The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-09-07
HOPE WAS HGRIED
Wednesdays Betterment in
Stocks Didn't Hold.
LONDON WAS INDIFFERENT
List, as a Whole, Was Heavy
and Neglected.
LONDON WAS INDIFFERENT

New York, Sept e.-The hopes aroused
by yesterdays Increase in business thar
a period of more active trailing IN
stocks was at hand, were disappointed
today. The stock market again became
an unimportant affair and offered little
of interest as commentary on general
conditions or events. Lon lon in partic-
ular renewed its attitude of indifference
towards American securities and buyins
for that account in New York fell back
to insignificant proportions. This served
to discourage the local traders, he
based some Of their buying yesterday en-
the hope that the London demand would
take their holdings off their hands. A
hardening of the discount rate in Lon
don had something TO do with the set-
back TO the stock market The weekly
statement for the Bank of England dIs-
closes that the easy tone of the open
money market is not viewed with favor
by the authorities Of the bank The
marked recuperation in the proportion
Of the banks reserve is due not only TO
receipts of gold and repayments Of loans
to the bank, to the extent Of over $780,
600 in each case but also 10 the banks
extensive operations TO control the open
market. disclosed by the decrease Of
SO. 10000 in the item o. government Sc
curities, which is equivalent TO borrow
ing that amount from the open mar
ket Such a policy on the part of the
Bank of England is regarded as an in
dex Of the belief of its governors that
the prevailing ease OF money win not
last long. The rise in the discount rate
at Berlin and the fall there of sterling
exchange were also incidents Of the day.
The fall in sterling exchange at New
York was attributed to the increased
volume Of bills offered. The rebuff given
by London to the New York bulls was
emphasized by the weakness of the an
thracite coalers, which declined on the
ultimatum offered by the operators 10 the
miners and the fears thereby caused OF
a strike Reading first preferred New
Jersey Central, Delaware and Hudson
and Pennsylvania were down during the
day from 2. TO is, with some recovery.
Ontario and Western was an exception
and was firm on the strong statement
of the years income. The Steel stocks
were heavy, as a rule, apparently on the
refusal of the trunk lines to grant re-
duction in freights from Pittsburgh Col
orado Fuel was an exception on the
heavy increase in net earnings reported
Tor july over those OF year ago. ne
continued decline in the prices OF iron
also affected the group. The bears were
disposed to let Peoples Gas and Brook
Ign Transit alsse. mindful of their recent
unpleasant experience with Sugar.
Where there was any demand developed
there was a significant scarcity of stocks
offerings and prices advanced easily.
This was notable IN Southern Railway
preferred which was advanced from 527s
to 55c. The buying of this stock was
attributed to the high price OF cotton,
which Is a direct benefit to the Southern
Railway. Southern Pacific was well alb
sorbed on the denial Of recent reports OF
friction amongst insiders. The list, as
whole, hung heavy and neglected
throughout the day. Closing prices of
stocks were as follows: