The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-02-26
STOCKS AND BONDS,

New York. Feb. 2s-The undertone of
| the STOCK market continued depdessed
/ today. although the movement of prices
was feverish and irregular throughout.
! There was quite a general show Of
| strength at the opening and individual
points of strength at different times af-
| terward. but nothing in the way Of gains
was left at the close. which was dull and
weak.
The tightening course OF the money
market continued TO be the dominant
factor in dampening speculative enthusi-
asm. Time money rates continued 10
harden 'and lenders do not care to do
business ar lower rates than 4&G5 per
cent for any period This was the de-
cisivie index of the money situation.
4 mere was a tightening here and relaxa-
ton there in other markets bearing on
the money situation, but these were the
result of offsetting factors. Yesterdays
heavy demands from Chicago introduce
a new factor Of importance into the sit
uation- The sub-treasury was not called
upon 10 make any further transfer 10
that point. but New York exchange at
Chicago declined 10 points, to 10 cents
discount. showing a continuance of the
pressure for funds. Yesterdays trans
fer through the sub-treasury, combined
with very large customs collections.
brought the loss of the market TO the
government Institution for the day. up
TO 2.2l9Dc, making the aggregate loss
since Friday on that account s, 339. 600
mere is some talk that this heavy drain
upon cash resources will be of a large
contraction in lie banks by d transfer 10
lenders. As a matter of fact, loan bills
made their temperance in the foreign
exchange today and were principally re-
sponsible for the easier tone in that mar
ket, although there were large export
takings of corn today and London bought
stocks slightly on balance. On the other
hand, sterling at par is reacted again.
1t was not known. however. until after
the close of the market that arrange
ments had been made for the shipment
OF $4,000 in gold TO Buenos Ayres. This
is described as special transaction. but
its effect on cash reserves is not differ
ent from the most orthodox regular trans
action. II s rot improbable that the
weak closing in the stock market was
due to an inkling of this news.
The lack of confirmation OF yesterdays
rumors regarding Wabash and st. Louis
and San Francisco as TO possible deals
connecting those railroads with other
large systems naturally led to realizing.
The advance in Rock Island had the ap-
pearance of an effort to revive the infiu-
ence of the rumors. The special press-re
against Metropolitan Street Railway was
also regarded as rather ominous. The
rise in st. Paul was due to the possibility |
that the directors at tomorrows meet !
ing may take action on the proposed new |
stock issue Amalgamated Copper felt |
the benefit of an advance in the selling |
price to Europe of the metal. Laclede |
Gas and North American reflected the |
report OF the purchase OF the former I
by The latter. The buying of sugar was |
attributed to favorable trade reports
The bond market was quite broad. but /
the price movement was irregular. Total /
sales. par value s.. $4,000. United States /
bonds were all unchanged on the last |
call.