The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-27
STOCKS AND BONDS.

New York. May 26.-There was rather
more activity in the market today than
during the latter part OF last week, but il
was ar the expense Of values of standard
stocks. There were some speciaities
which made striking advances which
would have served as a sustaining infiu-
ence under ordinary circumstances. Meth
er was there any bad news 10 account for
the selling. The days immediate develop
ments were rather favorable. But the fall
ure of the favorable developments and OF
the persistent hardness of the market TO
attract any speculative demand for stocks
served 10 discourage some considerable
holders who have tired Of the passivity
Of the market with the result that they
unloaded considerable lines today. There
seemed to be a large speculative line Of
ST. Paul, Union Pacific and less amounts
OF various other stocks which were ur-
gently pressed for sale. The only immed-
late news OF a depressing character was
the spread OF the coal mining labor
trouble into some portions of the soft
coal field in Virginia and West Virginia.
The Coelers themselves. however, were
little affected. The rate for call money
simmered down 10 a quiet point basis
without any notable demand in the for
eign exchange market for the return OF
borrowed money abroad. but despite the
relief accorded by the large sums borrow
ed on the European continent and from
our own domestic centers. there is some
solicitude apparent in financial circles
over the future meeting of the large OBJ
legations which have been incurred. Bank
ers are inclined TO nurse their reserve TO
some extent in order TO strengthen their
position against the future need. X is
believed that the trust companies are al
so disposed TO build up their reserves IN
compliance with the intimation from the
clearing house authorities that the total
volume of outstanding credits ought TO
have greater reserves back of them than
those included in the banks reserve alone
The rentation Of the exchange rate at the
low level despite the easing of the money
market is the more remarkable in view OF
the considerable buying of British con-
soils for American account. The arrange
ment for the holding OF certificates which
are negotiable in this country have re-
suited according TO an official of the bank
which made the arrangement in the pur-
/ chase of some $10000,0 900 worth of consols
! for account of various banks in this coun-
try The apparent approach of peace in
South Africa was an inspiring influence in
foreign stock markets, but seemed to be
disregarded here. The Canadian Pacific
| continued its remarkable advance which
gave rise 10 rumors OF something Ike a
struggle for control between the present
dominant interest and the northern Sc
! curities group. There was a few minor
points of strength among the railroads.
Rutland preferred scored q nine point re-
! covery on light transactions Among the
| fndustrials which were as irregular as the
railroads. Pressed Steel Car was con-
spicuous for a rise of nearly five points
without explanation. Favorable news from
! the crops continued Increases in railroad
earnings reported for the third week OF
/ May and generally encouraging news
! from all branches Of industry except the
/ coal trade seemed to be ignored In the
trading. The arket closed quite active
/ but with many prominent stocks at about
/ the lowest.
The bond market was rather duh and
/ irregular. Total sales. par value. s2.Ofo.opo
United States bonds were all unchanged
/ nr, The las cell.