The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-09
STOCKS AND BONDS.

STOCKS AND BONDS.
New York. April S.-The call loan rate
proved again TO be the solar plexus Of
the stock market, as it has done on many
occasions before. he construction Of
the money supply ana the advance in
the rate for call money precipitated such
a spasm of liquidation as threw the
stock market into a condition bordering
on decentralization. What happened to-
day in the stock market is what, accord
ing to the common agreement OF I'll
classes of observers, was bound to hap
pen in due course OF time. Nevertheless,
as is the wont Of stock market happen
! ings, the days events came as a sur
prise. Even the most enthusiastic bull
has agreed to the proposition that such
a rampant speculation as has been going
on for weeks past was bound TO overdo
itself and be followed by relapse of cor
responding violence. Only the enthusi-
astic bull has chung TO the suppOsition
that the relapse was still remote and has
continually moved forward the supposed
date of its occurrence in the hope that
there was time for std another specula-
tive turn. Even the wild and excited
market of last week which was an omi-
nous symptom, left the bulls unprepared
for todays developments. Tips for d
rise in many stocks were still widely
prevalent before the opening this morn
ing and the explanation was offered
that Thursdays furry IL. call loan rates
was due to manipulation by the bears
But the instant the market opened it
became evident that the developments
since Thursday had induced a wide
spread determination to sell stocks. An
other palpable fact was that some Of the
most powerful operators in the market
had already sold their holdings and ia
ken profits during the wild excitement Of
last week and were cOmpactly erGe nized
on the bear side of the market this
morning. Perceiving the highly vulnera-
bic condition of the market owing TO the
over extension of long accounts thinly
margined and backed by weak resources,
the bears fell upon the market with
great herceness and cut a wide breach in
prices at the first onslaught. The wide
extent of the first declines, which were
made by successive drops from / 10 2l5
points between sales, invited quick profit
taking by bears and the violent rallies
which ensued encouraged the bulls to
make some stand against the reduction,
hoping that the furry was temporary and
the market prepared to renew the adj
vance. This was the only period Of the
day when there was any show Of positive
strength, and Sugar, Peoples Gas, Texas
and Pacific and a number Of less i'm
over last Thursdays level. The strength
was short lived, however, and after the
demand from the bears had been salts
fed many Of the banks began calling
loans. This brought a fresh supply of
liquidation in the market and invited
fresh attack by the bears. The selling
became precipitate as the fall in prices
wiped out margins and uncovered stop
loss orders and the unlucky bulls jeti-
soned great bales Of stock with the hope
Of relieving their load and saving other
holdings from the shipwreck. The only
important demand at any time came
from the shorts and the occasional spas
medical rallies were not held in any
case. This was true of the last as of
former ranier and although prices had
not fallen back TO the lowest an around
they were again on the down grade in
most cases and the closing was irregular
and only slightly above the lowest. The
fall reached an extreme So in Rock Is
land, 61z in Delaware and Hudson, 5la in
Amalgamated Copper ~ in Colorado
Fuel preferred and from to points in
practically ali of the active stocks on
the list The Changers. Pacifics, South
westerns, Southerns, Coalers, trunk lines
and high-priced specialties were most
acutely affected. Sterling exchange eased
off slightly in response TO the higher
money rate, but the conviction was not
altered that a large additional sum of
gold will be exported 10 meet the re-
quirements of the London money mar
ket in connection with the coming gov
eminent loan. The movement OF money
to the interior as disclosed by Saturdays
bank statement was unexpectedly heavy,
and would be sufficient If continued 20
quickly wipe cut the surplus Of the
New York banks, but any considerable
stringency in New York would undOubt-
edIy arrest this movement 10 some ex-
tent, although the purely commercial
needs for money are likely TO be met
without regard to distress of purely spec
ulative borrowers. The sub-treasury
drain which is destined to continue is
more feared than any other source Of en-
cr0achment and the conditional offer Of
the secretary of the treasury to redeem
government bonds for the sinking fund is
felt to offer little hope Of relief for the
stock market. Closing prices Of stocks
were as follows:
rr--