The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-07-12
HAS Strength N T
Stock Market Receivers Its
Losses of Monday.
BUYING IN TRUNK LINES
Prices at Closing are Right
Next to the Days Best.

New York. July 1.-THE stock market
| strikingiy showed its inherent strength
today with a practical recovery Of yester-
days losses. Closing prices today were
only slightly below those of Saturday,
and In some exceptional cases sharply
above. The only conditions in which any
! change had taken place were purely tech
| nical. These were the elimination OF
| weakly long account and the creation of
a short interest. London begun to sell
stocks in New York at the opening today
as 1t did yesterday. but instead Of coming
upon a large account Of nearly exhausted
| margins, as was the case yesterday, the
opening decline invited buying to cover
the short contracts put out yesterday.
The buying from this source afforded the
principal support to the market in the
early dealings.
1t was particularly marked In Sugar
and the New York traction and gas stocks
which suffered most severely from bear
raiding yesterday. BY the time this in
terest had been covered the market came
to standstill, the bulls apparently lack
ing the courage to push their advantage
money market, which held quite firmly
about the legal rate for call money.
Slightly before noon. however. a deter
mined buying movement developed in the
great trunk lines. and. with occasional
intervals Of dizziness. continued for the
rest OF the day, then spreading from one
group to another until it embraced pretty
much the whole list. The agreement
among the trunk lines to restore rates
on grain to the seaboard was apparently
the cause Of the origin Of the buying in
that group. st. Paul's increase in gross
earnings for the first week in July of
$2O3, so prompted the buying Of the grang-
ers. The high rate for call money was
ignored and very large amounts loaned on
the stock exchange at per cent. The
rate eased OF to 1-2 per cent at one
time. but arose again to per cent. The
demand apparently continuing large for
the increased supply available. Interior
exchanges continued to run against New
York but yesterdays contraction had ap-
parently left the New York banks in an
easier position. Demand sterling In New
York early held firm under the stress of
the high money rate in London but sterl-
ing exchange in Paris and Berlin ad-
vanced sharply, and discounts were
easier at those centers. Long sterling in
New York weakened an additional frac-
ton, based on outward movement OF
merchandise to begin In short time.
Wall street had a rumor OF a contemplate
ed merger of wabash and Missouri Pa
cific, to account for the strength of those
stocks. Northern Pacific also scored a
al fhaR
It's dividend, which was taken on today.
There was a simultaneous advance In
Tennessee Coal. Colorado Fuel and meri-
can Steel and Wire. which rose from 2
to IA and also in Shesapeake and Ohio: |
Cleveland. Cincinnati. Chicago and st. |
Louis. and Lake Erie and Western pre- |
ferred. After fractional reaction on pro- |
fessional proht-taking prices were mark |
ed up again to near the best. In the clos
ing dealings.
The total sales OF stocks today amounted |
to S95,5Ss shares. including: American |
Steel 1900: American Sugar, 1900: Ana
conda. 1900; Atchison. $500; Atchison pre-
ferred. 39.100: Burlington. 1880: Federal
Steel. 500: Louisville and Nashville. S..
200; Manhattan. 1870; n. and Western. B.
200: Northern Pacific. 400; Peoples Gas,
1890; Rock Island. 6.l00; st. Paul. 3l.40O;
Southern Railway. preferred. 1900; Union
Pacific. 500: preferred. 1000; American
Tobacco. $500; Chesapeake and Ohio. H.
500; Chicago and reat Western. 500:
Cleveland. Cincinnati, Chicago AMI St
Louis. 400; Consolidated Tobacco. 400;
Missouri Pacific, 1900: New York Central.
$500; Ontario and Western. 4j09; Penn
sylvania, 5000: st. Louis and Southwes-
tern preferred. 400; Southern Pacific. T..
on: Tennessee Goa! and Iron. &c; Texas
Pacific. 2.50a: Wabash prefer ed. T5ru.
The leading stocks closed as follows