The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-15
STOCKS AID BONDS.

New York, August H.-Todays dealing
in stocks were larger than those of yes
terday and there were more frequent of
the market leaders than were conspicu-
Gus in the trading. But the market re-
manned uneven and the special features
Of strength did not have news to ex-
plain them beyond the repoted activity
of speculative pools. The Gould stocks
continued to be well looked after, the
Texas Pacific and Missouri Pacific being
very largely dealt in; but the leader
ship of the market was assumed by the
Southern Pecifc, in which the dealings
were more than twice as great as in any
other stock. The argument advanced for
the rise was that the market leader who
has made a favorite of this stock for
some time past is about 10 embark from
foreign shores 70 home. Rock Island was
marked up Csc and Louisville & Nash
Vile advanced points on accaunt of
the meeting of the directors today and
the expectation that some steps might
be taken towards completing the trans
fer of the company TO the new interests
in control A number of minor railroad
stocks available for possible absorption
were strong features. The Changers and
Pacifcs were generally affected in sym
pathy. but the dealings were on a small
scale. In the industrial list sugar made
a conspicuous upward movement with
out explanation and the express stocks
continued TO move widely in spite Of
official denials Of reports Of a merger
Amalgamated Copper, Peoples Gas and
Brooklyn Transit were conspfcuously
heavy all day. The brilliant prospects
for the .country's cops were the underly-
ing influence in tht strength Of western
railOad stocks. But the most important
development of the day was the abund-
ant supply Of foreign exchange bills
which appeared on the market causing
a sharp break in rates and removing all
apprehension of further gold exports for
the present Buying OF stocks here for
London account supplied some of this
exchange and the improved foreign de-
mand for wheat also made some change
But the most important element in the
weakness OF exchange was the increased
Of loan bills. The foreign de-
mand for grain encouraged the Offering
OF bills against future shipments There |
were lage offerings also for simple Dor |
rowing purposes. based on the present /
attractive difference in the interest rates |
here and abroad. The hardening Of dis |
counts in London today reflected the /
tendency Of this process TO equalize |
rates. The present situation Of the for |
eign exchange market is highly abnor- /
nal. owing 70 the large falling on in /
our exports during the last few months. /
which upset the calculations Of large /
previous borrowers abroad and necessi-
tated the renewal OF their recently ma
turing loans. But it must be recon ected
favor. although less than expected, is
nevertheless accommodating, with the
promise Of notable increases as soon as
he crops begin to move out There IS
70 probability in sight OF a change in
his course Of things. SO that the Dor
'owings abroad to discount It are effect
"a with comparative ease. The listing
4 Russian government bonds on the
Sew York exchange maKs departure
which II Is hoped will develop into a
-egula maket for foreign government
securities The fact that the step was
Tue to the initiative Of the Russian au-
horities themselves may be accepted IS
recognition II the growing Importance
4 New York as a supply Of capital.
The bond market was dull but steady
Total sales par value s2.s5o1o0
United States bonds were All unchang-
d on the last call.
Closing quotations Of stocks were as