The Wichita daily eagle., 1901-05-15
STOCKS AND BONDS.

ness OF the STOCK market 21LeE last
weeks severe shock to confidence became
obvious today and some violent declines
were caused by a comparatively light
volume Of liquidation. The weakness
was partly due to the fact that the nat
ura1 rebound after the panic had expend-
ed itself. The factors which caused that
rebound were elements Of weakness at
the higher level Of prices. For instance
the professional operators who were SO
fortunate as 10 secure stocks that were
sacrificed at the low level on Thursday
were very wiling to sell and take profits
when they perceived that the rebound
had about reached its limits. There was
another class that Of the insiders and
friends Of various stocks who bought
heavily on Thursday TO support their
favorites in order to protect their val
ues as far as possible This class was
anxious to tighten its holdings when the
panic was checked and took advantage
Of the highe level of prices. There was
large amount Of belated liquidation
also in today's market, on the part Of
the capitalists and operators who were
strong enough to hold through the panic
and save their property from absolute
sacrifice, but who were nevertheless bent
on Liquidation. The Saturday holiday
was taken advantage Of all through Wall
Street districts TO bring accounts to date
anu the weak condition disclosed in many
cases prompted the closing out of these
accounts This factor would have had
more influence yesterday had it not been
for the encouraging effect Of the favor
able outcome of the London settlement
The bears also resumed their aggressive
mood today and not only offered prices
down TO take the market away from
those seeking to hquidate, but were in
dustriOusiy circulating alarmist rumors
OF he further consequences to ensue from
the conflict in Northern Pacific. It was
observed with apprehension, as indica-
ted a possible spread of hostile tactics to
a general stOc4l market warfare that
brokers usually supposed to be employed
by Standard oil interests were sellers Of
so-called Morgan stock while the sup
posed Morgan brokers were in evidence
when the sticks IN the Southwestern
group began TO give way. This might
easily have been a bear maneuver, but it
was effective in driving prices downward.
There were whispers about the exchange
also Of new element of disturbance in
the Union Pacific situation. That stock
was most prominent in the market all
day and its violent break after period
Of strength was an effective influence in
unsettling the whole market. The sell
ing was seemingly for the account Of in
siders, judging from the agents employed
in executing orders, and very large sell
lAS OlItLS III llll5 d4lu ia QLucI WG6LtIn
railroad stocks came from that portion
of the country trough Chicago. Boston
was also active on the selling side. With
the obvious tendency Of the market to
yield, the investment buying which has
been more or less in evidence for the last
day or two was largely withdrawn N the
hope Of getting stocks later at lower
prices. 1t was the prevailing belief in
the market also that the powerful opera
frre frnIrrIfrcr "a
Of the group who were so long foremost
in the bull market had turned TO the bear
side and were selling freely. Whatever
the causes at work, It was clear that the
buying demand for stocks had fallen to
insignificant proportions and the nQuida
tion even OF comparatively light lines.
caused sudden and rapid melting away of
values. There were intervals on the
down grade of I, , and 5 points between
sales. scrutiny Of the price changes
of the day viii reveal net losses OF be-
tween and 6 points for a large number
of the principal active stocks. The de-
cline below last nights level reached, in
Union Pacific 10, St. Paul 92s: Delaware
and Hudson. Missouri Paciflcs and Con-
solidated Copper 6la ana Rock Island c.
The money market was not an influence
as there was no large demand for call
loans. In fact people were mostly con-
verting securities into money as rapidly
as possible For the same reason the
growing difficulties Of the foreign money
situation and the belief that II will draw
largely on New York; money supply was
viewed with lessened apprehension. The
coming instalment Of the British war
loan, the expected issue Of the Russian
loan in Paris and the embarrassment
feared for the London market by the
Withdrawal of the French creditors are /
expected to result in considerable move !
ment Of gold from New York notwith- /
standing the easier tone Of the exchange /
market today.
Bonds became weak IN sympathy with |
stocks after an early show OF strength. /
Total sales par value $2.S70000.
L. s. refunding IS and IS advanced I /
per cent on the last call.