The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-30
ARE
STEADlER
Hesitation and Reaction Are
the Rule in Deals.
CLOSE EYE ON NEWS
Selling Side Seems to Be the
Favorite One.

New York, July Expectations in the
stock market took on conservative tone
again today and the leaps and bounds of
the first recovery from the long depres-
sion gave place to a more creeping pro-
cess Even this moderate upward pace
was not maintained, and there was fire.
quent hesitation and reaction. The news
of rain in the southwest and the result
ing weakness in the grain market was a
benefit 10 the stock market, as close
eye is kept upon all news bearing upon
the condition of the corn crop.
There was no evidence OF renewed liq-
uidation of the forced character that
cost the market so dear, but most of the
stock nevertheless showed signs OF salts
faction and the selling. though light.
was sufficient TO force prices backward
again. There is an element among stock
buyers which refrains persistently from
entering the market until conclusive evil
dence that the turn has definitely come.
1t is made up in part of speculative
shorts for a long turn, and in part OF
investment buyers who dread 10 hold
stocks through a decline. in distinction
from that class called bargain hunters.
which takes stocks from well formed
convictions of their value and holds them
regardless of the market prices. The de-
mand from this element seems TO have
been exhausted quickly. The bargain
hunting element. of course. declines to
follow any advance in prices.
bo-
dimensions to induce profit taking also
by the speculative buyers for short turn
who We're so fortunate as TO get in at
last weeks low prices. 1t is inevitable
consequence Of such forced liquidation
with little sustaining power that class
of holders should have been able 10 hold
through the weakest point by an agree
ment between themselves and their cred
itors in order TO avert needless sacrifice
to both by forced liquidation of coilat-
eral. The result is a considerable amount
of credits extended with a stipulation for
liquidation at the first good opportunity.
a rising market at this time meets
considerable pressure Of such contingent
liquidation. 1t is a fact that many COM
mission houses which have dreaded ina
spond to margin calls have put out short
contracts ond the decline as protection,
and have been covering these short con-
tracts on recovery There also is a de-
mand of small limitations. Aside from
these technical considerations of the
market there remains a conservative
spirit of waiting to prove how far the
business and Industrial affairs of the
country will respond TO the possible in
dex affected by the recent movement of
security prices.
The opinions of prominent bankers on
the situation impaired yesterday TO the
Associated Press made an impression
upon the financial district. and especially
the tone of warning adopted by one finan-
cial banker that the commercial and in
dustrial interests of the country may
have to undergo later an experience of
liquidation like that through which Wall
street has just been passing.
There was a distinct relaxation in the
time money market today. Loans carry
ing over the end OF the year We're offered
with freedom at 81 per cent. Cash is
accommodating al this center from various
sources and IL is expected that the next
bank statement will at least reflect the
heavy liquidation in loan contraction
The wide movements in today's market
were confined TO specialties under the
influence OF special causes. The days
net changes are now important. early
gains have been rather more than wiped
cut by the reaction. The Atchisons were
conspicuously pressed for sale.
Inactive investment bonds were mar
keted at some wide concessions The
market generally was irregular. Total
sales. par value s2.5e5.000. United States
bonds were unchanged on call.
Closing quotations Of stocks were as
follows: