The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-04-02
HOPES ARE DEFERRED
By the Stagnant Condition of
the London Markets.
TIRED HOLDERS SELLING
What Little They Have Got of
Wall Street Stocks.

| New York, April 1.-The stagnant con-
| dition OF the London market on the re-
sumption of trading after four days in
terval still further deferred the hopes Of
the speculative contingent which has been
counting upon an awakening interest in
the stock market. The continued alb
| sence from the street of large capitalists
! and the coming departure for Europe Of
the central figure of the financial district
had further discouraging effect upon
the smaller traders who have been pro-
Tossing confidence that the powers in the
money world were going to put stocks
up The consequence was considerable
selling by tired holders and a dropping
market. The sagging tendency gradually
permeated the whole list overcoming the
strength OF those specialties which rose
strongly early in the day. The leaders
in activity were Colorado Fuel, United
States Leather, Amalgamated Copper and
Sugar. Colorado Fuel lost all Of its gain
which amounted at one time TO Pa aud
closed with fractional net loss. Sugar
was under pressure and United States
Leather stocks did not fully maintain
their advance. Amalgamated Copper,
however. was persistently firm and clos
ed at the top with a net gain of two
points. Reports of consolidation OF the
copper properties OF the principal rivals
interests made the bears in the stock tim
id and they covered heavily. A judicial
decision unfolding the New York fran
chise tax weakened the New York pub
lie utilities and caused some sympathetic
response elsewhere. Decreased earnings
reported by the American Car and Foun-
dry company depressed that stock. The
coalers were affected by the announce
ment that the summer schedule of prices,
representing a reduction of 80 cents per
ton from the winter schedule was in force
today instead of being postponed until
May as was expected. The fact that the
dispute with the miners is still open was
an additional influence. The money mar
ket was distinctly easier both for call and
time loans and the large disbursements
payable today are expected to further in
crease the resources Of the market. To-
days dividend end interest Disbursements
were estimated at upwards of $50, 600. 900.
The London money market also was easy
today and sterling exchange at Paris re-
covered a fraction so that the advance in
sterling here left a margin still between
the market and the gold export point.
This influence seemed to be ignored, how
ever. as the ease OF the money market is
not expected to prevail for any length of
time. The British loan soon will be an
nounced and foreign banking houses in
New York expect that there viii be Amer
lean subscriptions which will increase the
demand for remittance in addition TO the
natural attraction for gold which will re-
suit from the hardening of the London
money market. The March statement OF
federal finances shows q surplus for the
month of S. 273. 4l3. which is less than a
million under the surplus for March Of
last year. The available cash balance IN
the treasury which has been held down in
the neighborhood of $40, 900 for many
months by the redmptions of government
bonds has now run up TO nearly $500 600
with the prospect Of a considerable daily
addition with the redemption Of govern
ment bonds suspended. The security Of
the New York money market from future
compiled tons is therefore not clear and
this continues to be a repressive influence
on speculation.
The bond market was less active, but
was generally steady. Total sales, par
value, 50. $4,000.
United States bonds weer all unchanged
on the last cali.