The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-08-27
STEEL GETS \ LIFT
Reports of Settlement of
Strike Helps Bulls.
MARKET Is TESTED
Outside Demand for Stocks
Is Augmented.

New York. Aug. 26.-The stock market
had a more thorough test today than az
any time since the rise in prices set in
The result was not altogether conclusive.
The outside demand fer stocks was coz
siderably augmented. as was expected.
A sustained advance for two weeks and
an evident growth OF interest and in
crossing tendency to buy stock may al
ways be depended on 70 produce this re-
suit. Equally a matter Of course is the
tendency Of the professional traders, who
have been accommodating stocks ard care
fully nursing the market during the rise
10 include their holdings on this outside
buying. 50 as 10 make sure CT q portion
OF their profits. This process was very
obviously going on during the first hour
OF the market today, which was the most
active Of the day. Some declines IN
prices resulted, but the market on the
whole took the realizing very wsu and no
serious fnroads were made upon prices
Afterwards there were new advances
here and the rest OF the market gave
the appearance generally OF being still
IN the control OF the bulls Buying de-
mand. however, became lang1id and then
almost torpid. and the market proved
easily vulnerable 10 attack by the pro
fessional bears. IN the last hour prices
were quite generally below Saturday
level a substantial rally followed. but
this again proved somewhat short-lived
and the closing was irregular and quite
active with speculative sentiment mani
testify much unsettled. There were vari-
GUS favorable factors which aided the
bulls in opening prices higher. The fail
ure OF the steel workers in South ChicasO
20 join the strike and the reports OF an
intended concilietOry attempt BE- the
strikers themselves at a settlement az
fected not only the steel stocks but the
whole market. The rise OF United States
Steel in the final dealirgs TO II over Sat
urday was effective IN checking the raid
of the bears. London led on with good
buying OF Americans after it's Saturday
holiday. Rumors were rife Of coming
definite announcement Of plans growing
out OF the Northern Pacific settlement
The approaching september advance in
the price of anthracite helped the coal
ers, and the Fries were also affected by
the reported acquisition of TIE Cincinnati.
hamilton and Dayton The reaction was
due 10 the apprehension that money - as
destined 10 work closer from this time
on. II was feared also THAI the large
interest who have been fostering the
rising. has taken his opportunity 70 re-
would retire from the market until the
autumn demands for money are salts
fed
London has grown optimistic and ex-
poets easy money through the fan. but
the expectation IS based on the hope that
New York Will not draw gold and take
no action OF the rumored Russian loan at
Paris.
An interview with ecretary Gage. pub.
lished this morning, in which he processes
TO see no reason for departure from TIE
present policy OF his department OF pur-
chasing bonds, somewhat dashed the
hopes of an element in Wall street.
which was expecting relief from that
quarter. Chicago drew no currency today
from New York. and the New York dis
count rate there recovered TO 40 cents
discount, compared with 90 cents last
<geek.
Railroad bonds showed a considerable
increase in activity. Gains were some
what affected by the late reaction in
stocks. Total sales. par value. S25eoe0.
United States ned tours advanced "A per
cent on the last call.
Closing prices Of stocks were as follows.