The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-01-13
STOCKS WENT
DOWN LITTLE
Close of Market Was Lowest
of Day.
SELLING CAUSED DECLINE
Banks Report Continued In
crease in Reserves.

New York. Jan. 12.-The large selling
was renewed after the opening today.
served to take the vigor out Of specula-
ton. ana the stock market sank into
a condition OF semi-stagnation during
the afternoon, with an occasional down.
ward dip in prices. The market closed
with one OF those selling movements in
force. making the last prices about the
lowest of the day. There was nothing
in the news TO offer rational explana-
ton Of the decline unless it might be a
rahter less liberal disposition on the psyt
OF the banks and trust companies in the
matter of placing short time loans.
The movements of cash. SO far as
known TO the public, continued 10 IN
crease the reserves of the banks. The
sub treasury operations have yielded
rather more than a million dollars to the
banks since Friday, and the bank state
ment of Saturday il believed TO have
understated the reserve item AT that
time by several million dollars, owing TO
the fact that the heaviest movement last
week came late. and so figures for less
than it should have been in the weekly
averages. Some Importance is attached,
however. TO the sustained upward OF ex-
change in connection with the rise in
London discounts which made a greater
advance today.
1t is believed that unless money rates
here are allowed to advance again, the
demand from Loondon will result in an
outgo of gold. This would interfere with
the plans of the managers OF the specu-
lat:ve campaign in stocks, who have
counted upon period Of easy money.
The call for a 10 per cent instalmen, OF
the s5o.ooo.Ooo subscription to the Ma
tional Marine syndicate. which viii cal
| for 100000 on Saturday is another fact
| in the situation. The recent increases
| in bank and trust company stock VIII
cali for some 81 0O1,00e TO take up new
stock. and in the more remote future
are the proposed Pennsylvania stock Is
sue and the presumption that the pur-
chase for control OF Reading Will be FOL
lowed by the issue of some new security
| against the holdings.
Rumors continue busy also with al
legged plans for retiring the Atchison de-
bentures with a new bond issue. Inc
| o,,ick multiplication of these possible ne"
| offerings in the stocok market has beer
a rather chilling effect. Berlin also re-
ported a new German loan as an earl,
prospect. The numerous rumors OF FUR
Their railroad combinations which are cir
| culated failed to have a reviving enec
upon speculation. either because or Inn
new solicitude over the effect upon TN
money supplies or because the rumor
showed some lack OF inventive power
A combination OF Atchison and Rock Isl
and. a Rock Island outlet TO tidewate
by way of Erie. a purchase of Grea
Western by Rock Island. purchase c
Atchison by Pennsylvania and an an
sorption of Southern railway by Penn
svlvania were some of the rumors which
were formulated during the day witnou
much effect There was some earl!
strength in Atchison and sugar and late
advanced in some speculations whicI
were unexplained b. any special news
Speculative bonds were weak. I'm sym
pathv with stocks. but the inyestmen
issues were firm. Total sales. par value
s.. 10000 United States bonds were in
changed on the last call
Closing stock quotations were as foi