The Wichita daily eagle., 1901-04-23
STOCKS AND BONDS.


activity Of the speculation is witnessed
by the record OF the aggregate sales for
the day, which rose again TO 2,982, 800
shares. compared with the previous rec
ord on Friday of 2,19S, 400 shares. The
character Of the market showed a mark
ed change from that of the latter part Of
last week, when the tendency was dis
tinctly upward throughout the list.
There was great variety in the specula-
ton, and extreme irregularity in the
movement Of prices all day. and there
was a resumption Of the feverish tone
which had broken in on the present ex-
tended advance in prices at various times.
It was obvious that there was very
heavy prOht-taking going on in stocks
which have shown the greatest strength
recently, but the bulls had the situation
fairly well in hand throughout the early
part OF the day, and the process of shift
ing the speculation from one set Of stocks
to another which has gone on in constant
succession ell through the period OF the
rise seemed to be going on in a normal
manner. The weight OF the profit-taking
became so formidable, however, and the
violent manipulation Of special stocks
By which is was sought TO sustain prices
became SO palpable that the bears made
a powerful concerted attack on the mar
zet in the final hour. They offered prices
down by rapid steps without meeting any
effective support, taking the market
away from the bulls who We're eagerly
taking their profits. The relapse from the
nigh point was very violent in some
stocks. and the level Of the whole market
was carried well under Saturdays The
violence Of the decline Invited some quick
prOfit-taking by the bears whose cover
ing demand caused a few sharp rallies,
but the general tone was weak at the
close. Except for the slump in Amalga-
mated Copper at the opening, the market
started off with every appearance Of q
continuance in full swing Of last weeks
active speculation for the rise. Gains OF
] TO IL on initial purchases OF from 900
to 1900 shares were shown by a number
Of the leading active stocks, including
st. Paul, Union Pacific, Missouri Pacific
and Pennsylvania and Southern Pacific,
was rushed up 2E. The last named stock
was q conspicuous figure in the deal
ings and even after the general market
had commenced going TO pieces the
price was advanced to 53A, which was
SO over Saturdays close. St Paul, after
various fluctuations. rose as much, to 10.
-lnere We're periods of strength also
among the coalers, the local fractions
the Southwesterns, Sugar and some other
Individual stocks. Pacific Nail was rush
ed up Ga. apparently in sympathy with
Southern Pacific. The strength was re-
nevyed on talk of a combination including
Chicago and Alton and entry into Pitts
burg These extreme advances came af-
ter the opening gains had been pretty
generally wiped out and the floods Of
realizing sales which have been the fea-
lures of the morning dealings. Every day
scheduling q notable advance. It was
~. H-naTH .lTsar-= rr-cr
using every endeayor TO turn the market
upward in order to revive the outside
speculative buying. But they did not
succeed in reviving general strength at
anv time The upward movements were
not accompanied generally by any news
and We're based almost wholly on the ar
aument that the price paid for BurIng-
ton warranted by contrast much higher
prices for practically all other railroad
stock The bulls gought to make capital
of the advertised invitation for subscrip-
tions to the new British cOnsol issue. as
arguing confidence by bankers in the fu-
ture plenty of money, but the sharp rise
in sterling exchange ratesfln response 10
the Iarge subscriptions said by the bank
ers having them in charge TO be re-
ceived for the loan, detTacted from the
general force of this argument can
loans did not rise above per cent
owing to Saturdays strong bank return
The proft-taking on purchases made IN
anticipation OF that statement proved
larger than the new demand attracted
bv it. In the late relapse in prices St
Paul dropped points, Northwestern .,
Burlington and Ohio y, Union Pacific ~,
and large number Of the active stocks
from / TO 3 points. Burlington held weu
ut a point or more over last night. The
price of this stock having been made an
index to warrant the advance OF the
whole market. it was well supported
United States Steel stocks were weak
throughout the day. and show net losses
OF s.. for the common and IL for the
preferred. The bond market was active
and broad. but the price changes were ir-
regular. Total sales. par value, 50 4s9,o0O.
United States bonds were ali unchanged
on the last cali.
closing prices Of stocks were as fol-
f0r-S