The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-09-15
STOCKS AND BONDS.

New York Sept. 1.-THE course OF to-
DAYS stock market was shaped by a
number of adverse factors. chief among
them being the reported damage by
storms in the spring wheat regions and
frost in the corn belt. Lower prices for
international securities in London. where
consols were again depressed because of
the political situation in eastern Europe.
also gave a setback to the list which
opened generally lower, the financial adj
vances having no apparent significance.
Missouri Pacific displayed the greatest
weakness OF any stock at the outset,
though only a tTifle heavier than Atchi-
son. Reading ST Paul. Union. Pacific
and Amalgamated Copper. Steel COM
mon again broke below 20. but came in
for fairly good support and recovered
y story was current during the day that
the second steel syndicate, which some
time ago converted s2o0O00.Ooo of pre-
ferred stock into $3.50, 600 coo of per cent
bonds, would make another demand for
a considerable sum upon the underwrit-
ers. but this could not be confirmed.
a reactionary tendency was shown by
the list before the end Of the first hour
special pressure being once more directed
upon Brooklyn Transit as well as against
Reading and St. Paul. the latter reced-
ing over point. The heaviness OF St
Paul was attributed to reports OF north
western crop damage. Most of this news
came from Chicago and was accepted
Wit preservation.
The afternoon session Of the market
was noteworthy only for the increased
weakness in the last hours of such stocks
as Atchison, Reading. Amalgamated
Copper, St. Paul. Missouri Pacific. New
York Central. Rock Island, Southern Pa
cifc and Union Pacific. The selling of
Reading and Union Pacific was said
to come from practically one source. but
was unexplained. London bought about
5000 to 5000 shares on balance. Among
the stocks sold for account was Next
can Central
The sixth installment of the SO. OoO.Oo0
Transvaal loan is payable in London to-
morrow.
In the final trading the local market
displayed further weakness, Union Pa
cihc being especially heavy. The break
in Southern Pacific was partly explained
by the companys July report which
showed a deficit after charges of 1857 900.
The market closed active and weak.
An interesting development of the
financial situation was the renewal of
heavy shipments of currency to New Or
leans. which took from the banks 800
C00 through the sub-treasury. besides adj
ditional sums on direct shipment The
movement is now well under way TO take
heavy sums from this center, and be-
cause Of the excessive peculation in cot
ton. is likely to assume unusually large
proportions this year. The fact that the
southern demand will be coincident with
that from the west may prove embar-
assing for the New York banks. although
it will be several weeks yet before the
total Withdrawals can be accurately esti-
mated.
Foreign exchange was slightly weaker
ruling few points below Saturdays
level Of 4s6 for demand
Railroad earnings out today included
Baltimore and Ohio. with a net increase
Of $4,000 for August. and the annual
report Of the Missouri Kansas and Texas
for the fiscal year shown ga surplus
increase OF $4,000
The bond market showed some irreGu-
larity. but the speculative issues declined
in sympathy with the weakness Of stocks.
Total sale. par value. si.255.0o. United
States twos declined Z per cent on the
last call.
Closing stock quotations were as fol-
lows: