The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-03
STOCKS AND BONDS.

New York, March 2.-The closing rally
in stocks on Saturday had some slight
influence upon the opening dealings to-
day, but the advance was insignificant
and the market soon relapsed into dull
ness and neglect and q slow downward
movement.
The decrease in net earnings for jan
uary reported by st. Paul was an unfav-
orable influence, although it was sought
to explain it by the high price for fuel
which had to be paid. Amalgamated Cop
per showed some strength, owing to the
further advance in the metal both here
and in London. and Pennsylvania made
some resistance to the depression.
Late in the day again the unexplained
advance in Manhattan induced some re-
coVery in prices, but the closing was UNI
steady and very dull.
The money situation continues to weigh
upon the market and the professional
traders made the VARYING rllInors regard,
ing the. chances of the Aldrich financial
bill the nominal motive of their opera
tons. The weight of the days rumors
inclined against the bills chances and
this was assigned as the cause OF the
declines There was no money to loan
on time in Wall street at less than
per cent today and many lenders were
not willing to accommodate any but their
regular customers. The ruling rate for
call money 32i per cent Some relief was
afforded by large sales OF bankers bHlS
in the exchange market in the process
of borrowing foreign funds. Discounts
ported an expectation that the bank rate
would be reduced there THIS week But
there was a suggestive break of one CEN
time in the sterling rate of Paris, when
may mean that cheaper, money IN London
will lead to Withdrawals of French cap
ital. The New York banks have already
lost s., 136, 600 to the sub-treasury since
Friday and that institution had credit
balance at the clearing house this morn
ing of S344.305. showing the continued
drain of funds there. There was rather
less pressure. however, upon New YORK
from the interior, exchange at Chicago
recovering to 20 cents discount, COM
pared with 20 cents discount last week
A contraction of bank reserves is nor
mai co this season and is expected to
go further. But the surplus reserve or
So 95l $50 of the associated banks DIS
closed by Saturdays bank statement Is
the lowest for this season since 1879 Last
week insignificant contraction in loans
leaves that item of the clearing house
hanks stu practically at the highest rec
ord in their history. 1t is estimated also
that securities lately authorized but
rather more remotely in prospect run up
to over 500 900 600 Meantime underwent
ing syndicates carrying over from last
wear are bein gdiSSOlVed and the Secur-
tiles distributed forcing members of the
sVndicates to resort TO the banks for
credit TO carry them as individuals or
to sacrifice their holdings by forced sale
In the market
Sales of bonds for February this year
in the stock market decreased nearly 80,
600 900 in par value or over - per cent,
from the sales of February of last year.
These are the conditions that keep specu-
lation from the stock market and dis
courage investment demand.
Bonds were dull and inclined TO be easy.
Total sales. par value. Sl.s95.oo0. United
States bonds were all unchanged on the
last call.
Closing stock quotations were as