The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-09-27
Stocks and Bonds.

New York, Sept. 26.-The stock market
was more feverish and irregular than for
months. The movement Of prices was
very wide and the dealings were on a
| large scale, but the action Of the mar
! l1et indicated that 1t was being tested
| by professional operators. The rally
/ which set in the first of the week seem
! ed to have eliminated during the morn
| ing session and the over enthusiastic
/ bulls who attempted to bid up prices
/ against the outstanding short account
| found themselves burd ned with .increa-s-
/ ing offerings TO release instead of driv-
! ing the shorts 10 cover. They there
fore allowed prices 10 drop back and the
market fell into dullness at about last
nights level The bear party appar-
entity made up their minds that the elm
inaton OF the short interest had so far
weakened the technical position of the
market as TO warrant a fresh fnroad up
on prices.s The raid was conducted with
determination and showed the command
of large resources. Northerpi Pacific was
singled out as the special object of at
tack on account of President Mallen'S
assertion in tsae a7Rual reports that the
prospects of business are not so bright
for the coming year owing to the spring
wheat shortage. PracticlIy the same
commentary was contained in the annual
report of President Hill, of the Great
Northern. published during the cay.
Northern Pacific had failed to share In
The early strength and although there
were other stocks which covered as wide
a range on the down grade, Northern
Pacific fell farthest below last nights
level OF the railroad group. The selling
Of Northern Pacific was suppl m ed by
pressure against Missouri Pacific as
there are supposed TO he large long Se-
counts existing in that stock. Ire rail-
was successful in disloiging stop-loss or
ders ands the whole market fell away
with violence. The leading stocks were
a point or more below last nights Ievel
before the decline eliminated. The early
advance had shown gains n q point FOR
many stocks. The ncTv - conditioned
the bears wss S;riknsly shown in the
recovery Of the last hourspf the mari e.
when runor got into circulation that
the strike OF coal miners had been set
tied. This rur'or was attributed 20 Chi
caSo, and though prompt measures IA
ken 10 secure authoritative information
on the point failed TO confirm IT. the
bears bought stocks % cover. in disor-
derry haste. Some violent recoveries
were the consequence. Reading first pre-
ferred rallying SlS on wide jumps and
New Jersey Central / The cover nS
movement extended throughout the lit
and prices swiftly retracted their course
to almost the top level in many cases
The market closed considerably excited
and strong, with I large nUmte- %
stocks showing net gains. The news that
the miners settlement applied only 20
one mine where peculiar conditions ex-
listed did not become known uotil aSte~
the close OF The market. What eaect .
the actual facts may nave remains TO BE-
seen. The day was barren Of anv actual
news developments which might cha g
the speculative situation The continued
weakness Of sterling exchange begins 70
arouse conjecture again as 20 whether
relief for the mone- market is to be
looked for By gold imports. II