The Wichita daily eagle., 1903-08-01
APATHY IN
STOCK LIST
Movement Is Heavy and Prices
Are Narrow.
COSTS OF THE FLOOD
Reason Given for Poor Show
ing by Atchison.

New York, July 3l.-The trading ir.
stocks became extremely apathetic today.
and az times the dealings on the floor
were no more than nominal, The under
tone was heavy but the price movement
was Very narrow and uncertain The
recent weakness in Atchison was sup
posed 10 be explained by the statement
OF June net earnings showing a decrease
compared with the preceding June of
sSSi. .Ss5. An official explanation was ad-
ded that the heavy costs of the floods
were unaccountable for the poor show
ing. The bears who have been selling the
stock ceased TO operate on that side OF
the market and covered. The rally in
Atchison relieved the market Of yester-
days principal disturbing factor and
checked any general downward tendency.
but the demand became very light and
the market semi-stagnant The determin-
alton to keep out of the market was
partly due to the issuance Of a circular
by the Rock Island directors asking for
authority TO issue a $3.50, 0,0o0. GO refunding
and unifying mortgage This is a con-
firmation OF many rumors which have
circulated lately without receiving wide
cTedence. The weakness of the stock
yesterday was due TO those rumors. and
il rallied today indicating that yester-
days selling was for short account. The
proposed issue is a puzzle TO VIII street
in view Of the present condition of the
securities market. Money conditions re-
tanned yesterdays relaxation and pre-
liminary figures Indicate cash gain by
the banks for the week of nearly 5000
COO. The payment Of the Pennsylvania
loans has been expected 10 show in to-
morrow's bank statement. but the pur-
chase of the Evansville and Tire Haute
and payments of 100000 on the final
installment on the International Mercan-
tile Marine underwriting and of s. 3.5co 90
on the Louisville and Nashville bond
underwriting may cempiicate the loan
item of the banks.
The nominal ease in the time loan mar
ket seems 10 be partly due TO the light
demand for funds. and this in turn does
not free the stock market from evidence
of forced liquidation In spots. Yesterdays
extreme weakness in some of the special
ties revived some fears Of money trou-
bles in todays market and helped 10
paralyze the trading The struggle of the
consolidated Lake Superior company TO
obtain subscriptions TO its bond offering
was accorded attention for its possible
echo in the stock market. St. Pauls
moderate decrease in June net earnings
and Union Pacific's moderate increase
seemed. to be equally without effect on
those, stocks The wee esly- statistics Of
grain exports confirm the hope of a good
foreign demand for wheat, the shipments
rising 509. .549 bushel over those OF the
preceding week. but the corn exports
have fallen off $50 bushel for the same
period. The days movements Of prices
were mostly Insignificant. New York
Central was forced down over a point on
renewed rumors that a bond Issue was
pending to provide for terminal improve
ments L. s. Steel preferred was notably
heavy. The local fractions made ad-
vances. and amslgamated Copper rose
a point over last night. None Of these
changes was maintained. and the market
closed dull and heavy.
Bonds were irregular. Total sales par
value Sl45O.coo. L. S. Bonds were un-
changed on call.
Closing stock quotations were as fol-
lows: