The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-08-30
SMALLEST Of YEAR
Business in Stocks Is Very
Slow for Thusrday.
LONDON Is BUYER
Helps TO Cause Further Reac-
lion in Sterling Exchange.

New York, Aug. 4--A1y hopes q 4 re-
vival OF speculation az this time Sill
further rsceded today and the business
transacted az the stock Exchange was
about the smallest OF the year. such as
= was II was done above yesterday
closing prices. but the recession from the
best prices toward the close OF the day
revealed the strictly professional cases OF
the dealings ard left prices near 70 last
nights level Yesterdays check 70 Tues
days selling movement had apparently
aroused some hope that q renewed buy
ing movement II force might be imml-
nenL This ranged the professionals OF
the buying side and accounted for the
upward movement while the closing out
Of their accounts were equally responsible
for the reaction London was reported
& buyer IN this market 10 Al effective
degree, considering the narrowness OF
the market This. coupled with a free
supply OF grain bills. caused 4 further
reaction IN the sterling exchange market
The London money market at the same
tine hardened. AppEeciably il part owing
20 the demands incident % the payday
for the stock exchange settlement.
Exchange authorities do not express
much expectation o. any inward move
ment OF gold IN the early future. The
supply OF exchange bills IS IN some part
connected with sterling loans and any
stinening OF foreign money rates would
be likely 70 bring a demand for exchange
IN connection with the release OF these
loans. The weekly Bank q England
statement showed an additional strength
ening Of the condition OF that institution,
but the return OF the Bank OF France IS
weak, showing a decline in the gold re-
serve. an expansion OF the note circula-
ton and heavy increase IN outstanding
Jcals- Conditions IN the local money
market continued practically unchanged
There was an additional $500 coo transfer
r-d 10 Chicago by deposits az the sub
treasury. and without this that institu-
tins Withdrawals from the local money
market had reached s3771.9C0 up 20 last
night Coupled with the large special
movement 20 Philadelphia. known N
have occurred early in the week. and the
movement OF currency by express 70 the
interior. q large decrease in cash reserves
is taken for granted IS an item OF next
Saturdays hank statement. The time
money market is very duh. owing 70 the
disposition Of leaders 70 keep their funds
in call loans 70 meet any emergency.
There was some special demand at dir
ferent time today for St. Louis and San
Francisco and Canadian Pacific on the
large ret earnings reported Tor July for
Missouri Pacific or vague expectations OF
coming developments; lor international
Power on the large orders Cor new loco
motives: for the International Paper
stocks on the conditions reported az the
annual meeting for the Fries On the hope
that labor difficulties among the anthra-
cite miners would be avoided, and for
Mexican National. Mexican Central. Bal
tinaore and Ohio, and some other stocks
Tor undisclosed reasons. American Smeit-
ing declined further on rumors o. com
petition organizing. but rallied Sharply.
There was liquidation Of Standard Rope
and Irvine issues when broke the price
Of the six and four point. and OF the In
comes two points. The bond uarizet 9th
erxise was slightly irregular Total
sales. par value. s1S2oo00. United States
threes advanced = and the new four de-
clined = per cent on the last cal