The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-03-21
STOCKS AND BONDS.

New York, March 20.-The market was
overwhelmed with sailing orders during
the course Of todays trading and the
phenomenon occurred Of an eager unload
ing of stocks by alarmed holders with
out any bad news bearing on the value
Of their property 10 alarm them The bun
leaders attempted for time TO contest
the decline and TO divert the speculation
into new channels But the market was
enviOusly tired and responded languidly
TO the manipulation for the advance.
Yesterdays heavy profit-taking brought
further selling orders through commission
houses and the bears detecting the strain
ed condition Of the market, put out large
short lines.
When the bulls finally ceased their eff
forts TO check the decline, prices crurn-
bled rapidly and stop-loss orders were
dislodged on a large scale. With only a
few exceptions prices fell well below last
night. PrOht-taking by the bears caused
a considerable rally in the last hour so
that last prices We're not the lowest al
though proft-taking was renewed on the
advance, making the close tone Irregular
The taking of speculative profits in Bur
lingtOn was on an enormous scale. There
was determined support in the stock at
the opening, but the utmost that could
be secured for IL was half point ad-
vance. The opening price was the highest
and it was steadily under pressure for the
rest Of the day. except for the covering
movement by the shorts. The contest
for change of control Of this road seems
TO have been ineffectula, the competitive
buying of insiders, which carried the
price TO yesterdays high level, having
defea ted the attempt. Yet the recorded
transactions IN the stock within few
days past have been much more than
would be sufficient 10 change the control.
fafa -
dealings is thus clearly indicated. An
effort was made to substitute st. Paul
and Northern Pacific as market leaders
and Missouri Pacific was marked up very
buoyantly TO 101, crossing par for the
first time in many years There was
strong upward movement in Brooklyn
Transit on rumOrs of official changes and
on buying Of the same character in Man
haitian.
The Steel stocks all continued strong.
the dealings being mostly in the trust
certificates for deposited stock as the
time for deposit expired today. As the
success of the plan was obviously as
sured, there was a final rush to deposit
stocks. so that the clerical difficulties OF
the transfer make it probable that de-
layed deposits VIII be leniently treated.
The preferred stocks showed greater
strength, gains extending to AZ. Mem
bers of the group reacted with the rest
of the market, but resisted better.
There were signs of an effort TO shift
the speculation from railroads into indus
trials, as il is expected that the powerful
interests behind the steel deal win sup
port the new stocks. The profits OF the
syndicate are apparently to accrue in
the shape of alotments of the new
stocks for which a strong market viii
inure to the benefit of the syndicate.
There was no actual bad news to ac-
count for the reaction in prices beyond
the continued possibility Of q coal miners
strike the international irritation over
the situation in China and the prolonga-
zion of the South African war