The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-03-10
DIZZINESS VERY GREAT
But Great Strength UnderIy-
ing Is Indicated.
WEAK BANK STATEMENT
Forecasted for Ioday--Money
and Exchange 0l.look

New York, March s.-A day OF remark
able dizziness in the trading and slight
| movement in prices in stocks was never
| theiess highly significant in a negative
way There was some interest In Sugar.
which recovered two-thirds OF its divi-
dend- There was pressure against Metro
politan, which fell at one time to 1s2.
and Pittsburg, Sincinnau, Chicago and
st. Louis dropped IL cents without ex-
PLANTATION. Third Avenue, Consolidated
Gas, Peoples Gas, and some other spe-
ciaitles recently under pressure, showed a
tendency 10 rally on covering by shorts
Rubber was raided down six points and
recovered three. There were sharp adj
vances in the Linseed Oil stocks and de-
cilnes in Manhattan and Western Union
These changes were quite independent OF
any common influence and reflected no
feature of the general outlook But the
fact that the small bear traders were
moved TO cover their short contracts be-
fore the close. and the resistance to de-
cline offered by the general list in the
face Of notably weak bank returns, which
authorities agree must be faced tomor-
row, exhibited very strikngly the under
lying strength of the securities market
Apparently the banks will show a loss
in cash by tomorrow's statement of about
Sl0.oo0,000. 1t had been hoped during the
week that the payments of pensions
would decrease the absorption of funds
by the sub-treasury and the fact that the
last weeks gains by that institution in
Guided the payment of a 100000 note
to the government by the Central Pa
ciic, allowed that much margin for a
favorable showing this week. Neverthe-
less, the sub-treasury has taken from the
New York banks during the week as
much as last week, the total footing up
N,57S,00t In addition the net shipments
of the cash by the banks to the interior
by express amount to nearly S250O,0O0,
compared with a small gain from the
same source last week. This may be
partly offset by the registered mail COW
ering. Considering that the surplus re-
serves We're below $4,000 600 last week.
and that the money market has shown
no other sign of disturbance than slight
hardening in call loan rates to per
cent. opinion in the Street is prepared
for some surprising showing in the lean
account in tomorrows statement. The
unrUffled demeanor of the stock market
IN face of this drain on money resources
makes 1t clear that loan obligations on
account OF stocks held are small. Ster-
ling exchange was heavy today in spite
of some small selling of stocks for Lon
don account. The question is canvasse1
of the effect upon the New York money
market of the easier tendency of money
in London which 1t is expected wi be
caused by government disbursements for
the purpose of making a market for the
new government loan. Easy money IN
London would invite gold imports to New
York. 1t is worthy of comment IN con-
sidering the sterling exchange outlook
that announcement was made in Wall
Street today that subscriptions would be
received for tho new English loan. The
reported initiative by President Kruger
toward negotiations for peace seemed to
have very slight influence in the market.
Closing prices of stocks today were as
follows;