The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-13
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HOPEFUL
Buyers Are More Plentiful in
Wall Street
SHORTS COVER DEALS
Profit Taking by ScaIpers Hin
ders Rapid Rise.

New York, Aug. 12.-Wan streets more
hopeful views Of the outlook were re-
fected in the movement in the prices
upward with which the days operations
began. The advance became so rapid
as TO overrun the newly awakened de-
mand and attract some selling 10 take
profits, which caused some speculation.
The feature of the market was the dull
ness which developed on reaction, due
10 the holding of stocks from the mar
kets and the advance in prices The
speculative element made up OF profess
sional traders, played an important part
in the movement and undoubtedly buy
ing 10 cover short contracts was on a
large scale.
Yesterdays market already showed
signs OF being oversold. the genuine Ii
quotation having failed TO keep UP with
the bear selling to anticipate IL The
fast was developed in. today'S market
that there are buyers who will come in
on an advance who would refrain from
buying at the lower level. There is a
large volume OF selling which disappears
upward OF course this is especially true
of forced sellers by reason of margins
wiped out and Shrinkage of collateral
But is is also true that holders OF Sc
curities are prompted to sell them when
the price is declining who will hold when
prices are declining who will hold when
prices begin to advance. The selling
out of collateral loans and the contrac-
tion OF credits seemed to have disap-
peared today. Aside from these consid-
erations there was no marked change in
conditions to account for the larger de-
mand for securities.
Rates for time money continue very
firm. The continued heaviness of for
eign exchange causes active discussion
of possibilities of early gold exports.
England is buying quite freely Of stocks.
The increasing sense of security in ripen-
ing crops is encouragement to offer ex-
change bills in the market for long peri
DDS, to be covered at maturity when the
export of the new crop Is in progress.
The weather bureaus weekly summary
on corn yesterday added To the encour-
agement caused by the monthly report
published the day before. In the gener-
ally brighter sentiment of the day hopes
Were expressed OF "a good bank state
ment, although there was no very OBJ
vious foundation for this in any known
department Late in the day the mar
ket came under the influence of a flood
of rumors regarding the disposition OF
Seaboard Air Line. 1t was significant
Of the change in stock market sentiment
that a proposition which promised a
large addition to an already large volume
of securities failed TO cause a chill Of
apprehension which the market has
shown at all recent suggestion of the
creation of the new securities. The lead
ership assumed by Rock Island in the
late movement foreshadowed the an
nouncement before the close Of share
in the control in the Seaboard Air Line
by Rock Island interests. The days
gain reached one TO three points for the
principal active stocks and more than
that for speciaIties. The market closed
very strong and active.
The general tone Of the bond market
was strong. Total sales. par value.
g. 900 COO