The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-29
STOCKS AND BONDS.


New York. July 2s.-The stock market
this morning showed the continuing eff
feet of the clearing of the atmosphere
which resulted from yesterdays and
Fridays failures and the market be-
came quite generally strong. But the
brighter sentiment over the outlook did
not hold its full force throughout the day.
There was a rather pronounced reaction
at the last which wiped out the most in
portant part OF the days gains and took
a few of the grain carriers a point or
more below last night New York Gem
advance, rising at one time 2 Is over
last night on buying reputed to be Of the
best character. The sentimental effect
on the market of the buying of these
stocks and Of Pennsylvania and of the
Elevated stocks as well as of the coal
ers and of the high grade railroad stocks
was considerable. Atchison suffers most
acutely among the market leaders and its
droop to SIS below last night upset the
late market and led the whole list down.
wards. The grain carriers were not
strong at any time and were presumably
affected by the reports of hot winds in
the corn belt and by the weather bu-
reau's weekly bulletin on corn and
spring wheat Reports Of crop damage
were reinforced by the upward move
ment OF prices in the grain markets and
the development OF profit taking in this
market did not save stocks from the late
reaction. The improved sentiment this
morning was largely due to the under
standing that the closing out of hypothe
Gated securities for loans. both of the
failed firms and other under pressure
for payment of loans on collateral for
which the market is not active was to
be suspended for the present to await a
more favorable market. Late in the day
there was some indication of a resunip-
ton Of selling out of collateral in some
loans The buying through commission
houses was reported TO be better than for
many weeks and was hopefully regarded.
But this buying did not follow the mar
ket upward. There was evidence of a
purpose to drive in the bears in the call
ing in Of stocks loaned for delivery on
short contracts and in the character Of
some of the rumors which were set
afioat.
There was a report of a private settle
ment between the Union Pacific interest
and one Of last weeks failed firms, look
ing to the taking over of large dealings
of Southern Pacific and a resumption by
the firm. This was denied when the
Union Pacific directors assembled TO de-
clare the regular dividends. Toledo, St
Louis and Western was reported 10 have
had the Grand Trunk control. An offer
of so for Evansville and Terre Haute
control was alleged to have been made
by an anonymous bidder. Colorado Fuel
was said to have acquired the Utah Iron
company and its price shot up nearly
dozen points on a few intervening sales
just at the last. The other stories were
effective in varying degrees in causing
sharp bidding for the stocks. The re-
newaI of the steel billet seemed to be
hopefully regarded among iron and steel
company shareholders and stocks of that
group were quite generally strong. The
time money market was reported appre-
Gladly easier and some long time loans
on selected collateral were reported TO
have been negotiated below per cent
Sanguine hopes were expressed OF
strong bank statement On next Saturday.
But the obvious fact was that the de-
mand from the shorts was growing sat
isfied and that the investment demand
was not following the advance in prices.
When traders attempted 10 take profits
on the days rise the market therefore
gave way and closed unsettled and If
regular.
Active bond issues were generally de-
cidedly strong but there were some wide
concessions in the marketing Of inactive
bonds. Total sales. par value. S.4SS.ooo
United States bonds were unchanged on
call