The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-09-01
STOCKS AND BONDS.

New York, Aug. 31.-There was consid-
cradle growth in the volume of business
in stocks today and a show OF strength
which was quite imposing, but neither
the activity nor the strength lasted the
rose 10 that of the million hsare mark
but the largest part of this was done in
the two hours before noon.
During the active period of the market
advances over Saturday of l TO points
had become quite numerous, but the last
prices Of the day show very few gains
in excess Of a point. The demonstration
of strength was evidently due largely to
concerted action by professional traders.
Uncovered bears became discouraged by
the dull resistance of last weeks market
to any attack and the bullish traders
became correspondingly encouraged and
helped to drive the bears to cover. Pro-
fessional sentiment was more cheerful
on account of improved factors in the
general outlook but there was nothing
to show that any considerable outside
demand for stocks played a part IL the
days movement. There is no doubt that
confidence over the money situation has
been greatly increased since the intima-
ton of the readiness on the part OF the
50.0O0O0O of the money now in the treas
ury in depository banks. This is felt 30
threat of violent stringency in money
and money lenders are decidedly less eX-
acting in their conditions for time loans.
Quoted rates are only slightly lower, but
the stringent conditions which have at
tached to making of loans for some time
past are relaxed. These conditions were
prOhibitive except 10 favorite borrowers
on the part Of some of the banks. The
limits of the available supplies have
been considerably eXteT ,:-5 and with the
present surplus reserve held by the
banks confidence is pretty firmly eSteb-
lished in the ability of the money mar
ket to meet requirements upon 1t. En-
coura ging reports OF railroad tralsc to-
day last weeks cheerful tone over the
general trade situation on the present
mercantile agencies and the belief that
q quiet absorption of securities by invest
ors. both foreign and domestic, has been
going on. had TO with the stronger feel
ing in the stock market. This morning
much was made Of the transfer of the
holdings of the underwriting syndicate
for Metropolitan securities TO other dom
inant interests in the property tending
TO consolidate the control Very free in
ferences were drawn by the traders from
this transaction OF a coming consolida-
ton Of all the traction and lighting in
terests in greater New York and III ont
living territories. \ considerable stiTuuls-
tion TO the speculation was the result.
but heavy realizing ia Amalgamated
Copper and the inference drawn from
that Of the attitude towards the market
OF the controlling interest checked the
advance with the result that followed
The market became almost stagDant in
the later stages but closed heavy Some
buying for London account. which WAS
large in Erie. helped the early advance
Reading hung back on account Of the
Utterauoe attributed TO the executive
head OF the system pointing 20 an accu-
mutation Of steam sized OF anthracite
and q possible curtaiiment Of the pro
ductior in consequence. s. Paul vas
the leader IN the railroad list and en-
joyed an extreme advance II PORTS
The strength in tho corn market and re-
ports OF unreasonable tcTnpersture had
their influence on the reaction IN stocks
owing to the importance now placed e.
the outcome OF the corn crop
The bond market was hrmer- Total
sales. par value s. 3S5cn United States
bonds were all unchanged on the last
call.