The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-07-24
0)AX|NG The PUBLIC
Tactics Employed by Leaders
of Speculation.
PRETTY FAIR SUCCESS
Sugars Late Reaction Makes
an Easy Closing.

New York, July 8.-The influential in
terests which have taken the leadership
in the stock market continued their ef-
forts today 10 make a rising market
with the object of inviting public buy
ing. They were not discouraged by the
failure of outside interests to developed
on account OF last weeks advance and
they resumed their bulllsh manipulation
from the opening this morning. There
was not much difficulty apparent in ad-
vancing prices or OF any obstruction ap-
pearing in the shape of offerings In
larger volume than could be absorbed.
the leaders deity turning their atten-
ton to stocks whose upward course was
easier. As the long interest has not
Yet attained large proportions, and as
there still remains a considerable short
interest whose position grows daily more
precarious, the technical conditions ia
vored the advance. There was some
accession of outside buying as we'll,
which 1t is the ultimate object of the
present buying to act as reliance for
absorbing stocks at a higher level. The
appearance OF this buying encouraged
the professional bulls TO redoubled efforts
and the days market as a result gave
an appearance Of greater activity, and
more strength than on any day last
week. This was particularly true after
Sugar had been checked IN its first re-
dictionary tendency, and was found to
move upwards easily on moderate buy
ing. This stock continued to have a
marked influence on the whole market,
and its reaction late in the day prec.pl-
tated a movement to take profits else
where, so that the closing was easy az
ha
The distinguishing feature OF the market
was its unevenness, as might be expect
ed from its professionally manipulated
character. A few stocks were active
and strong, a large number showed
sharp advances after lying dormant for
some time, so that very meager transac-
tons were sufficient to move them. But
the majority OF the list was only mod
erately active and continued very slug
gish, small net gains being the rule in
sympathy with the strength in special
stocks. There was a disposition 10 pick
some leading stocw from each group of
securities in which the interests or con-
ditions were allied and advance the lead
ers for effect on their particular groups
thus permeating pretty much the whole
market with a show Of strength.
During the course Of the day other
stocks in the several groups responded
more or less TO this maneuver, thus
broadening the effect Of the advances
Thus Tennessee Coal led the Steel
stocks. with an xtreme advance OF AZ,
but several of the group responded to
the extent OF a point or over. Metro
politan Street Railway rose 2a4 early in
the day, but Brooklyn Transit took the
leadership of the group with a rise Of
3l2 on the favorable judicial decision in
the ten-cent fare case In the GrangeIs
St. Paul and Burlington rose about
points each. Early advances N Ieath-
er, Peoples Gas and Southern Pacific
proved abortive.. and these stocks were
relegated to the background.
Such recent favorites az Baltimore and |
Ohio and Union Pacific were notably /
neglected, and were Inclined to be /
heavy. The hopefulness OF the bulls was /
predicted on the more encouraging feel !
ing regarding China, which was re-
hected from abroad, on the confidence |
that the money market IS assured OF a
period Of ease and that a |
period of quiet in political affairs IS like
~ TO intervene before the campaign takes |
on its more active phase. The absence
Of any engagements OF gold for export |
today also helped the market, as did the
favorable crop news. Closing prices of
stocks were as follows: