The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-17
STOCKS ARE SLUGGISH
Strength of Wednesday Fades
Away Into Apathy.
SELLING VERY LIGHT
But Even That Was Not Nell
Absorbed.

| New York. Jan 1s.-The strength which
developed in yesterdays stock market
failed 10 persist today. With the urgent
demand from the shorts satisfied. the
! buying became apathetic- The selling
was very light. but was not well absorbed
and the market moved IN a sluggish and
irregular way all day. The rather acute
weakness which was manifest earlier in
the week was not renewed. and there was
some appearance of support on the de-
clines- This and the positive strength OF
a few stocks in the list steadied the tone
after declines had reached considerable
figures, and resulted In reooveries The
general level OF prices did not set far
from last nights level on the recovery.
and the market became irregular again
at the closing. There IS an element
among stock operators which holds the
theory that large reserves OF capital are
IN the hands OF investors ready 10 TOW
into securities the moment the down
ward course OF prices is seen 70 have gone
far enough. This class hoped that the
support afforded the market yesterday
would resolve the doubts OF the owners
OF this waiting capital. and that Il would
flow into the stock market, but the com
mission houses this morning failed 20 re-
feet any notable increase in their orders
for execution. The opening advance
quickly came to standstiu. Sharp
weakness IN Manhattan helped the reac-
uonary tone, that stock dropping during
The morning TO 1874 Spectators IN the
stock have been fed with the hope that
an arrangement for an interchange OF
traffic with the New York Central was
impending as a consequence OF the disas-
ter in the Park avenue tunnel. AS yes
terday's statement y the New York Cen
trail directors OF their plans for terminal
improvements gave no confederation TO
the reported plan for Interchange with /
Manhattan. that stock was sold freely by
the Spectators. There was much discus
sion in a general way of the recent new
bond and stock issues by various railroad
companies. and the effect OF this discus
sion was unfavorable 70 speculation. Re
cenr Heavy OUTLAWS by railroad compa-
MES from tn. large current profits were
supposed to be a forostaIlmeut OF neces- (
sary changes for betterments and TO
premise future curtailmeut OF expenses
and the consequent maintenance OF net !
pront in future periods Of less prosperity. |
The current tendency to increase capital
issues has disturbed this feeling OF Sc
curity over the future. The process OF |
piIing Up reserves in the New York banks /!
which seems 70 have gained much head /
way during the week. failed entirely 10 /
stimulate speculation.
The money market continued easy and /
sterling exchange showed no advance. !
The maintenance by the Bank OF England I
OF per cent discount rate may be re- /
garded as fair notice OF its intention to 4
attempt to lift the open market rate The I
banks reserve is very strong. and the /
market is practically free Of Indebtedness /
to the institution. which would prompt its 1
governors in their capacity as private 1
bankers 10 lower the rate and secure bus
mess, but in their semi-public capacity /
and looking TO the coming issue OF gov
eminent loan, 1t may lie incumbent upon j
them to take measures to attract money.
There was some special strength in to-
DAYS market by western railroad stocks,
notably in the St Louis Southwesterns,
the ST. Louis and san Francisco aud the
Texas and Pacific stock Sugar also
showed strength.
Bonds were moderately active and firm
Total sales. par value, $4,000. United
states bonds were al unchanged on the
last call.
r-,--t-- --s--- - ..,.-l,s vrare a g foirou~s- {