The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-07-26
STILL MORE DECLINE
No Profit aking With Buying
Demand Wanting.
CLOSE Is FAIRLY STEADY
But at Fractional Declines
The Money Outlook.

New York, July E-The attempts 70
take speculative profits in q market oar-
ren fany real buying demand lad its
natural result in further decline Of
prices today. The reaction which set in
yesterday also encouraged The putting out
Of some fresh shortIines- But the bears
were by no means aggressive in their op-
erations and the SPECTATORS OF the long
side were apparently well enough torti-
fed to De free from the necessity Of
iQuidating on a rapidly falling market
The declining tendency ot prices conse-
quently allowed abatement as the day
wore on and the closing was fairy steady
but at fractional declines as the rule
There was 10 evidence Of renewed ma
uiDulaton for any advance, the one or
two strong spots which were in evidence
during the day appearing to be due 20
independent causes American tobacco
was veil bought on the belief that the
forthcoming report will show extraOrdi-
nary earnings. Metropolitan Street Rail-
way was marked Up 81 from the low
point without any news TO explain the
movement There were firm spots also
( in the railroad list, notably in Southern
/ Pacific and Southern railway preferred,
( but these did not represent any aggres-
/ sive stand against the reaction The ces-
sariou OF the pressure 10 realize aroused
| natural expectation that the bulls were
ready 10 resume their efforts for an sd-
vance While this expectation checked
/ the operations by the bears, the effort 10
Z ms =
condition in foreign markets were de-
/ pressing lnduence~sere. especially the fear
reported both from London and on the
{ continent OF approaching stringency on
/ the money market This fear was based
on the high rate Of interest which the
/ British treasury was obliged 10 gay on
( vest erday's all0tments OF treasury bills
and on the expecJacE that further war
/ loans are 70 be forthcoming. The SD
I seuCs Of engagement OF gold for export
/ by tomorrow's steamer although they had
I been counted upon did not seem 90 re-
/ Ieve the market OF its apprehension Of
! future demands from aborad upon the
local money market
The weeks advance IN sterling at Paris
and the reui ssiou Of the Bank OF France
offer on interest on gold in transit have
I apparently wiped out the profit on ex-
I purr 20 France But, money in London
continues firm, and sterling exchange
/ here advanced a fraction, and It Is con-
I sidered certain that The receipts of gold
from western points VIII be followed BY
I renewed outgo Of the metal The current
ease Of call loans is 10 be attributed as
much 10 the desire OF lenders 10 keep
their funds in easy accessible shape as
TO any plethora OF ,Ie funds seeking en-
ployment New York bankers are prac-
ticaIIy out OF the market FOR mercantile
paper and they continue 10th 70 put out
funds for time loans for any long period
The sub-treazury has supplied a'bout 800.
go 10 -he money market on balance since
/ Friday. but this has been on declining
/ scale. and the days debt balance at hte
CLEARING house against the government
institution was less than 5000 reports Of
an attempted adjustment OF various mat
tsrs in dispute between the New York
Central and its employees, the failure 70
+ advance refined sugar as expected. the
stfu unsettled scale OF wages aDouEst
STEEL workers ard the decrease IN earn
lrgs for St Paul >or me -hird week IN
July we're minor factors II The depres-
sion. Closing prices OF stocks were g
follows: