The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-12
STOCKS AND BONDS.

New York. April n.-speculative liquid
alton was very clearly at work again in
today's stock market. 1t was offset dur
ing the early part OF the day BY the ag-
| gressive strength shown by a handful OF
| stocks The advance IN these was helped
| BY violent manipulation, but II served TO
sustain the rest Of the market in face Of
| heavy selling until the call money rate
ran up again when the pressure TO sell
| became greater than the absorption pow
| er, and the market turned weak. Even
the notably strong stocks lost all Of their
gains as a rule and the market closed
dull and at about the lowest, ard at con-
siderable net loss except in a very few
| stocks. The arrival in London OF the
New York irancier who has been the
| moving spirit IN most Of the recent vast
financial projects in this country aroused
some expectation that the London mar
kets would reflect his presence there and
that action would be taken on some Of
the projects which have been supposed 10
be waiting upon his command. The re-
ported Burlington deal was the most i'm
portant Of these and the failure OF off,
Cial confirmation Of the very positive as
sertions which have been current that
this transaction was completed had
good deal to do with the depression which
permeated the whole market as the day
progressed. II Is evident from the per-
sistence of disclaimers of the deal that
an important minority OF the stockholders
is still opposed to it. even if it be true
that actual control has passed TO the
Hnl-Morgan interest. The widespread
belief in the pending consolidation of in
portance in the copper world made Anal
gamated Copper very active and buoyant.
but here again the failure Of expected Of
ricial confirmation caused some feeling o.
distrust among the spectators who had
bought most largely with least informa-
ton, and the profit-taking cost the stock
practically ali of its 81 point rise The
Chicago and Northwestern stocks contin-
ued in their remarkable rise. the common
advancing points and the prferred II
points. each OF them showing point ad-
vances between sales. Denials from off,
cial sources of the rumored consolidation
Of this road with Chicago. Memphis. St.
Paul and Omaha and with Union Pacific
caused a reaction Of the stock og Is.
There were denials OF the rumored sales
Of Consolidated Gas's real estate causing
a reaction of points from the stocks
1-2 point rise. The advance Of 3 Il in
Rock Island on rumors Of buying for con-
troll by Pennsylvania was more than lost
Sugar rose an extreme IA and saved
more Of its gain than other stocks. The
United States Steel stocks showed a nota-
bic relapse from their early strength
closing at net declines Of a fraction TO a
point The selling pressure was most
marked in Burlington and in Northern
Pacific, and it was only for brief period
that they were lifted at ali over last
night. The reaction in Burlington reach
ed u and in Northern Pacific ? 3-s. The
requirements of the sub-treasury and the
demand from the interior continued 10
make inroads on banking reserves. and
the refusal by the secretary Of the treas
ury Of bonds offered to him at the market
price discouraged the hope of relief from
that source. The hardening of the money
rate in London also causes apprehension
OF a renewal of pressure for gold from
that point, although the higher money
rate here was sufficient to cause a yield
ing in the sterling exchange rate today.
The weekly return of the Bank Of Eng
land shows that It has made heavy de-
mands upon the open market for repay
ment Of loans and the coming needs OF
the money market there give promise
that the outside market must resort to
the bank again. which would make an
advance In the bank rate effective IN in
fuencing the private discount rate as well
as the exchanges.
The bond market was moderately act
I've and yielded in sympathy with the late
reaction in stocks. Total sales, par value.
s. $4,000. United States old IS coupon ad- [
vanced IA per cent on the last call.