The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-26
STOCKS ARE STRONG
Some Revival of Activity
Marks the Close.
SHORTS COVER CONTRACTS
This Is the Chief Explanation
of the Advance.

New York. Aug 25.-The semi-stan-
ed today and the realizing are in smaller
volume than yesterday. There was some
the market closed strong. The majority
OF the stocks which made up the great
bulk Of the tradinf left of l to points
higher than last night. The strong fea-
lures were Missouri Pacific. 81. Paul,
Atchison, Amalgamated Copper, Tennes-
see Coal There was no news 10 explain
the advancing tendency of the market
the market and the true cause seemed 10
be that tn room tradrs reached the
limit of their ability 10 depress prices
yesterday and so covered their short
contracts. Attention was almost wholly
diverted 10 the yacht race throughout
the day. There was a large list OF alb
sent members and those on the floor
spent their time in watching the bulle-
tins of the yacht race. Morning returns
from London showed some disposition 10
buy American stocks there and the open
ing advance here was in sympathy. Erie
was conspicuously in demand for London
account The development of this foreign
demand is OF special interest in its bear
ing on theh exchange situation. There
was large re-selling OF foreign holdings
of our securities taken at the bottom
OF the decline when the rally here showed
signs Of eliminating and the renewal
of the demand on the reaction has not
yet assumed important proportions. The
easier tone in today's exchange market
was largely due 10 thine appearance in
that market of bankers finance bills
which are connected with borrowing
abroad.
The foreign banking houses in New
York also are an important source Of SUP
ply for funds in the time of MONEY mar
ket Rates for time money and CONNER
cial paper contineu very firm. The pres
ent abundance of call loan funds is large
ly caused by the placing on deposit Of
trust company's funds with the banks
TO secure the interest of deposit accounts.
which is higher than the present call
loan rate Any rise in the call loan rate
would be promptly followed by the with
drawal of these trust company deposits
from banks for placing in the call loan
market. which would necessitate shift
ing food of banks also and some probable
disturbance in the money market This
contingency is a repressive influence on
stock market speculation just now There
is anxiety also over the closing up Of the
cotton corner, which. II is generally he
lieved is yet TO be achieved and which
will necessarily be an operation of some
peril.
forts making by large industrial corpo-
rations to secure temporary loans. The
recent heaviness Of New York Central.
which was a depressing factor for
time this morning also seems 10 be ex-
planned by the petition 10 the stock ex-
change to list 5000. 800 additional mort
gage bonds. These are in connection with
the contingent companies Tefunding plan
Some old rumors were revived Of COM
ing control Of Tennessee Coal by the
United States Steel corporation but with
out confirmation. Confidence in the cop
per trade outlook was assigned as a cause
for the strength Of Amalgamated Cop
per
The bond market was duh and steady.
Total sales. par value. $4,000 United
States bonds were all unchanged on the
last call.
Closing stock quotations were as fol-
Iarc-