The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-15
SHORT SIDE
FOR A TINE
Traders Kept Their Eyes Open
to Take Profits.
MARKET WAS BU0YANT
News Had No Effect on the
Dealings.

New York, Aug 1I-There was another
upward rush of prices today in further
recovery from the extreme depression OF
last week. So violent did the movement
become that it was regarded with some
suspicion and preferential trades became
very watchful for symptoms of reaction
in order to seize ripening opportunity
for a shrift to the short side for a turn.
The market showed abundant evidence
of leadership and skilfuI management
and was held by transferring bull opera
tions from one stock or group OF stocks
TO another, taking profits In the one as
buying was shifted TO another. News
seemed TO have nothing 20 do with the
advance. She conviction was general that
necessary liquidation had been completed
for the present and prices consequently
left free 10 eek the level of true values
Little was heard OF yesterdays rumer-
Gus stories regarding Reading, which
ranged over a wide range of credulity.
and that stock was steadily under pres
sure to take profits all day with sus-
tanning strength at other points in the
list 1t was not at any time more than
a fraction over last night and for the
greater part of the day Was below. The
early strength in the market was most
conspicuous in the western grain carry
ing railroads and the principal buying
shrifted afterwards to the eastern part
of the map. led by New York Central
and followed by other trunk line stocks.
London was reported an eager buyer
of New York Central but no othehr news
was forthcoming to explain the strength
in the stock London was a seller on tn"
balance of the list in the days market
the advance there falling to keep pace
with the movement here and so offerings
at arbirtage profit in selling in this mar
ket all day.
The foreign exchange market was
somewhat affected and abandoned on a
demand Cor remittance by tomorrow's
steamer There was interest In the ques-
ton whether foreigners would resell
Americans largely in the advance in
prices here. The United States steel
stocks Jagged in the upward movement
and were somewhat affected by the re-
in western Pennsylvania and eastern
Ohio. Amalgamated Copper was helped
by "a rise in the price of the metal here.
In LONDON there was a rise in copper
futures with a slight recession in the
price or spot. a feature of the day s
news was report of sales OF cash wheat
at Minneapolis for a dollar a bushel.
Preliminary estimates of the weeks cur
rency movement pointed TO a cash gain
by banks this week of nearly 5000. o00.
Curiosity regarding the bank statement
centers on the loan item, the active buy
ing of stocks during the week has un-
doubtedly involved some heavy borrow
ing But the entire lack Of response in
the loan item of the banks TO the long
liquidation makes the question of the
effect of the renewed buying OF stocks on
loans q doubtful one. The violent up
ward movement Of 81 points. 10 80. in
amaigamated copper on dealings in near
~ 10000 shares sustained the latter mar
ket which had shown signs of hesita-
ton. AS it was last prices were often
a little below the best but the closing
was strong and active. The days gains
range from / to points and the leading
Pacifics. Changers, Trunk Lines and
specialties were all strong.
There were a few heavy spots in the
bond market but the tone was generally
strong.
United States bonds were unchanged on
last call. ,Nts
Closing stock quotations were as fol-
lows: