The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-27
STOCKS AND BONDS.

New York, Aug 26.-Nothing worthy of
extended comment was accomplished by
todays meager bidding in stocks either
in the way of distribution of securities or
price changes The volume of dealings
fell another notch towards absolute stag
nation with a total for the day Of only
about 200, 600 shares and the cash in which
the price variations reached point were
very few. 1t was observed that the teie-
phone calls on the exchange and the an
nunciator calls to members by number
were extraordinarily few. which is regard
ed as evidence that very little business
originated outside the exchange. Even
the professional operators of larger call
Der are going away for DELAYED vacations
which have been prevented heretofore by
the troubled state of the market and the
smaller class of room traders have the
market TO themselves. IT is the COM
plant amongst these that when they offer
prices down they are unable TO force any
renewal of liquidation and that they soon
meet supporting orders while If they at
tempt a turn on the long side of the mar
ket they are unable TO find a satisfactory
market to realize on at any advance in
prices. The undertone of today's market
was heavy but the only apparent reason
for this was yesterdays movement up
ward. thus exhausting the limits of the
small traders in the decline. Attention
in the financial districts is centered upon
the money market rather than upon
IA
the efforts of the Consolidated Lake Su-
perior company to secure subscriptions TO
its bond issue had failed with another
example of the extreme difficulty at pres
ent of inducing capital TO assume any
fixed form. There is continued unwilling
ness to lend money on time and rates are
strongly held. although there is little de-
mand for loans of this class. owing TO
the extreme dullness in the stock market
But commercial paper of the highest
grade finds difficult market There were
further offerings of bankers finance bills
in the foreign exchange market today
which caused yielding tone in spite of a
hardening tendency in discounts al Lon
don and Paris. Attention was attracted
TO the returns Of the Canadian banks for
July which show falling off in the loans
on call in the United States by these in
situations OF more than s14.coO.000 in L
months while current loans in the United
States were reduced by about 100000
This helps to explain the persistent main
tenance of the loan accounts of our own
banks in face Of the heavy stock market
liquidation The market strength of sill
yer is also a feature of the situation, to-
days rise TO $3.50 an ounce marking the
highest level touched since November
of 1901 It is believed that the London
dealers have oversold the market and are
now covering and there is some special
buying for nlintage purposes by the
French government. Atchison had some
advantage from it's July statement OF
earnings showing an increase Of $2s6.9Sl in
the net conserved out of an increase of
s7sS, SIS in the gross. Erie and Reading
were also relatively firm on the expecta-
ton OF a very favorable showing in the
forthcoming annual reports. There was
profit taking In cotton but wheat advanc-
ed on unfavorable crop news and corn
showed some strength.
The bond market was exceedingly dun
but steady Total sales par value H,2io.-
coo United States 2's advanced i per cent
on the last call.
Closing quotations follow: