The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-11-14

New York. Nov. 13.-Quite violent ad-
| vances at the opening Of today's stock
market. which were somewhat exceeded
/ by a rally from a subsequent reaction.
/ entirely melted away before The close.
which vas weak AMI at ret losses reach
ing a point for some OF the leading spec
ulative stocks.
after the heavy declines of the last
two DAYS, reassuriag reports this morn
| ing as to the adjustment of the troubles
I affecting some speculative accounts and
an absence Of pressure in the money
market, the refusal Of the market TO
stay up was something Of a surprise.
After so considerable a reaction. involv-
ing the creation as a matter OF course
Of a large short interest, a rally is TO
be expected, if only from technical
causes.
It was the short interest which caused
the opening squirt. The development Of
a growing demand to borrow stocks in
the loan crowd last night revealed the
growth Of the short interest and this
morning s reports of large transfers of
/ certain stocks at private sale. which
served 10 revive over extended long in
terests. caused fear amongst shorts
that they were becoming over extended.
The high level of prices at the opening
proved inviting to the traders who have
bought At the decline. It became evil
dent also that the substantial buying,
which was a feature yesterday, was lost
to the market at the higher range OF
prices For the rest of the day in con
sequence there was a crumbling process,
which ended at the last with quite a
sharp break.
1t is a notable fact that the heavy
transfers Of stocl, which are going or
give rise to no further rumors of a pos
stole change Of control such as affected
nearly every prominent stock few
months ago Nevertheless. as is obvious.
for ali the selling Of stocks that IS going
on. there are purchasers. This condition
is in strong contrast with that which
set the financial powers to work to de-
wise methods TO avoid the danger in
leaving a railroad out over night. as was
picturesquely said by the most prominent
financier in the country At that time
competitive buying, or the fear of it,
pushed prices up to unheard-of figures.
Where there was no actual buying in
siders bid up the prices to discourage
such buying. M more such striking evil
dence could be found than the present
indifference on this account of the over
extended conditions OF holdings and obi
cations.
Capitalists embarked in new 1oatations
have all they can do TO care for these
without making encrOachments upon the
control of other properties AS a con-
sequence. insiders view with equanimity
the decline in prices Of their properties
more than one case the insiders connive
at such declines. as their would-be rivals
for control are believed to be trying TO
sell out theIr holdings \ falling narl ct
is calculated 10 rIeciptate such pro-
cess affnrding the Controlling interests
opportunity to consolidate their control
The fear cc such measures of retaliation
and Of discipline between capitalists Is
the outir3vth II fo, mer encroa chrnenss
upon their property in an effort 10 mrcst
control has a3t little to do WI TIC
timidity of -pcrators about coming into
the mark a-ain snd taking on rev
lines. Thefa was no sexual news Geyeipp-
ment Of Importance t. account for tie
movements II - days market bty5pj
the shiftiis Of speculative sentin ant
Bonds were better ELstained than socks
and reta ned a rnfI o: their gairs. Total
sales, par value. 3 50 oeJ. United Stats
twos and NV fo'ms declined p pr cent
end the trees and Did fours ard lives
4 per cant on last ts1.
Closing stock quota: ons wer, as fol-