The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-08-24
WALL STREET h|VE
Movement lnaugurated Put
Prices Up.
PAClFICS ARE LEADERS
Professional Operations are
Active in Day.

New York, Aug 2s.-The Wall Street
district had mora appearance Of ANNA
ton today than for long time past
The prolonged and persiste ntresistance
OF the market TO any factors Of depres-
sion and the continued scarcity OF stocks
offering, Notwithstanding the very con-
siderable advance in the level OF prices
during the last two weeks. apparently
prompted the professional traders today
as though by common impulse TO inau-
gurate a movement TO put prices Up.
There was no Indication that the general
public was taking any part in tie
movement, the commission houses con-
tinuing to complain Of lack of business,
but the professional operations at work
made play with a freer hand than had
been the recent rule. There were no very
large individual transactions, but the
number Of !, 001-share lots was very con-
spicuous and well distributed through
out the room. The dominant specula-
ton was IN the Pacilcs and Southwest
ems, Union Pacific leading the railroad
list IN point OF strength and activity
with an extreme rise OF 27s. The So
called Gould stocks were al active and
strong. including the Denver and Rio
Grsnde stocks and the Colorado and
Southern stocks. the latter apparently on
a supposition that developments are i'm
pending looking 70 its absorption into the
Gould system. The grain-carryins roaos
as z whole were affected by the decided
weakness IN the corn market, indicating
the recuperation IN the corn crop. The
continued heavy foreign demand for
wheat, coupled with the reported good
condition Of that crop, was also an ele-
ment. AmaIgamated Copper was n very
large demand, Notwithstanding the de-
mails OF reports that further absorption OF
copper interests was intended. The eN-
trenle rise IN Amalgamated Copper was
- There was gossip OF coming rights on
Baltimore and Ohio 10 subscribe 70 new
stock TO be isued in connection with the
pending reorganization Of Pittsburs and
Western The minor Steel stocks were
strong, Tennessee Coal rising Sii- The
! United States steel stocks were opened
a fraction higher. and we're held almost
irnmovsble all day. the extreme huctua-
ton in each being y. There were strong
point. among the minor railroads and
speciaIties. and the coalers continued 10
show strength.
The preliminary estimates Of the week s
cash changes were apparently relied on
! as foreshadOwng 4 strong bank state
/ ment tomorrow On the ordinary express
movement with the interior the banks
seem to have gained upwards Of mil
/ lion dollars. and although the earlier
gains from the sub-treasury have been
wiped out the loss 70 that institution IS
/ only $4,000. The sub-treasury figures IN
clude the receipts TO the banks on ac-
count of Australian and Klondike gold
and also the deposits of cuTensy for
| telecraphic transfer TO the interior. These
| figures do not seem 10 promise a very
strong bank statement. and IL IS ex'
planned that special remittances 70 PM
/ adelphia on account Of subscriptions 70
municipal bond isue and payments ioi
/ the purchase OF the Bethlehem Steel com
pauv are not included. Today there was
! a further decline in New York excharrss
at Chicago to 30 cents discount, and ar
additional $4,000 was deposited IT th'
s,ib-treasury for transfer 70 chicago
/ The railroad bond market shared IN th'
greater activity and strength Of the stecf
( market. but speculative bonds We're nos
conspicuous. Total sales. Par value, g.
/ SIS 900. United States bonds were All IN
changed on the last call.