The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-06-30
STOCKS AND BONDS.

New York. June 29.-Todays stock
market showed more animation on a ris-
ing scale than has been seen for many
weeks. Business for the first two hours
was considerably in excess Of the aver
age for the daily trading of last week.
The market closed very active and strong
with the top level of the day well main
tanned Net gains of / TO "a were gen.
erai among the leaders and active stocks.
Reading was easily the leader of the day
and its advance Of %. an the purchase of
enormous blocks on a constantly rising
scale. The Pennsylvania group of coalers
was conspicuous throughout and Penn
syIvania itself broke through the opposi-
ton which neld it for a time at 125 and
rose to the best in the late dealings.
The grain carriers were late to respond,
but they came forward vigorously in the
final dealings. with the Pacifics leading.
Union Pacific and Reading was concen-
trated and the personality of the brokers
employed gave rise to renewed surmises
as TO possible new adjustment of rela-
tions and control in the field OF the trunk
final Judgment of the new Pennsylvania
stock
The action of that stock was a reassur-
ing factor upon sentiment. The appre-
hension that with the completion of the
stock subscription the motive for sup
port of the stock by the underwriting syn
dictate having passed the price would give
way, was seen to be without ground. The
brilliant success of the subscription was
a stimulating influence upon the whole
market The official announcement that
the total issue was subscribed for stock
| holders and that 30 per cent of subscrip-
tons were paid in full indicates money
| requirement of upward Of s.. go That
this requirement could have been met
with practically disbursement in money
market has greatly strengthened the con
| fdence in the money situation, the more
so as it is now understood that the sub
| scription payments have not yet been dis
! imbursed for repayment for the Pennsyl-
| vanias forty million negotiated last jan
| uary. although it is stated nauthoTity
that this loan would he paid at its matu-
| rity in the second and third weeks OF
/ see INTO have operated for the benefit Of
the New York money market by the d.
version Of the payments TO this center
| but from Philadelphia and from foreign
stock holders.
The ability OF the money market 10 car
/ " through this great operation has de-
| tracted from the fears Of money sgueezs
| in meeting the July I requirements which
| however. are unprecedented in amount II
| is estimated that the total interest and
| dividend disbursements for July VII
/ amount to 1885, lo.coe Cali money ruled
at higher rate today. however ard
the tine money market was percepti9ly
/ hrmer. Discounts rose in Paris and Ber-
| lin. and the price OF money n London
/ was higher. bat sterling here was easier
/ The condition OF the national banks ~
the country OF June shows a percentaSs
| OF legal reserve deposits Of rs pr cent
| compared with sisS per cent On Aprh
and zeS3 per cent on July IS last gear
| The increase IN loans and discounts since
! suly Is Of last year has been {l9tlcs-l--
! This does not constitute a favorable show
| ing On its face as 10 the ability q -
banks 10 meet the coming tenanE Z
/ move The crops. but this showing T@i
lost sight OF today IN the face Of ~
! more immediate situation The s7scia
| strength of the Reading was con1sciet
| with ruuors q coming increase II n
/ dividend dlSbursenents on the stocks @
he company The reports of rains II N
/ Northwest and the reaction resulting .
he wheat market helped stocks n
7reekiy railroad traftc stAristies show II
General merchandise movement val s7Is
aimed and this was used 70 point the a.
sument that the agricultural eornnuni
ties would rot keep Up their demand 70
merchandise Il the crops were II oznseI
Speculative seGtlzect a1o1s Tie zrotss