The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-08-09
WILL STREET STOCKS
Crop News and High er Ratio
of Railroad Earnings.
ARE IMPORTANT FACTORS
Operators for Long Account
Were Favored in Market

New York. Aug. s-Developments in the
stock market today favored operators for
the long account. and the demand which
was broader than for some time carried
many properties to a substantially higher
level. Indicators were not wanting 70
show that traders were attaching more
Importance to the character OF the crop
news and the high ratio Of railroad earn
ings. These considerations Outweighed
the earlier repressive influence on the
market by the announcement OF the steel
strike and stocks were purchased with an
apparent great show OF confidence. Unu-
sual prominence was given TO the trading
in the United States Steel stocks owing
10 the frequency with which large blocks
changed hands at a rising scale. PROBES
sional operators were inclined TO cover
shorts in these issues owing 10 the re-
sumption Of work at some plants and the
official announcement OF the absorption
Of the Shelby Tube works. when the
prices of the Steel stocks began to mount
upwards and reached a level - TO per
cent respectively above yesterdays close
for the common and preferred. the gen.
eral market kept pace with the move
ment and exceeded those gains in some
instances. There were many Interrupt
lions 70 the general rise during the day
by profit-taking and short selling by the
room operators, but the recesSions were
not very noteworthy except for tho I nj
ted States Steel stocks. which ended
about q point below the best when re-
port circulated that a prominent opera
tor was unloading stock purchased at a
much lower level This selling soon az
fected the other market, but semi-stegna-
ton soon resulted and the closing deal
ings showed steadiness. Conspicuous
strength was displayed by St. Paul, IN
ion Pacific, Missouri Pacific. Sugar and
Lackawanna, which were from is 20 o
Apoints higher and lead the gains In their
respective groups The declaration Of
only the regular dividend on Union Pa
cifc was without effect on the stock,
the price. in fact. ruling TO ga. the best
price Of the day, when the announcement
was made. No explanation was made Of
the rise 20 9eIS at the close BY Missouri
Pacific. but il was asserted that SPEC
ulative interest was responsible FOR the
movement. Stocks which usually do not
attain prominent in the dealings attracted
some attention today owing 70 The ma
terial character of their advances, the
list including Great Northern preferred.
General Electric, Consolidated Gas, HOOK
ing Valley, Colorado 6outhern frst pre-
u.
st. Louis, St. Lawrence and Adirondack
and Lake Erie and Western. which were
to points higher.
Monetary conditions we're viewed IN a
favorable light owing 70 the steady gain
by the banks on sub-treasury operations,
this morning 5 statement showing a gain
Of over a million dollars on the week thus
far. Sterling exchange rates continued
upward. demand bills being held quite
generally above t4.Ss, while sixty day
drafts brought s4.s5ks. Commercial bills
continue in scant supply and as there u
a very heavy demand the question OF gold
exports is being discussed So far moth
ing definite in this connection has devei-
oped. but some authorities consider that
a price of 81 SSis for demand bills would
start an outflow Of gold TO Europe. Tho
weekly statements Of the Bank OF France
and the Bank OF England showed boIh
institutions in a strengthened condition
which may possibly prevent early eX-
ports OF gold. as they are not considered
likely to offer any especial inducements 10
get it.
The bond market was strong today,
the feature being Mohawk aud Malone
incomes. which advanced nearly points.
Total sales. par value, Sl.50o00o. United
states bonds were all unchanged on the
last call