The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-13

NOT LARGE
Speculative Tendencies Not
Large but Strong.
BUYERS SEEM SUPPLIED
State Bonds Were Inactive
Interest Rates Higher.
BUYERS SEEM SUPPLIED

New York March 12.-The stock market
today started out with its recent tendency
to reserve its position of the day before.
This vacillating course is usual toward
the termination OF wide price move
ment, but the arc measuring the oscilla-
ton fell 10 such small proportions today
that the room traders became discouraged
in their efforts 10 scalp a profit and in
the end abandoned the market TO semi
stagnation- Speculative attention revert
ed to speculation, special cause affecting
individual stocks and today's largest deal
ings and widest movements We're in this
class. There was no evidence Of further
urgent pressure OF liquidation and call
loans Were made on the stock exchange
at ~ per cent and in exceptional cases
at per cent. This was partly due TO the
release Of funds by the liquidation OF
stocks and partly to the decreased de-
mand. in view of the speculative dullneSs.
IL is clear that such funds a. have come
TO New York have been attracted by
higher interest rates and the source from
which they have been drawn show the
effect in tightening of their own money
rates. as in the case OF Chicago. The
volume of credits have been much more
diffused than reduced. Wall street was
obliged To accept the intirnation received
today that the secretary of the treasurer
has decided that the present money situ-
alton in New oYrk did not require relief
nv lie 10 orb,
to be better understood that nay release
Of treasury holdings will now increase the
necessity OF drawing upon government de
posits with the banks 10 make the Pan
ANA Canal payment Insofar as the pay
ment shall be made by drawing on funds
actually in the treaty il will go to in
crease the available cashh. As to whether
this cash goes abroad in the shape of
gold exports or remains here must de
pend upon the interest exchange stu
alton at the time. II is clear that these
payments will be available 10 foreigners
but they will nevertheless sincrease the
supply of loansble funds and may be an
actual relief to the New York money
market by borrowing. Today's report of
the exports OF domestic products for Feb
ruary. gave a good Indication OF the
growth OF the trade balance in our favor.
showing as it does an increase compared
with February of last year of over $40
GO 900 Corn exports play considerable
part in this showing but the increase
in the value of cotton exports compared
with February of last year amounts to
the substantial figure of sl2.65i565. The
elimination of the speculative rise in cot
ton and tln heavy selling at the reaction
give promise of continued replenishment
of our foreign credits by the outgo OF
cotton As for the immediate money stu
alton the sub-treasury yesterday took an
other half million dollars from the mar
ket There was deposit Of 10000 today
for transfer to New Orleans. and small
sub-treasury debit balance at the clear
ing house foreshadowed another heavy
requirement by tomorrOws statement.
There is some anxiety lest the payment
on Monday Of 100000 OF Standard OH
dividends may disarrange the money mar
ket as il has been shown that the fund
collected for this purpose have been out
in loans and will have TO BE- recalled.
The stock market closed dun and weak
Closing quotations OF stocks were as