The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-08
STOCKS AND BONDS.

New York. June S.-There was no
change in the several repressive infu-
ences upon speculation in stocks today.
and the market was practically idle in
consequence. The policy of the large in
/ terests in stocks seem 10 be defined as
one of pernicious holding until the IN
ceriying strength of the situation
emerges from the present obscuring in
/ fuences. Meantime the professional spec
ulators are unwilling TO venture upon
campaign against values. Today some
influence upon sentiment was exerted by
the strike of the soft coal miners in West
Virginia by the increasing difficulty in
protecting the anthracite mines from
flooding by keeping the pumps going with
/ niakeshift labor by reports of too album
dant rains in the corn belt and by the
failure of the bank statement TO show any
rocuperation In the per centage of reserve
against deposits. While these facts had
the effect of absolutely killing any de-
mand for stocks, the selling induced was
OF quite insignificant proportions and the
light play between professional room
traders whose attendance at the board
was reduced TO minimum. were all that
made today's market. There was lazy
and hating advance of a large fraction
in Canadian Pacific Otherwise not a
single leading stock on the list varied
more than a small fraction. The small
decrease in loans by the banks was in
significant 10 Offset the decline of over
a million in cash reserves, leaving the
surplus slightly lower than last week.
1t has been q dull week in the stock
market the volume of dealings for
Tuesday running down TO the lowest total
for any one day in nearly two years The
general characteristic Of the market was
one of waiting. but there was evidence of
liquidation by some tired holders and the
professional element on the exchange
were attentive to rumors of the forma-
ton of a formidable bear party with a
campaign against prices In view. The
great bear leaders OF past campaigns
have been committed to the protection OF
various important stocks for some time,
and this has been an important element
I'm the sense of security in the stability of
the market that has been felt. The an
tEracite coal strike has been a more or
less depressing influence and has served
To discourage any attempts to advance
prices in other parts OF the list. The ma
t'onal bank returns for the whole coun-
try for April show low per centage Of
reserves against deposits over the whole
country, which emphasizes the point often
made recently, of tho narrow margin OF
reserve afforded by New York banks.
cash holdings against their own and New
York Trust company deposits. An anal
ysis Of the controllers return by the
Evening Post Of this city shows thai (
country banks hold q per cent OF the re-
serves, against 3Ol4 year ago. The de- !
mand for money TO move the crops is !
therefore likely to fan at least as largely I
al usual upon the eastern banks. For the !
banks Of the eastern seaboard the per I
Of reserves 10 deposits OF 237s /
per cent, compared with 232s a year ago. I
More than usual attention is paid 20 the
crop moving needs this year.
The present narrow reserves OF banks
and the liability OF the money market 70
such syndicate requirements as that
which expanded last weeks bank loans
by SIS Oo0. 900 indicate the hazard OF large
speculative commitments on borrowed
money liable to sudden call for pay
lIent. Aside from the labor troubles and
he future needs TO be met by the money
market. conditions are almost without ex-
( ption favorable TO values. The under
one OF firmness and confidence in the
stock market is in accordance There has
'een some liquidation OF speculative bond
ssues and an irregular tone in that de-
,artment Of the market. United States
wos registered. the threes and fours. de-
lined !. and the twos coupon and old
ours. : per cent from the closing call
I last week