The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-03
STOCKS AID BONDS.

New York, August 2.-Semi-sta gnation
prevailed in todays stock market. and
only a few professional room traders had
anything to do with the market. The
operations did not carry prices far away
from last nights level at any time. The
holiday in London left the market with
out any orders from that source and en-
phasized the dullness. The net changes
are slightly mixed but the closing tone
was heavy. The bank statement failed
to conform to expectations. but its pub
LEGATION did not affect the market TO any
appreciable extent. Instead Of an ex-
pected decrease of over S2,000, 900 in cash.
the banks report a decline in reserves
of about half a million. A decrease in
loans was hoped for. instead of which
the loan item was expanded s6.37710O. The
resulting increase in deposits has swelled
the reserve requirements to the extent
Of 81 ,262 ,075. which, together with the de-
crease in the cash, brings down the sur
plus over the legal requirement to the
extent Of S1,764, 275. Todays money and
exchange markets were nominal. The
fact that the next available steamship
for shipping gold to Paris does not sail
until next Thursday defers the question
Of further gold exports. The only feat
ures in today's market worth specifying
We're advances in the local fractions,
with subsequent reactions: = loss Of over
two points in st. Louis & san Franchises
and a buoyant recovery in the Central Of
Georgia income bonds.
This week has seen a check to the
growing disposition to buying stocks
which was carrying price, upward
throughout the list
Various factors have interviewed which
might have serve as an explanation OF
this check. but the selling seems to have
been due entirely to desire to take
speculative profits. Commitments on the
long side had become considerable as a
result OF a long continued rise, and the
process of profit taking has necessitated
a considerable absorption. In some stocks
the selling out Of the effective leaders in
the operations for the advance has been
rather obvious. In others appearances
have suggested that the principal oper-
ators for the advance have helped the
reaction with a view 10 shaking out weak
and cumbersome followers. with view
to facilitate further advance and take
on fresh holdings of stock at the decline.
Such movements are Incidents of ali pro-
fessional bull operations. The market
has not yielded to acute weakness at any
time, and there have been sustaining
points Of strength at all times in the form
of advances in special stocks due to in
dividual causes, real or supposed. A
strong undertone is indicated by the fact
that as prices receded The activity OF the
market has diminished showing that
holders have withheld offerings of stocks
at the lower price levels. Last Satur-
days bank statement was a predisposing
cause for the taking Of profits at the
opening Of the week The large loan ex-
pansion was a warning that the prevail
ing speculation was making large inroads
upon available credits which ne feeling
in the financial community is that bank
reserves should be conserved at this TINT
in preparation for coming large demands
for interior requirements.
The bond market was steady and most
" unchanged