The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-17
LAGE OF interest
Is Being Well Displayed in
Stock Markets.
CONDITION ABOUT NORMAL
After Violent fluctuations OF
Past Few Days.
CONDITIONABOUT NORMAL

New York, May 1s.-There was stu
further lapse Of interest IN the stock mar
ket today as was shown BY the decline
in the volume OF dealings 10 below a mil
lion shares for the first time since the late
boom attained force. The market also
gave evidence of further progress toward
normal conditions. There was still
rather feverish price movement, but the
oscillations showed a iessening tendency.
These are phenoneEals which invariably
follow a panic. Usually the first violent
reIapses after the first rebound do not
carry prices back as low as the panic
level nor do the rebounds reach as high
as the previous level. After the violence
Of the fluctuations has subsided there IS
likely TO be a dull period and graNl-
tating tendency to lower level unless
some new factors Of strength develop 70
reawaken outside buying demand To-
day the speculative contingent were IN
clined 70 look for such new influence
To the promised settlement Of the North
ern Pacific dispute. No authentic infor-
nation can be had as 70 the terms or this
agreement. but i is generally accepted IN
Wall street that il viii insure the sare
guarding OF the interests which deem
deal without reIracting from the benent
Of that deal TO its original projectors
The rapid progress reported 70 be max
ing in the deposit of Burlington stock 70
be exchanged for the proposed new BONDS
seemed 70 insure the rapid contamination
of the Burlington deal ITSELF The eIect
OF this development was most manifest IN
St Paul and Rock Island Northern
Pacific. owing 70 the abnormal standing
Of that stock in the market was not an
index 70 the situation The process OF
exchange going on in the Burlington
stock affected Il 10 some extent IN the
same way. The advancing tendency IN
Union Pacific was constantly checked,
| supposedly by the surmises az 10 the
method OF financing the purchases OF
Northern Pacific stocks made IL the com
panys interest The advance in St Paul
/ over last nights level reached rs. In
/ Great Northern preferred 5es. Rock ISL
/ and ~. Another active center OF spec
ularive was Amalgamated Copper in
/ which the buying was large apparently
I BY inside interests and regarded with
1 various favorable items OF news We're
| published during the day. The most i'm
/ portant was the reported intention OF
/ the vice chancellor Of New Jersey 20 dis
solve the injunction against the absorb
ton OF the Butte and Boston and the
/ Boston and Montana companies The
| stock advanced atone time ~. There
/ were various other points Of special
/ strength the causes Of which we're not
/ always disclosed. Thus international
! power advanced 1913. Minneapolis and
! St Louis rs on expectation Of dividend
! increase. American Express Ss4. Consoh-
/ dated Gas 5lk Lake Erie and Western 81,
! Iowa central preferred and Pullman "a
The relaxation of forced liquidation m ioa
! comparatively light buying orders cft'.c'
| tive in advancing prices. There was un-
| doubtedlv a good deal OF manipulation IN
| the interest Of better prices, but there
/ was also growth in investment demand
for good dividend payers. But not cess
I striking than the strength wtfh which
| prices advanced vas the ease with which
! they were forced down again undes very
| light selling with which the day closed
| with prices all the way from 20 points
| below the best and with net changes a
I good deal mixed and FOR the most pant
7 small. Reports Of needed raias IT. the
/ southwest were an early encouraging
| feature and the growth OF labor troubles
| caused some uneasinesS especially tnt
| candid admission by the leading pubhca-
ton in the interest Of the iron trade that
| there may be widespread labor distur-
Dances in that trade after July / The
ease IN the money market was que en-
| tfrelv 20 the falling or IN demand and
! speculative as other causes are tending %
a steady depletion Of New York bank re-
| serves
The bond market was broad and mod
eratelv active and price changes were
irregular. Total sales. par value s. $500
I. s bonds were all unchanged on the
C,iossrs, ~ e.orts v-.-e az follows.