The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-22
TRADE DULL
IN STOCKS
Sluggish Period Is Looked
for in Wall Street.
AVERAGE DECLINE NOTED
Since High Level in 1902
Fall Has Been rs Points.

New York. Aug. H.-The lessening
range Of the fluctuations in today's stock
market, its irregular tone and the d.
minishing volume of business all indi-
Gated pretty clearly the approach of an
other period of speculative rest. which
is likely TO mean small trading and
sluggish fluctuations until some marked
change IN conditions develops The rally
which developed yesterday afternoon was
carried forward this morning 10 the ex-
tent of between one and two points for
the active stocks The rally was APP
parently directed against the shorts. and
was effective in inducing them to cover
largely. This served as an admonition
10 the bears that forces existed 10 op-
pose their efforts TO force prices lower.
just as the reaction on Tuesday had a
warning effect on the over enthusiastic
bulls. A comparison OF prices of 20 ac-
tive railroad stocks indicates that the
decline in average prices from the high
level of 1862 TO the low level of the early
part of the present month preached some
tial Intervening rally was in the latter
part OF last year and the first part of
this, under the influence of Wall street
has come TO name thhe Faith Cure
consisting of limitations from an infiuen-
tial party of bank officials last year
when bank reserves were falling that
they stood prepared TO supply So.009co0
of credits TO the stock market if neces-
sary TO avert trouble. That measure
postponed the process of liquidation but
did not avert it, and il is evident that
the course of the market has run since
had its inception previous to that The
rally in the average price of the same
&c stocks UP TO the elimination of Tues
day is estimated at II points The re-
action of yesterdays low point was in
the neighborhood of five points. and to-
DAYS upward movement did not avail
TO overcome that. The approach toward
a condition Of more stable equilibrium is
easily perceptible. lAe early demand
today Gid not go far beyond the IN
covered short interest. rhe acute weak
ness developed by the L. 8. realty stocks
was a factor in checking the advance.
but 1t was not effectively renewed after
the realty stocks rallied. The day
weather map was reported perfect Tor
the growing crops and wheat. and corn
eased off IN consequence. The cotton
market was influential by assertions Of
control by the managers Of the corner
Copper was strong in London. and senti-
ment abroad was more cheerful regard
ing the political outlook for southeastern
Europe The weeks receipts for Aus
tralian gold and the fact that the cur
rency movement at the interior is still
in favor of New York on balance prom
ise we'll for tomorrows bank statement.
although the usual doubts rurround the
loan item These new developments did
not avail 10 hold the market. Weakness
became decided in the L. S. Steel stocks.
and in Pennsylvania and quite num-
Der of the leading active stocks were
forced point or more under last night s
level A final rally accentuated the ir-
regular character of the market and
the closing was firm.
Bonds were irregular. Total sales, par
value 81, LES. 900 L. S. bonds were un-
changed on call.
Closing stock quotations were as fol
lows: