The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-05-17
BEARS BEAT RETREAT.
UnfavorabIe Factors Ignored
or Overcome.
STOCKS CLOSE NEAR BEST
Stocks of Western Railroads
the Leaders.

New York, May 16.-stocks Of railroad
companies made a demonstration of per-
sistent strength in the stock market to-
day. Whatever unfavorable factors de-
veloped during the day were ignored for
their influence resisted and the resulting
declines overcome. The bear element was
so far impressed by the show of
strength that they retired from the field
before the day was over and did not re-
peat yesterdays maneuver of a raid on
the Industrial quarter, which on that oc
casion upset the market in the last if
teen minutes of the trading. The market
showed itself much less sensitive than
for some time past 70 any depressing
influence apd the close was distinctly
firm at about the best level OF the day.
The stocks of western railroads were
easily the leaders in the movement and
the buying was attributed to western ac-
count, as for several days past This
western buying is believed in Wal Street
to be covering an outstanding short in
terest, prompted by the good crop
weather and the favorable conditions IN
the winter wheat belt. The leadership
shifted from Burlington to Atchison pre-
ferred. which scored a clean net gain OF
points. The approach OF the dividend
meeting and the circulation of rumors
that the stocks would be placed on a
per cent basis, were used with effect
Burlington continued aggressively strong
and scored an advance Of Ia, in spite
of denials OF the recent rumors that
refunding plan was about TO be an
nounced. Northern Pacific gained as
-.
affected the other Paeihcs and ultimately
the Trunk Lines, which rose / TO ~
points. The Steel stocks ali rebounded
sharply on covering by shorts and Off
cial dsnials OF assertions that general
shut-downs were imminent on account OF
prospective demands for Increase Of
wages. The early weakness Of Sugar,
Peoples Gas, the Tobacco stocks and
other industrials was met by denials II
various rumors which accompanied the
decline. Recoveries ensued on tne de-
mand from the bears caught short. Be
sides this weakness in the industrial
list, the market had 10 contend with the
announcement Of gold engagements for
export tomorrow fully million dollars
in excess Of the preliminary estimates.
Tomorrow's shipments foot UP fully 81
1500g0 for France. But the continued eass
of money here relieved all apprehension.
Call loan rates fel 10 II per cent and
the gains by the banks from the sub
treasury and on the interior movement
OF currency will evidently Offset the 60
exports. Although the advance ia stocks
was generally wiped out when tire gold
enga gements were announced, the up
ward movement was resumed on further
consideration OF the circumstances. To-
days advance in prices was without the
sustaining influence OF the recent
strength in Missouri Pacific. that stock
dropping back a: one time points on
the request 70 stockholders 70 autnorzs
additional capital TO the extent % So.
00019. The stock partly recovered On
the explanation that the new issue must
be reserved for retirement II debsn;ure
bonds. Closing prices Of stocks were as
follows: