The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-14
MARKET IS
BUOYANT
Uprush in Stock Prices Noted
in Wall Street
SIGNS OF w EARINESS
Later in the Day There Was
a Reaction.

New York. Aug 1S.-The recuperative
sources today with the result of buoy
ant uprush in the prices on veryani-
mated buoyant movement. There was
activity during the forenoon of the mar
ket that promised large days business
for the tear. The market afterward
showed some signs OF WEAKNESS at the
rate of the movement. The recovery
was the result Of a series Of incidents
rather than any one developed. Natural
reaction from the recently prevailing ex-
treme depression was an important fac
tor. The mere sentimental effect of the
recovery after the long and apprehension
that have prevailed so long in Wall street
was considerable Immense relief from
the constant threat of forced liquidation
of a bankruptcy which il is not unfair
TO assume has been hanging over some
houses naturally predisposed the whole
financial community to take more cheer
full view of the prospects. Where efforts
for long time past 10 market securities
have met with almost no demand there
was substituted lively and urgent de-
mand for stocks and bonds OF all grades
toay. The urgency OF some of the buy
ing an the violent advances in prices
showed clearly enough that efforts by
distressed shorts TO cover their contracts
before the rebound carried prices be-
yond their reach were an important ele-
ment in the market. Bidding up Of prices
by opposing professionals to force higher
prices out of the bears was another pal
pable influence
But it was evident beyond that there
was a large and substantial buying ele-
ment in the market which was taking
over stocks of all classes with freedom
and confidence. 1t is not TO be presumed
that the buyers have so suddenly changed
their opinion of the financial and business
outlook. But the continuance has been
growing that the decline in prices has
been more than sucient to Offset the
unfavorable factors in the situation. and
that the necessities of the money situa-
ton have ben forcing the selling of Sc
curities below their true values. The
event proves the contention Of those who
have maintained that there was "A large
waiting demand for stocks which come
into the market freely when the ligui
dalton seemed TO be concluded and prices
definitely turned upwar
The taking over of the Seaboar Line
in the Rock Island interest had a stimu-
lating effect upon the speculative i'm
agination. 1t furnished proof that not
all the large interests were hard pressed
to hold their undigested securities, and
that the financial necessities in some
quarters might prove the opportunity
in others for extending influence and
consolidating control. Rock Island itself.
as well as Southern Railway, Illinois
Central and L. & n. all shared in the
days strength. rejecting the impression
that the new arrangement tends TO COM
munity of interest in the Southern rail-
road field. A number OF stocks of minor
supposedly available for absorption by
more powerful neighbors were strong.
The feature of the day was Reading.
Its sensational rise of SIS gave rise 10
many rumors regarding new projects for
division of control and guarantee Of divi-
dends \ very favorable showing OF
July net earnings is expected for the road
as well as for other coalers. Baltimore
and Ohios increase In July net earnings
Of s3l1, 625, thus conserving nearly half
the gross increase. helped the soft coal
group. But the rise in prices was so
comprehensive as TO require no specif-
cations. The United States Steel stocks
did not share fully in the days strength.
although they were bought on A large
scale. The conference OF members OF
senatorial committee OF finance with the
president gave rise TO assumption regard
ing the slope Of plans for financial legis-
Iation which were used with effect TO
further the advancing tendency Of
prices.
The buying movements showed signs OF
exhaustion at the last and the market
closed irregular and below the best
Bonds were strong Total sales. par
value. A.245.coo United States bonds
were unchanged on call.
High Low Clos