The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-19
STOCKS AND BONDS.

New York. Nav 1s.-The promises Of re-
newed strength in stocks held out by yes
terday's market was no Iully realized to-
day, although the substantial early gains
We're not all wiped out by the late re-
dictionary tendency. due principally TO
the bank statement. just at the close
there was an abrupt marking up Of a
few stocks to top prices, apparently by
manipulation, which lessened the appear
ance of weakness. e disappointing fea-
ture of the bank statement was the de-
crease in the cash reserves
The preliminary estimates Of the inter-
Tor currency movement indicated that re-
ceipts had been so heavy as 10 offset the
Outgo by golu export and sub-treasury
requirements and bring the net gain IN
cash by the anks 10 S5.0o0Q0U or upward.
The statement shows a decline, on the
contrary, Of y ,293. 500. The discrepancy is
surprising, but the fact is obvious that
the relaxation in the local money rate
has lessened me attraction here which
was drawing money from the interior dur
ing the stringency of last week and early
this week, Just as il has allOwe~ gold 70
go 10 Europe. The heavy stOc-- market
liquidation is shown IN S24.2+ 500 Of re-
payment OF bany loans. It is clear LAT
the money market is again a factor 70
be considered in the stock market with
receipts of currency from le Interior ar
effect OF realizing was quickly manifest
this morning IN stocks which had Seen
strongest yesterday Atchison forged up
ward 10 the leadership Of the market and
closed at a net gain OF IS. There was no
news to expla 49, rise. Other strong
features were the local gas stocks. Balti-
more and Ohio. Lackawanna. Rock Island
Illinois Central. the chicago an Alton
stocks, Pittsburg, cincinnati, Chicago
and St. louis. Northern Pacific, Great
Nortaern preferred, the Fries, south
ern railway stocks. Wheeling an LAKE
Erie first preferred, international powers,
the National Lead stocks. Manhattan anu
g number OF minor industrials and spe-
cialties. Last prices were decidedly be-
low the best in most cases. The decrease
in loans was the largest for one week "a
the history OF the clearing house
The stock market 44ss shown the newt
able after effects Of last week. couvul-
sign during the whole OF this week, IN
spite OF opinions voiced by the less "a
uonal Of the speculative element that the
panic was only a sor. emotional frsan-
ity without real cause IN actual condi-
tons and that therefore the stock market
was likely 70 come back promptly 10 its
previous state 1he various violent 70
bounds which have occurred from the
lower IevN prices have been cited 70
strengthen these views. But violent fuc-
tuatious Of the kind witnessed this week
ARE phenomena always witnessed fl the
market Immediately f0lowing 2 sudden
couuouon. The movement q prices is
exactly analogous &c that Of TIE waves
in pool. where a sudden withdrawal -
a huge disrlacinE BODY forces a violent re-
cessi01. followed uy an Almost equally
violent rise and then lesseuirg oscllla-
tions- Those who ca1 possibly command
means CT credit 20 hold stocks VIII make
almost any sacrifice 70 prevent selling q
property on which they -lavs any claim
81 such a market as that q THURSDAY of
last week