The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-18
STOCKS ARE
BUOYANT
Prices Are Lifted Two or
Three Points.
SUGAR STOCK is WEAK
Rise in the Refined Article
Doesn't Help the Stock.

| Ne" York. July 1.-THE recovery In
prices OF securities which was fnterr,,pt-
ed yesterday by the late slump in Anal
| gamated Copper was resumed TODAY. n
showed some hesitation at various times
owing 70 the unsettled effect Of sudden
breaks II special stocks. But il gathered
force as the day progressed and the final
hour OF the whole market was lifted be-
tween and points over last night New
YORK Central ard St Paul led the advance
but gains OF paints or more were Sc
cured by Pennsylvania, Reading. Erie
hrst preferred, Illinois Central. Kansas
and Texas preferred, Union Pacific. At
Gibson, Arnalgansted and snelting.
Among the inactive stocks there were
some larger gains which represented re-
eoveries from correspondingly violent de-
ciines- The opening advance in the mar
ket was checked by a renewed attack
on Amalsanated Copper which carried IL
back to yesterdays low record level But
the stock showed determined resistane.
and became strong. not outstanding a
report OF an additional cut in the price
OF them all. Another bacssex was caused
by the drop in sugar TO IL below last
night which followed the announcement
OF rise in the price Of refined sugar and
was without other explanation Colorado
Fuel then made violent slump of els
points to the low price for the year and
this break wigs followed by a break in
Toledo, ST. Louis and Western securities
Vxb fCh he
the preferred ~ and the four per cent
bonds 211.
Rock Island was the last stock to show
notable weakness and its decline OF l5sc
ended the resistance TO the advance in
the general market. The market was not
notably affected by any of those breaks
and this caused an impression that cover
ing movements on large scale wsre going
on under cover Of the depression in spots.
This gave color to the supposition that
the occasional breaks were due to raiding
tactics, although there were indications
OF the closing out of some accounts by
forced liquidation The general feeling
over the money outlook was brighter,
and rumoTs were circulated without as
signed authority that many proposed loans
poned. Estimated OF the weeks currency
movements pointed TO a net gain by the
banks of over $4,000 This rise I'm in
terest rates here seem 10 have induced
a large inflow of currency from interior
points and the sub-treasury made heavy
disbursements yesterday and today for
special accounts, thus largely reducing
the weeks early loss by the banks Ia
the interior. The offerings of the funds
in this market have also relieved the
situation. Sterling exchange, however.
made some recovery today from yester-
days sensational break.
Discounts hardened in London and Ber-
lin and Sterling weakened az Paris Lon
don also turned seller Of securities in
this market on balance. the upward turn
OF prices. which was more rapid here than
in London, offering advantages for selling
on arbitrage stocks which were purchased
at al over level in London. The large
increase in wheat exports for the week.
which rose 1.Z72 374 bushels over these
Of last week, was a satisfactory develop
ment in the. exchange situation. The
principal interest in tomorrow's bank
statement VIII turn on the tom of loans.
II IS supposed that the Pennsylvania COM
pany has commenced the repayment Of its
maturing notes. II is a question on the
other hand how far the large borrowings
81 railroad corporations viii be reflected
in this statement as a considerah BE por-
ton Of these loans have gone abroad.
Todsy's movement IN stocks. however
reflected the feeling Of confidence that
the banking SITUATION is materially i'm
proved The market closed active and
stesdy at about the top level
Bonds were inclined TO rally in SYM
patty with stocks but there were some
weak spots which made the tone irregular. |
The total sales. par value 8 -. 90
United states bonds were all unchanged 1
on the last call.