The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-04
HIGH HONEY RHIE
Causes a Furry in Nall
Street Market
SET BACK IN PRICES
Mas Most Violent and Situa-
ton Is Serious.

New York, Nay 5--This afternoon set
back II prices was the most violent which
has occurred since the present phase ~
The bun market set In IL was absolutely
Without cause in news OF anything that
would DO harm 70 intrinsic values OF Sc
curtles, commerce or industry lu-ry
II Lna money rate coming on oVer-eNte-l1-
ed speculative accounts indicates tbs
whole situation IL a nutshell u IS char
acrerlStlc Of a boom that IL should con-
t-nue unabated inro the very teeth q
such situation, with every preliminary
warning oCt pushing recklcssly onward
until cAe actual event forc-1lT checked
the advance The danger has been obvi-
Gus Jhar the speculation was oVerrllniug
the bounds q reason and safety The
buying was admittedly without motive OF
Information beyond the hope and belief
that Jhere would be enough future buy
ers % lift prices % q higher plane ard SO
ol1er PROFITS There were exceptions in
the case II the great market leaders in
which there were plausible theories and
reports OF buying 70 change control. But
il these also the horde Of spectators
who have tailed on Drecipitately 70 each
movement OF this kind for several weeks
past vas very large element IN the buy
ms Increasing trepedation has been feit
among commission brokers and lenders
OF money who assume responsibility for
1af--l4aaA+H- AANr AAAA many or KITS
class were stretching their resources un-
duly, dependent as they are on the main
tenauce Of the prices Of securities to keep
their credit clear. As a consequence there
nas been Increasing pressure from con-
mission houses upon their customers 70
take their profits and tighten rheir load.
but the buying demand has been con
stantly reinforced BY newcomers and the
luCOacs upon the money market extended
Na4 ~ rr - Z
bank statement made IL clear that only .
weak showing can be hoped for from
that statement. and the bankers began
calling loans 70 recuperats their position.
The cau loan rate ran up IN conss-
quence 20 per cent and the Spectators
began 70 manifest acute distress as they
found themselves 20 look about for new
accommodatols- The extreme sensitive
ness Of the situation was manifest I'M the
violence Of the reaction By what was re-
ally a moderate hardening In the money
rate. The dencacy OF the situation was
enhanced BY the furious speculation this
morning in Auchison. ST. Paul. Rock Is
land Baltimore and Ohio. Missouri Pa
cilc and number OF stocks influenced
oy these movements Advances Of 81
TO rs had resulted during the morning
amongst these stocks. ST. Paul being par
ticulariy buOyant. When the pressure
came Up on the market these stocks were
naturally amongst those who were most
acutely affected by the selling Enormous
blocks we're unio2ded on the decline az
successive drops Of = 70 a point through
many points decline The drop ID Archi-
son reached 81. St Paul 81, Rock Island
Ss. Northern Pacific s. Baltimore and
Ohio II. Union Pacific ~ Missouri Pa
cihc Ga. New York Central 8. Illinois Cen
tral 3, Wabash preferred ga. Kansas City
and Texas preferred ~. Atchlson pre-
ferred 4, Sugar Al and a large number OF
ether stocks between I and 4 points. The
bears were 50 eager to take profits after
their long abstinence that their demand
70 cover caused rallies amongst the
stocks OF froLe . 20 a. But the rai-
or again n some cases 10 the lowest
The closing was feveush and unsettled
ard the uudertoue continued weak. The
preliminary figures OF the bank state
meut indicates a gain IN iuterior move
uent Of less than $3.50 % 20 Offset the
loss 20 the Euo-rreasurv which vas Re-
duced IN todays statement by The pay
menr OF government interests and bond
redernptions 20 S4Tl5eC. Blt the extent
Of the disturbances in the money market +
today Indicates that the available surplus {
q the banks had been considerably i'm /
paired by the great demand naturally T.
from the sharp demand FOR money. and +
IAers was 10 further engagement q sold +
for export tomorrow.
Bonds gave way IN sympathy wien T
stocks. but there vas no great ACTIVITY IL .
the general list. Total sales par value. 4
s. rs. CO. Nuited States thr-es and fves .
declined = and the new Yours and r.
funding tB7s 3 and coupon :. Per cent On F.
the last call
Closing prices OF stocks we're as fol-
1vr1-