The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-23
STOCKS ARE
BIT HIGHER
Make Good Gains EARLY in the
Deal.
THEN COMES SELLING
Prices Yield and Only Part
of Grain Is Held.

New 10TH, July ---1ne price leNSl OF
securities made some recovery today in
an irregular market The opening rise
met renewed selling. especially in the
United States Steel stocks. which caused
a wavering the whole list
With relaxation of the urgent pres
sure upon these stocks. the market took
on better tone and started more stead
reactions. but the trading fell away to
nominal proportions at the recessions.
until the last hour of the session. At
the time the market paused for a time
and Inen turned downward on a grow
ing volume of selling and closed easy.
The principal active stocks had been
lifted from 2aS points over last nights
close and the reaction left them not more
than half OF the extreme gains The
upward movement of prices was accom-
panied by a little news as 10 the recent
severe declines. but the press TO sell was
not felt and a partial rebound was nor
NAL.
The demand from the shorts was an
important element in the buying. as a
matter of course, after so violent de
cline as that which has been occurring.
No other inducement 10 cover shorts
was needed than the failure 10 dislodge
stocks with the recent customary ease.
The alarming rumors of financial diff
ficulties which were numerous yesterday
all failed OF confederation today and
this formed a negative influence on the
buying side of the market. Some of the
commission houses profess TO have some
buying orders of an investment charac-
ter. These were not in large amounts
and they did not follow the market far
on any advances.
The rise in the dividend rate on Erie
first preferred from TO a per cent
basis made itself felt TO some extent in
the market Many past hopes of dividend
increases raised by the large surplus
earnings reported by various railroad
companies have been held in allegiance
since the period of putting surplus earn
ings back into Improvements. and some
times.in addition. issuing bonds for ad-
ditional improvement funds. Some OF
the high prices OF last year in stocks
We're based upon probable dividend in
creases which were confidently counted
upon. and comparatively few Of which
were realized.
The Erie increase is the first incident
TO revive any hope that some OF these
expectations may be realized later. in
spite of the prevailing competition for
ready funds amongst railroad corpora
tons.
The early strength in the grain mar
kets was logically against stocks. but
il was ignored. and the late reaction in
grain failed TO hold stocks at the top
level.
Reports of railroad earnings for the
day were not as favorable as in other
recent cases. Missouri Pacifics gross in
crease for May of 1865 go was changed 20
a net decrease of $G6.1S1 by the enhanced
cost of operation. Pittsburg. Cleveland
Chicago and ST Louis gain of 1906 451 in
gross for June was reduced to net gain
OF only s6162 by the higher operating
cost. On the other hand. Chicago and
Northwestern registered a gain Of over
19 per cent in gross earnings for June.
while the block fell IL on the stock ex-
change.
There was a notable falling OF in the
number of inactive stocks 20 show wide
declines on the marketing OF small blocks
Colorado Fuel preferred was the only
notable example. 100 shares OF that stock
selling points lower than the last pre-
ceding sale.
The active bond issues were tirmer.
but weakness o some OF the invest
ment issues made the market irregular
Total sales. par value. s2,l750". United
States bonds were unchanged on the
last cali.
Closing stock quotations were as fol-
lows.