The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-07-27
DAY Of SIAGNAIDN
Stock Market Values viii
Neither Go Nor Stay.
DIVIDENDS OF RAILWAYS
Under Suspicion--China War
and Steel Stocks.

New York, July 26-The waiting atti-
tude Of the stock market was empha-
sized today. Both buyers and sellers
were scarce and the market was nearly
stagnant. as shown b ythe long inter
walls during which the ticker was mo-
tionless. The professional traders had
discouraging task in their trades The
market was equally reluctant to follow
| the lead Of the few stocks which showed
any strength or to respond TO the eN-
ceptional weakness in one or two cases.
Sugars Tobacco ana Brooklyn Transit
formed the center of the rather feeb
attempt OF the bulls to advance prices.
The latter stock was lifted at one time
over points. Reports were circulate ed
that the statement of earnings for the
fiscal year will prove better than has
been expected. But the high price was
very poorly held and in fact was en-
tirely lost, though a slight rally saved a
| small net gain. Baltimore and Ohio was
the most prominent sufferer from selling
and was traded in points below yes
terday. Doubt was cast upon the prom
fsed dividend for the half year. by cur
rent rumors. A semi-ofhcial announce
ment given out later in the day that
half-yearly dividend of 2 per cent would
be declared in August caused the rec0v-
cry of less than half OF the loss. The
decline in the Wabash net earnings for
June following that of the Southern
Railway reported yesterday and aroIs-
ing apprehensions of other decreases 10
come, was a depressing influence. The
Steel stocks were quiet and irregu ar.
pending the conference of steel interests
in Chicago and their undertone was
heavy on the rather threat ening attitude
reported TO have been assumd by the
most powerful interests in the trade.
The advance in ocean freight rates
owing to the withdrawal of various Ger
man steamers for the transport service
to China was an unfavorable influence
indirectly upon the Steel group. as the
scarcity Of ocean freight room is ham
pering the export prospects in the pig
iron trade. Metropolitan Street Railway
was sharply depressed, with no explana-
ton, and the loss on delaware and Hud-
son was due 10 labor troubles in It's
mines.
Sterling exchange advanced an add
tional fraction and the tone was strong
Exchange bankers say that the rate has
pot yet advanced to a point that offers
a profit on exports OF gold to London.
But it is believed that the advance will
continue until the export point Is reach
ed. The Paris requirements for gold
from New York seem to be satisfied for
the time being. But sterling exchange
in Paris fell again to one centime below
the Tuesday rate, which had prevented
the expected movement of gold from
New York TO Paris Considering the
meagre recuperation in the Bank Of
Englands condition, the failure Of the
governors to raise the minimum discount
rate was a surprise, and the private dis
count rate in fact rose above the bank
rate during the day. The weekly state
ments of both the Bank of France and
the aBn kof Germany were very strong,
and the immediate gold requirements
are evidently greatest for the British In
stitution. Both London and Berlin are
reported to be large sellers of high-grade
American railroad bonds. But the oper-
atoms are evidently conducted through
other than stock exchange channels as
there are no large transactions, and
prices are little changed
The selling of high-grade bonds for for
eign holders with the offering in this
market of foreign. government and mu-
nicipal bonds, goes to explain how the
country's enormous balance on mer-
chandise account is being met Total
sales par value $4,000 United States
refunding rs when issued, and 3s, adj
vanced 4 and the new AS coupon. cd
As and 6's, Is per cent in the bid price.