The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-24
WILL STREET Stocks
Yesterdays Market Was
Noted for Variety.
BUOYANT AND HIGHER
At the Nearly Every
thing Closed Lower.

New York. April 2s.-Today's stock
market presented even more variety than
that Of yesterday, although the high rec
ord Of transactions established yesterday
was not disturbed by today's business.
Dealings were on 4 smaller scale than
yesterday. In fact it was not until the
urgent selling movement Of the last hour
had gained fun Roadway that the mar
ket presented anything like The animation
which characterized II yesterday. Spec
ulative sentiment ran over pretty much
the whole ganut Of emotions. from that
of buoyant elation during the mornins
to something Ike collapsed in the after
noon. Although the market closed at net
declines throughout extending in some
cases to 20 points, or even more,
there was & tine during the morning
when the level OF prices was materially
higher than yesterday and the market
had the appearance Of a fun resumption
of the bull speculation. The high-priced
railroad stocks continued 10 be the prin-
cipal subject in the speculation, especial
Is St Paul. Union Pacific and Southern
Pacific. Atchison preferred had strong
upward movement There were points Of
strength among the Southwesterus. Bur
lington and Northern Pacific We're strong
ana LtA4 DrNLtL L4lca4l TIC az EAe---N "a
stocks in the late break. Among the
speciaIties Amalgamated Copper recover
ed quite vigorously from yesterdays de-
preston, and United States steel stocks
made q show Of strength for the first
time IN several days. These were the
principal centers Of the early strength
in the market. but their influence was "a
dated pretty generally throughout the
list il would be somewhat difficult 10 as
r5- nf strength the
late weakness, as it seemed 70 depend
little on news of the day. The motives
OF the traders were confined for the most
part TO fears or suspicious Of what 9TH
ers were doing. Powerful support and
violent manipulation were resorted to IN
the early dealings and the success OF
these measures in turning prices upwards
caused a heavy covering movement
among the large short interest which
was formed yesterday. There We're init
nations during the morning that official
an statement regarding the Burlington
deal would be given ont later in the aay.
and a rumor was current that it would
be found TO provide an exchange Of bonds
TO the value of 80 per cent and cash
payment OF 500 per share. together with
q cash payment Of s. per share for the
next dividend. The report that the price
Of steel rails was 10 be advanced TO Slo
per ton was the cause Of the advance in
United States Steel. although professional
manipulation was much in evidence as It
was in all parts Of the market The an
nouncement over night Of an engagement
of 81 10000 in gold for export seemed 70
have little effect on sentiment and reports
were set afioat that large blocks OF gov
eminent bonds were held ready TO oter
for redemption, which would provide gold
for any export demand without affecting
the money market. The source Of this
available supply Of government bonds
was not disclosed. Sterling exchange also
yielded slightly under the offerings
against the gold shipment. Probably It's
recovery later in the day was large in-
nuence IN the renewed uneasiness mani
fest over the money outlook The sub
treasury is again taking money from the
market and New York exchange in the
interior has fallen back TO a discount in
dicating a cessation OF the supply OF
funds from that source. The adjournment
of the Burlington directors without offer
ing official announcement was a Gisap-
pointment. The success Of the bulls In
getting prices up was OFFSET by the very
heavy offerings to realize attracted by
the advance.
This was especially so IN the United
States Steel stocks. owing 20 the suspi-
cion prevalent in Wall Street that heavy
liquidation is going on in these stocks on
the part Of former large interests IN the
individual companies absorbed b the
combination and who are retiring. Bear
selling also became very bold and exteu-
sive when the fuulity Of the bun efforts
to sustain the market began TO be seen.
The closing was weak st the lowest and
showed such violent declines from the top
level as ~ in Sugar, AZ ia St Paul. -
in Brooklyn Transit. 4 ia Consolidated
Gas ~ In Rock Island and from 20
over points IN a long list OF important
stocks.
The bond market was active and irreE-
ular Total sales. par value, $3.50 800
United States threes coupon declined =
per cent on the last call.
Closing prices Of stocks were as foi-
lows.