The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-08
PROFITS ARE
GRASPED
Stock Market Starts Firmly
but Bulls Weaken.
ADVANCE Is LIMITED
Raiding Tactics by the Bears
Are Successful.

New York, Aug. 7-Today's stock mar
ket started with 4 continuation Of yes
terday's movement towards recovery but
it became apparent very quickly that
the further advance in prices was en-
countering sales TO take profits on yes
terday's late rise. The buying movement
also seemed TO have spent its force and
there was no disposition shown to fol-
low the davance in prices. On the other
hand it was apparent that support was
forthcoming for the market on declines
and there was no renewal of the tone
of decentralization such as characterized
the market yesterday morning before the
rally set in. Even the resumption OF
liquidation in spots which was easily
perceptible, was taken by the market
which developed no appearance OF dis
order at any time. There was free selling
of some of the western grain-carriers.
New York Central and the specialties
Pressure was renewed on Virginia-Caro-
lima Chemical and II was believed that
collateral for loans was being thrown on
the maret again. Later IT. the day. raid
ing tactics by the bears showed them
selves distinctly, especially. in Canadian
Pacific which was forced down four points
on the circulation of baseless rumo-s
alleging the closing OF the Montreal stock
exchange and new financial difficulties.
Even this did not disturb the apparent
eduanimity of the stock. The tone was
heavy and sluggish all day. but the char
acter of the market was very different
from the acute weakness shown in the
latter stages OF the recent decline. What
the cause of the improvement was did
not become known, although rumors TO
account for the change were abundant.
1t was believed that some large settle
ments had been affected by the taking
over of important holdings OF various
stocks by private agreement, thus re-
lieving some weak points in the situa-
ton. Yesterdays demonstration OF buy
ing power was accepted as evidence that
important financial interests were pre-
pared to afford support 10 the market
If necessary TO prevent its running Int ,
generalization Yesterdays superstition
that a vigorous upward movement OF
prices had been determined on by the
financial powers was seen TO be without
foundation. But this did not prevent a
feeling of comfort over the check to the
headiong downward course of prices and
the consequent contraction of credits.
which was threatening disaster
One of the developments of the day was
a steadier tone in the foreign exchange
market which seemed rapidly approach
ing the gold import point in the last
two days. It is an anomaly Of the Sit
uatIon that the firmer tone Of exchange
affected some relief 70 sentiment The
heavy oI-erings Of the last few days have
have not been against commercial ex-
ports. but have been OF bankers loan bills.
which il was feared represented an ur-
gent pressure for credits that could not
he satisfied at home. The lighter offer
ings Of this class Of bills today was re-
viewed with satisfaction. Tomorraw c
bank statement promises to show small
less in cash. the receipts on balance from
The interior being so much smaller than
last week as not To wipe out the loss
by the banks TO the sub-treasury Of
$3.50, 600. 1t will be remembered that the
banks gained upward Of $4,000 last
GEEK The market seemed 10 be undis-
turbed by this contrast The outlook for
The loan item is obscure and there IS
rothing TO indicate that the weeks II
9nidation in stocks viii be any more re
hecteG in the loan item than was the
disappointing case last week
Bonds were irregular. Total sa'es par
valas s2.IS5 600
United States bonds were al unchanged
on the last call.