway. 3.4oe: Southern Railway pre-
ferred, goo: American Tobacco. 500;
Chesapeake and Ohio. 800: Chicago AMI
Grea- Western. 800; Metropolitan. 1890;
Missouri, Kansas and Texas preferred.
800; Missouri Pacific. $500: New York
Central $40; North American company.
4.2no: Northwestern, 500. Pacific Mail.
500; Pennsylvania. 1s 90: Southern Pa
cific, s.9H; Tennessee Coal and Iron. $3.50:
Texas Pacific. 4.IO: Union Pacific iseo:
Texas Pacific preferred. $3.50; Silver bull
.on certificates. 1.5o.
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