The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-13
STOCKS AID BONDS.

New York, August 12.-The dominating
factors in the stock market continue to
De the coming crops and the money out
! look. Crop news was evidently salts
| factory today, but that of the monthly
| report Of the agricultural department and
the later current news OF the weather
| burea, but it is TO be borne in mind that
the speculation for some time past has
been diligently disseminating good crops,
which have been clearly foreshadowed.
On the other hand, the autumn activity
in the money market. while it has been
J expected and made the subject of indus
! trious warnings. has been ignored in spec
J ulation- This weeks rise in money rates
therefore, would naturally be OF most
effect or speculative conditions Buyers
in anticipation of good crops, seeing the
danger OF a furry in the money market
which might force liquidation of stocks
and attracted to the high level which
prices have attained, are tempted to sell
to realize their profits. There was con-
siderable strength at one time today and
in a few cases 1t continued to the close.
but for the most part early rise in prices
was taken advantage of TO realize profits
and the general level Of prices ended
lower than last night. There was a fur
ther contraction also in the volume Of tho
dealings which dropped back again below
half million shares. Unofficial estimates
on todays government reports indicate
a wheat harvest of over SIS, 900. 600 bushels
This is nearly hundred million bushels
below the crop Of last year, but has
never been exceeded except by the crop
Of 1898. AS for the corn crop. todays |
government figures indicate a yield the |
largest in the history of the country. This !
had Its effect among the southwestern I
grangers, especially among the Gould /
group. Another striking show Of strength |
was made by Baltimore and Ohio. Among
the returns of railroad gross earnings for
the first week of August Chesepeak and
Ohio shows a decrease of s103, $50 com
pared with last year and Missouri Pacific !
earnings for the same peried>declined SIS
COO The two groups of raildoars in which |
the strongest stocks are were thus handi-
capped by this unfavorable influence.
As for the money market, the rate for
call loans averaged more nearly per cent
than the 3 per cent which was the max
imum up TO yesterday. Time loans and
commercial paper showed a hardening
tendency as well, five and six months
loans on good mixed stock exchange col
lateral ruling at per cent The rise in
money rates. however. had a perceptible
effect upon foreign exchange rates.
which receded a fraction. and tentative
plans for further shipments OF gold this
week were abandoned. The currency ]
movement seems 10 be still in favor OF
New York. Exchange at Chicago re- ;
NAMED at a premium Of 20 cents today
Another development was an increased
xport demand for grain which held the
market firm in spite of the crop report :
nd made some exchange. The United !
'tates treasury operations are also show +
ng n continued deficit, the excess Of ex- t
enditures thus far this month exceeding
800 900. while for the same period last ;
ear receipts were more than $500 0Go in
xcess Of expenditures. This affords some F
elief to the money market. but the he {
inning Of the interior demand for cur
lncy is awaited nevertheless with anx-
.ty o.
The bond market was dull and the Cen u
al Of Georgia incomes were weak. Total =
iies. par value. 81 soon United States r.
onds were ali unchanged on the last n
al
Closing quotations of stocks were as G
FLOWS: b