The Wichita daily eagle., 1903-07-09
STOCKS AND BONDS.

4
! New York. July s-Professionai traders
MADE another unavailing attempt 70
awaken some degree OF activity in the
stock market toGay- During the early
1 market the rate Of activity vas equal
TO the expanded dealings OF the latter
part OF yesterday. but the su5seo
/ relapse was into such complete stagua-
| ton that the total dealings for the day
| dropped back 20 about the low record
/ level for the year. IN the light OF this
morning developments yesterdays late
drive in the United States steel stocks
I seemed 70 have no other purpose than 70
provide better vantage ground for an
upward start The statement of the cor
porations earnings for the quarter Just
passed with its decrease Of over s.. .2o0. 80
from the corresponding quarter OF last
year was no worse than had been ex-
pected and The slight increase reported in
June estimated earning compared with
June earnings Of last year was regarded
as Z favorable feature. The common
and preferred stocks were lifted about
q boint on the score OF this showing
IN the active railroad list. St Paul and
Missouri Pacific were the only stock 10
gain as much as this The further en-
gagement OF s1.50o.0o0 gold for export
and the early sharp rally in the cotton
market seemed to have no effect in check
ing the rise il stocks Il was after cot
IN had reacted that the unresponsive-
ness Of the stock market 10 the stinlula-
ton OF light professional buying was pre-
ceIved. Prices thereuPon sagged of and
the whole market fell back into its rut OF
stagnation. Reports have been current
for several days that insiders were buying
Erie stocks on the certainty that the d.
rectors today would advance the hrst
preferred dividend to- per cent declared
a per cent on the second preferred
Crdulous traders who have followed this
inside" buying learned today on in
quiry that no directors meeting is IN con-
temptation for three weeks The incident
is characteristic Of the present market.
but so far as can be judged from the
resulting movement II the stocks these
rumors have done no great harm nor con-
ferred any great benefit on anybody. The
rally in the cotton market Is regarded as
q natural incident Of the process OF set
tlement to 2 normal basis IN that market
but until the settlement is completed the
expected benefits 10 the financial and
gneral business structure are not likely
10 become evident The favorable crop
weather was Offset BY the expressive
frmness in the wheat market and the
profit taking reaction IN corn did not en-
tireIy relieve The fear that the government 4
crop report due on Friday win make an
unpromising showing for that crop.
Further weakness in internal mercantile !
marine on the curb helped 10 disturb
sentiment There was also q further
slump in standard rope and twine issues. (
but pretty enectual recovery followed. /
New York exchanges at Chicago declined +
p points 10 81 cents discount The dispo- 4
siton al that center TO recall funds and .
the complete cessation OF any stock mar {
ket inquiry from that source gives rise I
70 some troubled surmises in wall street .
circles
II Is significant Of the prevailing dull .
ness Of business that many stock broker z
age houses are largely reducing their
clerical forces.
Active railroad bonds were pretty steady
but high grade inactive issues are set /
Ting TO a lower price basis. The New
York Central general mortgage 3 1-2 /
which sold last week as low as par for
the first time in Their history sold today
Al q. Total sales par value sl.1l5.oo0-
United States bonds were all unchanged
1n the last call.