The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-18
PR|)PPED Up
By Their Backers, Who Use
No End of Capital
To RESTORE THE PRICES
Existing on Friday--RaiIroadS
Strong--Big Bond Demand.

New York, May 17.-When it was an
nounced on Monday that some of the most
powerful financial interests in the country
had banded themselves together for the
support of prices in the stock market it
dissipated very largely the timidity of
holders of the group Of securities which
had been so msrvelously increased in
price unler the favoring activities of the
late Ex-Governor Flower. 1t also caused
the professional operators. who always
stand ready TO attack values OF securities
a. any vulnerable point, TO pause in their
purpose and cover short contracts left out
standing since Saturday. The capitalists
behind the Flower group apparently felt
so much encouraged with the frmness
and confidence displayed by the market
since the crisis that they made up their
minds today 10 complete its rehabilitation
and 10 put prices back to where they were
on Friday last. II was not until the latter
part of the day that this purpose seemed
TO be seriously in hand. In fact the
Flower stocks as a group were not con-
spicuous during the early part of the day
Their position seemed TO be left TO the
natural course of events and the general
trend of the market. 1t was the events
of the day in the general market that
seemed to confirm the purpose of the
financial leaders. These events were a
very marked dissemination on the part
Of personal holders of securities 10 pro-
coed with any liquidation, and a quiet
and persistent outside demand for a wide
range Of stocks. Some very large trans
actions in bonds. and particularly in re-
cent or contemplated purchases of rail-
roads OF the 1-2 and 4 per cent grades.
were also an evidence Of the pressing de-
mand for investment from large reserve
of capital. The money market was notably
easy and advices from different points
were Of large fund on hand. The state
ment of st. Paul earnings for the second
week in MAY. showing an increase OF over
$4,000 compared with the corresponding
week last year when the extraordinary
grain movement incident TO the Letter
deal was in progress, was taken TO indi-
cate a continued prosperous condition of
railroad traffic. London also showed a
favorable disposition toward American
rilroads and advanced prices before the
opening here. And although part Of the
purchases were resold later. having some
possible effect in strengthening the rate
Of exchange on London, the sales were
not in sufficiet volume TO threaten the
moey market here. More mature consid-
Grafton of the trade statistics for April
disclosed the continued strong position Of
our international commerce. notwithstand-
ing unfavorable cOmparisos at some points
with the unprecedented period of last
year. The market gradually but persist
emily hardened under these inuefnces
early in the day Central and Southern
Pacific, Chicago Terminal, the iron and
steel shares. Sugar and Tobacco and new
municipal corporations advancing sharp
". In the late afternoon the market lead
ers undertook to push up Brooklyn Transit
to where It was last Friday This they
did through flood Of offerings and kept
it there to the close seven points above
yesterdays close. Peoples Gas the Fed
eral steel stocks, international Paper.
Rock Island. and Atchison preferred are
from one TO four points higher. The rail-
roads share very generally in the later
strength. the close being buoyant and &C
tive at the top.
The total sales Of stocks today amount
ed to s5o.4S9 shares. including American
Steel and wire Hoo; American Sugar
$500; American Tobacco, s4o0; Atchison
preferred, Sc, COO; Brooklyn Rapid Transit
50 900; Central Pacific, 1881; Chicago.
Burlington and Quincy rights, Il. 600: Chi
cago. Burlington and Quincy. II a0o: Chi
cago Consolidated Traction. 1900; Chicago
Terminal Traction. 5000; Chicago Ternin-
al Traction preferred, 12.9oo: Continental
Tobacco. 1880; Federal Steel, $500; do
preferred, 1920; International Paper. l.
9eo; International Silver. 1890: Manhattan.
1900: Metropolitan Street Railway. 4. 100:
Missouri Pacific $500; National steea. l.
1o2; Northwestern preferred. 400: orthern
Pacific. $500; DO preferred. 400: Rock
Island. $500; St Paul . 21: Pacific Man.
4so@: Peoples Gas. a. 20: Southern Pa
cifc- 81 Soo: TenResgee Coal ans Iron. s 40:
Union Pacific, 11.loo. do preferred. 4.sao.