The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-01-14
REACTION
OF STOCKS
Market Went Down and
Closed Irregular.
MONEY WAS UP FEW POINTS
Foreign Exchange Remained
at About Normal.

New York. Jan. Is.-The stock market
made further reaction today and was
heavy or weak during mos, Of the ses-
sion. but made some recovery during the
last hour and closed irregular
The heaviness Of the market had no
better explanation than yesterday. Money
advanced from ~ per cent at the opening
TO per cent. but no difficulty was ex-
perienced in getting il and little attention
seemed 10 be paid 10 ten money sltua-
1on by the operators in stocks
This was not true, however OF the
foreign exchange market and the anxiety
felt in regard to that Development was
due. OF coourse. To the probable effect
on money. Sterling was in quite strcng
demand today. in spite Of yesterdays
heavy engagements OF grain for export
and good hopes OF a continuance OF this
outGc
London's operations of stocks here were
not on a large scale and did not Unfit
ence exchange. IL is believed that some
bills are about maturing that represent
borrowings abroad for New York ac-
count during the money strinSency here
last month. There is a likelihood that
there is some accumulation OF exchange
10 provide payment for French rentes.
for which there is said to be some de
mand on account Of the American in
surance companies.
The effect I'm Berlin yesterday Of the
foreshadowing OF German loan was
duplicated in London today By the ex-
pectation OF an early announcement OF a
Transvaal loan. These government op-
erations are probably the true explana-
ton OF the hardening of foreign money
rates. and IL Is believed that our obliga-
lions to foreign money centers are still
su1scient TO permit them to withdraw
gold from us In case OF need. This pros
pect would have a natural tendency TO
check wholesale commitments in specula
tion for rise I'm New York But yes
tefSry's disappointing response from the
general public TO last weeks considerable
and inviting rise served 10 admonish the
managers OF the advance that little was
TO be hoped for Yet from the public IN
the way OF absorbing securities which
still remained in the hands OF syndicates
and promoters.
Renewed strength In Erie and 81. Paul
this morning and vigorous support ~
Reading seemed designed TO reassure
speculative sentiment. but when IL was
perceived that advantage was being
taken OF this sustaining influence TO ef-
lrCl StiiiuS OF fhOth iSitD ~ TIE sen
in gwas renewed throughout the list.
and there was no important recovery Gn-
TN eisst hour. when Manhattan lifted
two points over last night and Erie was
run up TO the top level of the morning.
Contributory causes 10 the heayiness were
the steps taken in congress To in9csti-
gate the coal supply; fears of damage TO
earnings OF railroads by snow blockades.
and broad limitations that no immediate
dividends are 10 be expected on Colorado
Fuel. Practically all leading stocks were
point or more below last Eight At one
time. and not all of them fully recoy-
cred on the latter rally.
Bonds were moderately active but were
irregular. Total sales. par value. S.0io.-
0O0 United States seconds. old fours
and nves advanced :. per cent while
the threes. coupon declined !. per cent,
and the new fours. coupon. = per cent
on the last call
Closing stock quotations were as fol-
lows.