The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-10-03
STOCKS Al. D BONDS.

New York, Oct 2.-There was increas-
ing tendency TO dullness in the stock
market today and the conditions became
semi-stagnant at times There was OBJ
vious readiness backed by powerful re-
sources TO support the market upon any
Indication of a break in prices such as
occurred at the opening. but there was an
equally obvious disposition 10 keep ad-
vances within moderate limits and not
induce any renewed outbreak OF extern
siye speculation The adoption OF this
policy in stock market operations by well
equipped forces served TO reinforce the
admonishing policy OF the banks than re-
strict the speculative employment OF the
funds until after the money outlook has
cleared up entirely. The desire 10 await
the result of tomorrows conference Of
ccal operators and miners representa-
eves with President Roosevelt was also
a restraining influence on speculation.
and as a consequence speculation fiat
tened out almost completely and this
development was regarded with genuine
relief and satisfaction by the disposition
If the financial world. 1t was because of
the relief offered 10 the money market by
Secretary Shaw's proclamation that
panic was averted that promised TO be-
come dangerous and the determination is
manifest not TO allow the resources thus
provided to be prodigaily used for the
purpose Of renewed speculation and IN
nation of securities. There are various
deyelopmer Is to show also that there are
abundant requirements upon New Yark
onHy resources yet TO be met. and some
Of the possible sources Of relief have been
shut off for the present ~ the possession
OF the additional facilities afforded by
the release of reserves against govern
ment deposits. There was a deposit at
the sub-treasury today of $500 for tele-
graphic transfer 70 New Orleans and the
movement Of currency by express is
against New York on balance Today's
advance in the Bank Of England's mini
mum discount rate and the weekly ex-
hibit of that institution and the Bank Of
France are clear indications that no gold
is likely TO be spared by either Of these
institutions at present for shipment TO
New York. Sterling exchange advanced
sharply here and a later decline was due
purely to the fact Of the postponement Of
the sailing Of tomorrow's steamship for
Liverpool. The loss in gold by the Bank
OF England this week reached over 81
$4,000. and that OF the Bank of France.
some $,720, 90. The English institution
expanded its loan account 81 .675. 900. bring
ing the proportion OF reserve TO liabilities
down to 4463 per cent, compared with
5S-ST per cent last week. while the French
bank increased its loans 81 165, co. Such
movement as there was today in the mar
ket was confined TO a few stocks. Ad-
vance in Norfolk and Western on expec-
tation Of an increased dividend caused
sympathetic response in the Pennsylvania
group and a rise IN the Colorado Fuel
was ostensibly based upon the decree of a
Colorado court providing for the hold
ing of the annual election. Some OF the
Independent Steel stocks followed this
movement. The few gains were much
curtailed and last prices showed mixed
net changes. The course of the bona
market was hating and irregular.
Total sales, par value, 81. SO. 900. United
States IS declined 1 per cent on the last
call.
Closing stock quotations were as fol-