The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-25
STOCKS AND BONDS.

New York, Aug 24-Todays dull and
sluggish market accorded with expecta-
lions. The volume of transactions fell to
about q quarter of a million shares and
this small business was on rapidly d.
minishing scale during the latter part OF
the day.
In the last hour OF the market there
were long intervals when no quotation
was recorded. The tone was rather heavy
throughout. but hardened slightly at the
last on covering by the room shorts.
Some inclination to sell was carried over
from Saturday on account of the bank
statement and the Ming of petition in
bankruptcy by a stock exchange men,
Der. although it was subsequently with
drawn, had slightly depressing infiu-
ence.
The special weakness in New York Cen
trail at a decline of points was not ex-
planned by a specific development. but
the known necessity for the raising OF
additional capital overhangs this stock
and caused il to be depressed at inter-
walls. Only q few stocks Of the first i'm
portance got as much as a point away
from last weeks close. Realty preferred
made a dip of "a points but afterwards
rallied and steadied There was evidence
Of support by market leaders for various
leading stocks, which served to reassure
sentiment 1t is the general conviction
that the process OF closing out the larger
class of speculative accounts, which are
the growth of q prolonged price move
ment in either direction, has been about
completed and the market left to revert
to the smaller class of spectators who
confine their operations TO the board room
in efforts to scalp daily profit of a
fraction. Last weeks lessening of fiuc-
tuations and today semi-stagnation are
the proof of the closing up OF larger
speculative commitments 1t is expected
that the outcome of the corn crop will
be awaited before the market enters on
another distinct phase. Sentiment in
Wall street also continues doubtful as
to whether the industrial and mercantile
structure at large will be spared a pro-
cess of contraction similar to that which
has been going on in Wall street.
Money on call continues cheap and
abundant, but this is because lenders
continue TO keep their resources IN that
shape. so as to be readily available
Time loans and mercantile paper con-
tinue to reflect a firm tone in the interest
rate and great circumspection is exer-
cised In the matter of collateral on all
loans. There is considerable demand from
the mercantile community. and bankers
attribute last weeks loan expansion by
the banks largely to this cause II is
expected that the late corn and cotton
crop may delay somewhat the fun in
terror requirements for currency, but this
demand is now daily awaited
Sterling exchange was strong again
today and gold was advanced In London
Rains in the spring wheat belt and talk
of large export engagements gave a firm
tone to that cereal, while corn was easier
on good weather. Statistics OF railway
traffic show that the grain movement
continues small. but railway officials as
sert that the movement of general com
modities is keeping the traffic at a high
level
The bond market was dull and heavy
Total sales. par value. s1.145,0pQ
Closing stock quotations were as fol-
lows: