The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-27
STOCKS AID BONDS.

New York, August 26-The volume of
dealings in stocks rose we'll over a mil
lion share today. The market showed
great animation at different times dur
ing the day, and gave an impression of
strength, owing to the enormous buying
on an upward range of a few stocks, but
the speculative profit taking and cover
of this strength was persistent and wide
spread. The market became so honey
combed by the closing out of hogs by
powerful speculative interests that it
showed a decided crumbling tendency
in the closing hour. There was no reason
to accompany the relapse. any more than
there was to account for the previous
notable advances. There was no more
solicitude over the money market today
than has been expressed by warning eau
tons for some time. and especially since
the market took on the present proper
tons of speculation. II is hardly prob
able, nevertheless, that the large oper-
ators in stocks are alive to the possibili-
ties on money difficulties and are desir-
Gus OF making their successful turn be-
fore actual stringency sets in. As a mat
ter of fact there were no further trans
fers of currency today to the interior
though the sub-treasury and loan bills
were quite freely negotiated in the
foreign exchange market But discus
sion is already heard of next Saturdays
bank statement, and ways and means
for relief of the money market for the
Intervention of United States treasury
authority are already canvassed without
throwing clear light on the course 10 be
pursued The secretary of the treasury
rescinded the standing order of his pre-
decessor for the purchase of government
bonds in the market at a fixed price. and
he is reported to have determined not to
renew this method OF releasing surplus
government funds to the market IN
crease OF government deposits with the
banks would require increased holding
OF government bonds as security. and
the recent persistent advance in govern
ment bond quotations IS supposed TO re-
feet preparations by bankers 70 this end.
but the standing floating supply Of gov
eminent bonds makes such a demand
quickly effective in lifting prices to a
point which wipes out the profit both
on banking circulation and on the hold
ing OF government deposits There was
nothing in the ruling rate OF money to-
day, which fell to 81 Per cent. to indi-
cate solicituda on the part OF the specu-
lators. The leadership OF the market
in point Of strength vas assumed by
AtchisOn. the argument being that the
higher price recently achieved BY other
stocks warranted an advance in that
stock. Meantime the higher prices for
other stocks were inviting enormous
speculative liquidation. which. finally
broke the markets. Dealings continued
very large IN Union Pacific. Baltimore
and Ohio and Southern Pacifc. but they
all rallied sharply on the prevalent profit
tsking. There was more doing ia other
parts OF the market yesterday. but the
congestion Of the leaders was stIn acute.
end there we're large portions Of the list
in which the dealings were quite inxtS.
nifcant. especially the industriaIs. which
were affected possibly BY the forcibse
sentiment fer their regulation expressed
b. the president The market closed
heavy. although al some recovery from
the lowest
The principal activity IL the bead rnsr-
ket ~as IN tie Union Paciac oouvertibIes.
which moved II sympathy Ei;h TIE stock
as did other convertible issues. Total
sales. par value - - 90 Unitea state
cd IS advanced = and the . IS Ard -
- per cent on the last cali