The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-03
STOCKS ARE
SLUGGISH
Money Matters Influence Wall
Street Deals
EASIER RATES PREVAIL
London and Paris Finances
Cut Some Figure

New York, July 2.-Another speculative
anticipation was disappointed by the &C
ton OF today's market. This was that
with the Pennsylvania stock subscription
and the semi-annual requirements on the
money market out OF the way some spec
ulative interest i n stocks would be
aroused. Today's money market reflect
ed clearly enough the redux of funds
after the stringenoy incident to the set
Elements. Some doubt is felt over the
showing of the weekly bank statement
"hich VIII be published tomorrow owing
10 the saturday holiday. II is expected
that II will show the effects OF the large
operations incident 10 the beginning or
the fiscal year as was the case with re-
turns OF the Bank Of England and the
Bank of France, which were made TODAY
Both institutions showed a decrease in
reserve, the English bank of nearly s.
10000 and the French bank a slightly
smaller amount and both institutions
showed an enormous expansion Of cred
its. But the process of repayment of
these extended accommodations is al
reary proceeding both in Paris and Lon
don. In New York the maximum call
loan rate today was AZ per cent. com
pared with per cent yesterday and 10
per cent on Tuesday A bank statement
unfavorable on its face is not likely there
fore 10 be factor in the speculation.
But the easing none ymarket failed TO
help the stock market.
There was no urgent pressure to sell,
but the buying demand was almost i'm
palpable and prices sagged heavily
throughout the session. The approach Of
the holiday was a positive influence on
the dullness and especially as many Of
the dealers are preparing TO leave town
tonight until next week IL would be
difficult TO hit upon any Of the factors
as the dominant cause of the weakness.
but sentiment in speculative securities
over the future OF values is undoubtedly
discouraged. London reported some sell
ing OF Americans on fears of a disturb
ance of our relations with the Russian
government. but there was no trace OF
this feeling in New York.
Reports of reorganization for additional
industrial combinations and the terms
proposed created distinctly bad impress
sion, although the securities affected are
not dealt in on the stock exchange The
weekly review of the iron trade. the IA
vorable news fro NTH ecrop region and
the days reports OF railroad earnings.
including the Pennsylvania decrease for
May, affected no assistance in advanc-
ing prices.
In the bond market some or the older
issues tended downward. The semi-an-
nual interest Of Ia per cent came off the
New York Central general mortgage 81 e.
and they sold at par FOR the first time
in their history. The issue of this re-
funding mortgage late in 1897 was re-
garded as the opening OF a new era in
our financial history and was one of the
notable events heralding the following Pc
riod OF prosperity. In 1899 they sold as
high as ll3 Il and last year as high az
l09Iz. They sold earlier this year at 1ol
which was the previous low record. To-
tai sales. par value. 81. 725. O0o
United States SIS advanced II per cent
on the last can.