The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-09-06
STOCK MARKET Dull
Operations of Professionals
Don't Have Much Effect.
SHOW OF STRENGTH
Is Confined to Coolers, Van-
derbiIts, Changers, Pacifcs

New York, Sept. 5.-The operations of
professional traders. TO which business
on the stock exchange is now almost
wholly confined, do not make more than
a superficial impression upon the market.
The object of the traders is achieved if
prices are moved. whether in one direc-
ton or another. When the professionals
perceive that in selling stocks they are
getting into sparse company. they turn
the utmost cheerfulness to the buying
side as they did yesterday. and for
time this morning. and when hte buying
demand shows diminishing power and
there seems danger OF becoming loaded
up with long stocks. they begin TO sell
with equal alacrity as they did this after
noon. The news from day TO day may
continue much the same without affect
ing the periodicty Of the narrow fiuctu-
atoms in such a market AS a back
ground to the market lie the strong gen
eral conditions Of business. the prospect
that the interruption to the prosperous
conduct Of the steel industry VIII not be
much longer continued and the determin-
alton with which controlling interests in
the great properties cling to their hold
ings. It is the obvious policy of large
capital at this time TO discourage active
speculation, pending the clearing OF the
autumn money requirements and at the
same time offer effective support FOR
prices Of securities when threatened. The
principal development today was the re-
newal of the interior demand for curren-
cy. There was deposited S7o4,0oO at the
sub-treasury for transfer to Chicago and
S20. 600 for transfer to New Orleans Yes
terday's sub-treasury operations yielded
a small balance to the banks on account
OF payments for gold deposited at Pacific
coast points, and there was further pay
ments for the same account today, but
It is obvious that the current government
surplus will render nugatory these reliev-
ing influences. The sub-treasury had, in
fact, taken s., $4,000 from the market UP
10 last night, although the movement Of
currency to the interior was suspended
up to that time The offerings of United
States bonds for redemption under the
,erms Of the secretary of the treasury
have slightly increased the last few days,
but they are insignificant as an Offset to
the CTdln on account Oh the SoNti lALA4till
revenues. Wall street is discussing relief
by some new action OF the treasury de-
partment as invariably the case IN Pc
RODS Of money difficulties, but there
was nothing announced TO give color to
the expectation.
Money worked hrmer in all departments
today, and sterling exchange fell an add
tionaI fraction, and reports were IN cir
culation of a $4,000 engagement for i'm
port. Discounts hardened in London. but
the release OF funds following today's
payment Of an installment on consols
subscriptions may relieve that market.
The weekly statements Of the Bank Of
England and the Bank Of France show
losses IN gold reserves. Today's early
show of strength was confined 10 the
coaIers. Vanderbilts, Grangers and Pa
cifics. among the railroads, and Sugar
and few minor specialties among the
industrials Brooklyn Transit was weak
throughout the poor showing OF July net
earnings. The market closed weak at de-
cllnes running up to points. Railroad
bonds were irregular in tone and dull
Total sales, par value, N,455, 90. United
States bonds were unchanged on the last
call.
Closing prices Of stocks were as fol-