The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-08-20
STOCK TRADE SNAIL
Very Few Stocks Were Of
fered for Sale.
MARKET OPENED HEAVY
But News From Strike Had
Reviling Effect.

New York, Aug. 1s.-Dealings in stocks
today were too small to offer a broad
basis for congratulations. But the fact
is significant that very few stocks were
offered for sale, holders apparently be-
ing content 10 retain their holdings in
spite Of some Of the developments unfa-
vorable TO values. so that the demand
was small. though it was sufficient 10
overcome the opening decline and estab-
lish a higher range Of prices than those
at the close OF last week. The additions
to the ranks OF the striking steel work
ers over Sunday was responsible for the
opening heaviness not only in thase
stocks. but in the general list. The in
terests involved in the strike ara so
large that its vicissitudes a6sct tie
values OF all securities. The market
guardians for the steel stocks supported
them and the starting OF some OF Their
mills add a reviving effect. But they
did not fully share IN the later recovery
of the market which carried some OF tie
railroad stocks substantially over Sat
urday's prices. The activity and strength
was confined 20 a few stocks only, and
was apparently due to causes individual
to those stocks Norfolk and Western was
most conspicuous under the influence Of
the net earnings of the company for the
fiscal year. showing a substantial surplus
over the present dividend rate. Chesa-
peaIte and Ohio rose to less extent in
sympathy. The buying Of these stocks
= as attributed TO Philadelphia accou' L
The figures OF the coal export trade pub
llshed this morning showing the value Of
Ccal exports doubled since 1897, acd the
amount more than trebbled since 1881,
were an influence in the strength Of these
stocks which are peculiarly benefited by
the coal export trade. Norfolk and
Western rose 2;s over Saturday. The rise
in St. Paul and Atchison reached about
the same figure IN a sudden squirt just
before the close. Chicago and Eastern
Illinois mounted points over the pre-
vious sale. Amalgamated Copper re-
sumed its upward movement and there
was some activity in Sugar. owing 10 the
concerted action OF the companies in fix
ing prices. The stock advanced. but lost
practically the rise. There was greater
confidence felt in the money outlook
than on Saturday after the bank state
ment. This feeling was due to several
causes The UNEXPECTEDLY large decrease
IN cash was said TO be due 10 the re-
tirement of circulation by the absorbed
Bank OF the Republic The ub-treasUry
money market since Friday by reason OF
large pension payments and disburse-
ments on account of Philippine expendi-
lures. But the sudden weakness de-
veloped IN the foreign exchange market
was the dominant influence in causing
the better feeling over the money out
look, on account Of the assurance afford
ed that gold from Europe win be forth
coming 10 meet any urgent needs upon
the treasury. Demand bills fell today 20
81 S61A. compared with S4.SS at the high
point last week, marking a relapse OF ap-
proximately a third OF the range from
the gold export 10 the gold import point.
Offerings of bills against weak exports.
purchases OF stock for London account.
and a cessation of the demand for re-
payment by syndicates OF the loans from
European borrowers were all influential
in the weakness Of exchange. The mar
ket closed firm. but very dull on the last
rally.
Railroad bonds were little dealt IN, and
were irregular Total sales, par value.
S595 coo United States bonds were al IN
changed on the last call.
Closing uriCes OF stocks were as follows: