The Wichita daily eagle., 1903-07-31
BUYERS ARE
CAUTIOUS
Slight Reaction in Favor of
Bulls Ends.
TRADING Is DIFFICULT
Decline in Prices 0iscourages
Bull Efforts.
TRADING is DIFFICULT

New York, July So.-Yes;erday's check
TO the recovery in prices was supplement
ed today by reaction. There was 70 ac-
cute weakness, except for the eccentric
plunge amongst the inactive specialties
but the demand diminished to nominal
portions. Commission houses which re-
ported yesterday an awakening inquiry
for stocks found today that the slight
reaction in prices had almost entirely
cases had induced buyers TO get out OF
the market and caused prices 10 crumble
The early selling centered on AtchiSon
following up the late movement OF yes
terday- The general list resisted for a
time until some of the specialties began
to make violent declines.
The weakness then became general.
Several OF the professed reasons for yes
terdays selling of Atchison were cleared
up today without strengthening the stock
in the market. Official denials were made
OF rumOrs OF a coming bond issue OF an
alleged unsuccessful attempt 10 negotiate
a temporary loan by the company. The
reports of rains in the southwest with
expected benefit TO the corn crop dis
posed of another ground OF weakness
The selling was partly professional bears.
but the suspicion remained that long
stock was coming upon the market and
made an unfavorable impression upon
speculative sentiment in the whole mar
ket. An unfavorable showing OF June
net earnings by reason OF flood were hint
ed at a feautre Of the situation is the
revival of various reports. running from
the plausible to the highly improbable
OF the combinations and absorptions OF
railroad systems The purchase OF the
Evansville and Terre Haute evidently
gave 4 new lease of life 10 this class Of
reports. They concerned themselves with
railroads OF all grades from those OF a
tens of thousands of shares 10 the New
York Central and Pennsylvania. The po-
lice of combination of available railroad
systems doubtless has favor in the rail-
road world and the liquidation which
has been forced In some shhares has Of
fered attractive opportunities for absorp-
ton in strong contrast 10 the extrava-
CANT valuations at which mergers OF The
boom period were consummated. Some
resumption of the speculative excitement
in cotton was against the stock market
and the large speculation developing in
the grain markets is looked upon with
a degree of apprehension, owing to the
general financial situation. Corn showed
strength today in spite of the crop re-
ports and there was strength in the re-
pert of the wheat crop suffering further
deterioration. The money market showed
a growing ease for time loans. But the
movement OF process OF specialues of
the stock exchange excited that there was
selling out OF collateral in loans. Stocks
recovered large part Of their decline
late in the day when the liquidation in
Atchison had spent ITS torce and .he
closing was apathetic and not far from
last nights level.
In the bond market Chicago Terminal
Transfer as were offered down 6is just
before the close Toledo. St. Louis and
Western IS fell 3. The bond market was
quite broad although some Of the mac
tive investment issues were marketable
at considerable concessions from last
prices. Total sales par value $4,000.
United States IS declined and the old
As IL per cent on the last call.
Closing stock quotations were as fol-
lows: