The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-02-22
STOCKS AND BONDS.

STOCKS ANU 6ONOSs
New York. Feb. 21.-The action Of the
stock market this morning demonstrated
pretty conclusively that speculative SEN
tirnent had overcome the shock caused by
Yesterdays unexpected announcement OF
the proceedings against The Northern Sc
cureties company's stocks held on margin
and IL tiu,id holders, had apparently
been sold out yesterday and the forced
liquidation completed, there was very lit
tie need for supporting orders in the
market this morning. 1t is generally sup
posed that the stocks bought yesterday
for support had teen UnIcadec on the
rally. as insiders gained confidence that
no serious breaks in prices was impend-
ing At the opening the market was
heavy. bat the second hour the selling
had fallen TO such small proportion that
the market was practically stagnant- AT
the same time there were points Of re-
sistance and a 70 wstocks gained addi-
tional strength as the day progressed
and led q substantial rally, which placed
prices quite generally above last nights
close. The Issuance Of the bank state
rnent seemed to be the turning point. Inc
cash item was practically unchanged IN
stead of the expected decrease OF over
a million dollars and the restriction of the
loan expansion to less than S0J9.oU0 re-
assured the uneasy sentiment that credit
resources were being taken up at tbs
headlong race. Call money rate eased off
to pc Icent under the showing OF the
bank statement and the reduced require
rnents for speculative purposes The ces-
sation of forced liquidation and the de-
velopment Of strength in . number OF
stocks drove the shorts TO cover. re-
t-,I
Washington to confer with President
Roosevelt, gave room traders comfort.
The Colorado Southern stocks became
very stagnant at the last on a volume OF
dealings unprecedented for those stocks.
Their gains reached three points or bet
ter Good dividend prospects were al
legged as the reason for The advance.
Chicago, Indianapolis and Louisville also
rose 31k and the preferred Ia on reported
dividen prospects. Analgamatcd Copper
was erratic. rising at one time ever
point. but closing practically unchanged.
Manhattan also failed to hold its full
gain of ~. American snuff rose and
tho preferred .. Northwest recovered
"a Of yesterdays loss. United States
rubber stocks were strong Outside OF
these, striking gains were in less promi-
nent stocks. Renewed strength IN the
exchange market corroborated the ex-
next week. Bonds were rather dull and
irregular. Total sales. par value s2,SS5,-
COO.
The announced determination of the
authorities at Washington TO take legal
steps against the Northern Securities
company. on the ground that 1t was
formed in violation OF the Sherman anti
trust law Of 1870. upset the stock market
on Thursday and superseded every ether
rorufIara+for, Previous IN that ffTna ffara
had been q dull ard spotty market. with
individual stocks advancing Sharply and
the general undertone firm. This was
due 70 the disinclination OF holders to sell
as much as TO any market demand for
stocks How lar the new turn Of af-
fairs IN Northern SECURITIES may ulti-
ruately affect The market Is difficult to
forsee Those whose substantial interests
are most ct stake. were large buyers OF
stocks in the furry OF Thursday. while
the sellers were almost wholly the spec
ulators on margin, some OF them Of i'm
portant character It IS iEva riahly the
rule however. that substantial interests
como TO tho support Of values OF Prop
critics in which they are interested in
time Of the crisis. without any purpose I
Of obtaining stocks for permanent hold
ings. The same thing was seen at the
time Ct President McKniiey's ASA ssina-
ton and in last NAYS panic The as
sumption among spectators in Wall
street that the establishment Of the
status Of the Northern Securities COM
pany would remove all the repressiFe IN
fuence upon speculation and restore con- {
ditions TO the state thar was interrupted
by the Northern Pacific ouaYreo. takes
no account OF the fact thar values were
inflated BIZ transportation iast May, |
and that the events that the speculation
was intended to discount. have since come
10 pass or have been demonstrated to
be idle r1mors ard canuards. Not much
Thought has been given as 70 how Ear
the actual condition OF property values
would he affected By the overthrow q
the Northern SECURITIES company K is
nos clear that the actual changes and
division Of control which were effected
by the Northern Pacific contest would
b. altered 10y dissoIFing the company.
he aotation Of the Northern Securities
company might supposedly he debated
without threate Mig the renewal CT the
tra1scontinentai railroad conflicts The
c1rse for depression which some Escern
~ the proceeding eg1inst the Northern
Securities ccTnpany. lies 81 the s5pposi-
ton thai 4 IS intended 10 test the efilf ssc,-
- the existing law in TIE case am then
lend lhe power OF the administration 10
amend il 4 necessary TO make x effective
against file formation % great nrsaeisf
combinations. Tire program thus lore
shadowed would rot be REGARDED with
ecga1imify Dr. any large financial inter
ests and q reflection of uslsgiyinC = oud
De expected in the securities market fer
an inse1nite period The routine uews
- TIE we Shas given M cause for anx-
ietv. nut rather Tor encourasemc1t RI the
1ctlsl- yof tie lror trade. q rather larger
movement % .-rain srG prosperous gen
Crai trace Conditions
he bond market has been relatively
more active than EsccSs AID valves wsre
only slightly affected uy trc late veak- /
ness iu stoess outside q scsne q highly
speculative issues
Gated Stctes ceflz6i1S IS ARRANGED +
= the IS coupon 3. ditto registerel u
th= haif ard Ire Oh ~ Z. orlr tee
cipzns y last week