The Wichita daily eagle., 1903-08-11
STOCKS AND BONDS.


New York, Aug. 10.-Measures were
adopted in Wall street today similar to
those of last Thursday when the de-
moralized break in stocks was. controlled
by the opportune protective measures of
large banking interests and market man
ager for stocks. There was a similar
hurrying back to the financial district by
the men in the financial to repair dam
ages by Saturdays violent break The
downward plunge of prices was checked
for the time. but there was no such ten
dency to recovery as was the case last
Thursday and the sentiment regarding
the market continued feverish and un-
settled throughout the day. The dealings
gave clear indication of the large part
played by professional opera tons on the
short side in causing Saturdays slump.
When it became clear this morning that
effective measures had been taken TO
hold prices at the start there was some
thing of a scramble among the shorts to
cover their outstanding commitments,
which caused a strong rebound in prices.
The demand was notably urgent for
Canadian Pacific and that stock loaned
at premium for use for over night, which
offered inducements To refrain from fore
ing the shorts TO cover completely. The
stock, after being rushed up six points.
eased off. The demand from shorts was
very conspicuous also in Union Pacific,
Southern Pacific and Metropolitan street
railway, which, it will be remembered,
were very, fercely raided by the bears
on Saturday. he fear that the Saturday
slump had uncovered weak spots again
which would force suspensions was al
layed by the announcement at the end
of the first hour of trading that all
stock sheets had passed through the
clearing house. The discipline admins
tered to the bears by the upward furry
in prices had the effect of somewhat sub
DUNG their ardor for attack. The mar
ket was not free from points of weak
ness, however, and liquidation was re-
newed from time to time in different
parts of the list.
This was notably noticeable in Missouri
Pacific and it's weakness and that of
Atchison had a sympathetic effect in
dragging the whole list backward to be-
low Saturday nights level. This liqui-
dation had apparently spent it's force
toward the latter part of the day and
confidence was also renewed by this
The market turned strong in the last
hour, and early top level was generally
exceeded, and stocks rose from one to
two points over Saturdays level. Union
Pacific was conspicuously strong and ad-
vanced 5-s over Saturday to so. The
closing was quiet and steady with the
advances well maintained.
General news was ignored in the days
movement. which, hinged upon the char
acter of buting and the selling. There
was less forced selling on the closing
out of collateral. and there were indi-
cations of investment buying and buying
on large scale by influential capitalists.
There was said to be important invest
ment demand for foreign account This
was a factor in the further weakening
of the exchange market. which renewed
talk of possible gold imports. Fears of
an unfavorable government crop report
to be published after the closing was an
influence in weakening Missouri Pacific
and Atchison. The success which attend
ed the effort TO check Decentralization.
following the similar success of last
Thursday had an encouraging effect and
there more cheerful feeling at the
close of the day, without an entire pass
ing of nervousness and apprehension.
Bonds We're heavy. Total sales par
value. 100000
United States. Old Four and New
rours registered declined Ia and the
New Fours cupon Z per cent on call.