The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-20
STOCK SALES
MAKE RECORD
Crossed the Million Dollar
Marx Two Times
DURING THE PAST WEEK
Many Out SiderS and Non
Professionals Gambling.
DURING THE PAST WEEK


with the result that prices were carried
generally below last nights level in the
course Of the first hours trading. The
market however, continued 10 show
breadth and variety and the pressure t.
sell promptly relaxed at the lower level
Of prices. 4 favorable bank statement
was expected. but the exhibit Of the clear
!ing houses institutions proved more IA
vorable than had been anticipated ard
resulted in an effective rally in prices
The realizing was renewed az the ad-
vance and the closing was active and
easy. Probably the reports Of yesterday =
heavy rains and foods in the western
states aroused some misgivings over the
results To grain There were fractional
advances among the Changers and South
western nevertheless. Pennsylvania was
the feature Of the market On very large
dealings and rose above 100, closing AT
that figure
There has been notable revival Of sTic
ulative activity in the stock market Us
week. so that the volume Of dealiags
crossed the million share mark for Thurs
day and Friday. There have been iadi-
cations Of a strong organized campaign.
including some o. the great financial
groups. which have hitherto seemed t.
hold aloof from the market during the
operations conducted by the so-caued
western contingent. Dealings have beer
II great variety. shifting from one 10
another group Of stocks successively. tax
ing profits in the one group under cover
of -~7r -~-.~fsyrF7 fr7f7s-.l7 nv
the rise ia prices Of the new group The
movement Is regarded as being profes-
sional stin TO large extent That is II
say. as being conducted by the large
capitalists and millionaires who have con
trolling interests in great corporations.
and by the traders. whose means Of live
nhood is the buying and selling Of securI-
ties The history Of speculative move
ments shows that the general public
never embark in q general speculation ex
cept under a leadership OF this charac
ter Even with abundant resources In
hand. with knowledge of effective earn
ing power for securities. with obviously
prosperous conditions on al hands, there
is rarely any disposition manifested by
''outsiders" 10 buy stocks while prices
are stationary. and there is no evidence
that other persons are seeking 70 possess
them When dealings in stocks become
large and prices begin 10 advance, Their
comes into play that invincible propensity
OF the human mind TO seek the possession
OF that which others are urgently seek
ing. 1t IS such condition which specu-
iatfve leaders strive 10 produce BY active
dealings IN the market ard the bidding
Up Of prices IL 9 sudden Ind as striking
& manner as possible. During the past
week the commission .bouses in Wall
street showed Some ,4nsase OF demand
but not TO an important extent. The bulk
OF the transactions are stfn in the hands
OF the professionals.
The report during the week that the
corner in the July corn option at Chicago
had been abandoned and the break in the
price were rega rded with satisfaction il
Wall street circles. owing to the fear thar
the artificial conditions sought TO De
maintained would 60 no harm TO the mar
ketlng Of the corn crop and that the efor
TO support the corn market might neces-
state sacrifices Fl the stock market I'll,
suspicion that q sequel stin remains &c
the corn corner has revived some ap-
prehension of this score. All trade re-
ports agree that the demand for all grades
Of iron product is stiH at high water
mark and running into the indefinite III
ture, without the first indication of reac-
ton These two basic facts. plentiful
crops and active iron trade have been ac-
copied usually il the past as conclusive
Indications 81 the country's prosperity
Reports OF railroad earnings continue tc
show increases over last years unprece- 1
dented level and c0rroborate other evi-
dences OF prosperity, including the large
volume Of hank clearings the country
over. The unusually early demand from
the interior for currency. which caused
some Uneasiness last week on account OF
the danger q its encroachuent upon New
York bank reserves, is accepted in an
other sense as indicating TIE activity OF
trade. The losses suffered by the an
thracite coal carriers as a result OF the
miners strike made them an exception
20 the increased earning power OF rail
roads in general but the determination
OF the miners in convention at Indfanap- /
oils not to make the strike general has
been made an opportunity 10 advanc,
prices Of the coalers as feature OF the
bun market Of the week. The confidence !
EXPRESSED bv coal road officials THAI The
accented by the speculative contingent f
The afidavirs offered by United States +
Stsel officials IN answer To the suit against +
til proposed bond issue regarding the
earning power u the corporation were I
regarded as gratifying eviderre OF tbs
prosperous conditions OF The trade. but
the corporation securities were but slight /
" anected- The rates for caH loans
hsve been easier this week ard have fos
tered the speculation that tire future of
the money market is by no means clear, +
and lenders hold firmly for higher rates
CT tine loaus. The unexpected volume
Of the governments disbursements have {
been relief 70 the money market. but 1t
IS BY no mems certain that the present
rate Offered disbursement viii be main
tained. The question of the extent K
The foreign Indebtedness ~ This market
IS much eanVassed. but wfh no dedais=
result beyoud the general asreement thar .
our nowlng Indebtedness abroad is IN
usually large and It's confenient Uouida-
ston much deqerse1r upoa the Volume Of
our expcrts o. domestic pFoducts this fan
Some Observers have claimed to detect
disposition OF French cipltal e which
this markets larEssI y ssbte6ness Is aila
20 invest IN Americas securities. b-,t IN
cuEry il the chasels in Nez YORK
cInnrcc soE2g'lETlrg
QSSG ~ sieao lnvestea in Csraia OF