The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-19
STOCKS AID BONDS.

| New York, August ia dull and sag
/ ging stock market today was the nat
/ ursal consequence Of various evidences
going to show that the expanding needs
of the circulation are making increas-
ing inroads upon banking reserves. The
continued transfer of credits to foreign
lenders through the medium of the ex-
change market mitigated the anxiety
over the money outlook without entirely
cutting it. The response of the London
dis count market to the American borrow
inss demand gives warning that the pro-
cess may be checked by bringing the
int crest rates of the two centers to a
parity. In the local money market the
bal ks very generally marked up their
rsstes for call loans TO Az per cent and
the rate touched per cent during the
morning. There was less demand for
commercial paper and the rates for the
time loans were firmly held at per cent
for all periods Reports from interior
monetary centers were of a firm tone
to- the money market and a large de-
mand from the smaller towns and coun-
tr1y places for currency, indicating the
ne arer approach Of the demand upon
New York reserves. New York exchange
vi tn Chicago continued to drop and was
quoted at 10 cents discount compared
with 20 cent premium early last week
Tile New York sub-treasury is contribute
Ing slightly to the local payment but
tn g recent daily deficit reported by the
treasury at Washington gave place to-
ds TO a surplus of several thousand dol
lars for the first day during the cur
rent months.
This recalls the course of the govern
msnt revenues last month the deficit
having reached nearly SIS. o0o0 900 about
Ia 9 middle of the month but falling 70
81 100000 by the end of the month. Satur-
vs. treasury statement showed de-
fl for the month to date of 81. Isl, S27
compared with a surplus OF more than
period last year. The decrease in inter
mai revenue thus far this month by rea-
son Of the derepeal OF the war tax has
re- ached s.. 40l ,344 compared with last year
vi ale the customs receipts this month
ar 2.5ss,S24. other than last year and
tn total treasury receipts have expand
ed this month sl.22I.ls5 over last year.
II is only therefore by reason Of an in
crease in the months expenditure by the
50 vernment Of 10000 that the money
the drain caused last year by the gov
eminent surplus. Whether the increased
"a te OF expenditures O fthe government
is likely to be kept up is a problem much
discussed in Wall street owing to the APP
preaching depletion OF banking reserves.
Besides the local money situation, the
market was depressed By selling Of the
: locks for London account. owing to hard
ming money rates there The net earn
hSgs q railroads FOR June reported show
{ Il some decline in the outhwest owing
- shortage in the corn movement. and
iitrimations were given Of probably SINH
lsr results for July. The reported retire
ulent Of the president Of the nited States
: eel Corporation had some influence in
tlFe market. although the stocks Of that
c operation were but little effected. or
settling factors IN the heaviness OF the
n arhet We're the strength Of Louisville
and Nashville on supposed progress IN
tgo hRancisi readiustment in Toledo. St
I iuis and Western on rumors OF Wander
b g. control in Texas and Pacific OF
- alleged seeking OF control BY 81.
Z ilis and san Francisco Chicago Term
nsl stocks on rumored plans Of new
,e ant and number Of minor specfsgties.
: he closing tone vas dull and heavy.
i'he reduction in the year in the dis /
b easement report on the Central ana /
s,slrgia- first incomes weakened that 1
group Of stocks and had some sympa-
hetic effect elsewhere Total soles. par
-saue. s1.77o.Oe0
United States refunding IS. advance
: and the new tours = per cent On the
am call