The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-18
STOCKS AND BONDS.

New York. Aug. 17.-There was con-
tinuance Of irregular strength in today s
stock market but it was attended by
a degree Of hesitation throughout There
was no such urgency or unmixed conf
dence in the buying as was the case last
week The principal strength of the mar
ket was conserved in a few stocks and
the largest proportion of the days trans
actions was also in these stocks. The
professional traders professed doubts
whether the recovery from the depression
had not come too fast last week. inviting
renewed reaction. II was doubtful also
whether the market was ripe for a dem
onstration Of positive strength beyond
the normal limits of upward reaction
after the acute depression. Except for
the fact that most of the necessary IL
quotation which had depressed the mar
ket seemed complacent there was not
enough Indication of positive change in
the conditions which forced the liquida-
ton to make an indefinite upward move
ment look safe or. attractive. There is
some revival of apprehension over the
money outlook and the best grades OF
commercial paper command to 6ia per
cent, while commissions in some cases
raise the interest rate considerably above
this. There does not seem the slightest
reason TO suppose any question of mer-
camille credits involved in these rates.
1t is simply a pressure upon the avail
able money market supply. Rates for
time money show the same frmness and
ing out that the terms are matter of
individual adjustment between lender and
borrower. The tendency of interior ex-
change foreshadows the coming demand
for crop moving purposes. and a stronger
tone in foreign exchange made the out
look for imports of gold not SO assuring.
The price of gold was raised in the
London market, and discounts were in
clined to harden abroad The situation
abroad was affected to some extent by
the events in southeastern Europe. The
opening decline here was largely in sym
pathy with the London market, although
there wos some profit taking prompted
by the extent Of last weeks rise and by
disappointment over the Saturday bank
statement. It was inferred that some
OI tic SlOChS DOU6Il lOT SupPOit last
week would come on the market now,
and there was some apprehension that
the large banking interests would frown
upon any further advance in prices. The
latter fear was quoted by the chafac-
ter Of some of the early buying. which
was given the appearance of absorption
by some of the large banking interests.
Professional leadership was evident in
the skill with which the effective buy
ing was distributed and was shifted from
one quarter to another. Erie was in con-
spicuous demand early, and glowing fore
casts were heard of the showing TO be
made in the forthcoming annual report
Southern Pacific, Rock Island and Anal
gamated Copper were successfully
brought into prominence. Copper was
advanced &c per pound here ss IS ton
in London. The late buoyancy of Anal
gamated Copper and of Rock Island,
which rose 25s and S24, respectively. sus-
tanned the later market, which was dis
posed to go off on profit taking. The
closing was in consequence Irregular and
brought the best all around
Bonds were irregular in sympathy with
stocks. Total sales, par value. sl,70o, 600
United States bonds were unchanged on
last CALL