The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-29
STOCKS ARE STILL DULL
There Is but Little Doing in
Wall Street.
MONEY QUESTIONS MANY
Panama Canal Millions Won't
Be Paid This Year.

New York, Aug. 2S.-The stock market
had its upward turn again today. The
volume Of dealings was considerably
larger than in yesterdays almost stag
oant market and the fluctuations were
rather wider. but the market retained its
highly professional character and gave
little evidence Of any interest originating
outside the board room
The principal reason for the movement
of the market seemed still 10 be that il
was a reversal OF that of the previous
day, the obvious tendency being 20 os-
cilate narrowly about fixed point. Thus
the morning news that the squadron OF
American warships had been ordered 10
proceed TO Beirut. Turkey. prepared to
exact reparation for the murder OF our
vice consul there did not create SO much
as ripple in the stock market. although
the report OF an appeal for protection
for American missionaries in Syria prom
ised an additional complication There
is an undisguised confidence in the finsn-
cial district. however. that this incident
is capable of adjustment by diplomatic
means.
The discussion upon measures for re-
preston of trusts precipitated before the
session OF the American Bar association
might have caused great trepidation in
Wall street in some OF its recent prevail
ing moods but that and the western food
news were equally ignored with the Turk
ish incident
There is growing confidence in the
money market outlook which was fostered
by several OF the days developments and
this was probably the principal factor in
advancing prices Of stocks The reports
from Washington that the secretary of
the treasury had accumulated some t40-
cc0.00 OF internal revenue payments which
would be available for deposits in ma
tional banks was greatly ,reassuring fac
tor. as the possible means OF relief for
the money market by the treasury de-
partment has been a matter of consider
able doubt and conjecture. AS it is. the
question remains OF an adequate supply
of government bonds by the banks as
security 10 obtain these deposits or the
further acceptance by the secretary of
the treasury Of municipal and state bonds
in resupmtion OF last years policy, which
has been considered of doubtful expedi-
ency The incidental explanation that
the 100000 accumulation was a con-
tingent provision for Panama canal pay
ments was received as an oAcial con-
firmation of the unlik eliness OF the pay
ments being called for this year
The special strength of the Pacific. led
by Union Pacific was attributed to the
obstacles thus indicated for the Panama
project. The principal movement OF cur
-
ment is still in favor of this center as
against the interior. the indicated gain
on that account being over s27.O00.00 The
last week of August last year the loss
to the interior was as much as that and
for the year before was about s.. $40 900
With this delay in the interior demand
for currency the banks themselves are
showing signs Of weakness at the policy
of keeping their resources in call loans
at rate below that which they are
paying TO trust companies and interior
banks for their deposits The result was
shown today in somewhat fewer offer
ings Of funds for time loans and an APP
probably easier tone in that market
Mercantile paper was also in somewhat
improved demand
Prices of active stocks advanced pretty
generally between I and . points and con-
siderably larger gains We're shown by
some OF the specialties without explsns-
ton. The strength OF Arnalgamated was
I'm sympathy with copper securities gen
orally at other points and with an i'm
proved sentiment in the trade for that
metal. The market closed heavy and
somewhat below the best.
The bond market was dun and irreg-
uIar. Total sale. par value. ,2.265 go.
United States rs advanced \ per cent
and the old As i per cent The new As
registered, declined : per cent on the
last call.
Closing stock quotations were as fol-
lows: