The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-10-08
STOCKS AID BONDS.

New York. Oct. There were many
Shades Of sentiment refected in the stock
market today. but they all gave way TO
acute depression il the late dealings and
the day shows substat ial losses through
out the list Very large pool liquidation
was accomplished during the day under
cover OF the early strength and in the
heavy selling on the break. The charac-
ter Of the manipulation and the special
stocks which were most affected by that
and by the Liquidation pointed TO the in
dividUality Of the best known operator in
the street who has espoused the long
side since a recent return from Europe
and who has been supposed TO be iutrust-
Cd with the market interests Of some Of
the largest financial powers, including the
United States Steel stocks. Southern Pa
cinc was very conspicuous in the deal
mss. 4 recent decision publicly an
nounced 70 issue of S25 900 900 of bonds
with view To provide funds for bet
terents and allow the Inaugural alton of
dividends out Of earnings was the occa-
sion Of large speculative commitments
IN the stock. The directors have caused
the announcement to be quietly made
this week that the time is not now con-
sidered prOpitioUs for the Southern Pa
cific bond issue. This is believed TO be
not in accord with the view Of the large
Undated his holdings today. Pennsylva-
MIA also was heavily sold. presumably
by the same large operator The early
advance IL prices offered excellent or
porTunity for this liquidation. The up
ward rush of prices at the opening was
supposed TO point to the completion OF
the liquidation which the local money
situation makes necessary, and there
was considerable demand from the shorts
watching for bottom prices.
Much was made Of the orders OF the
governor OF Pennsylvania to place the
entire militia OF the state in the field.
A strong influence was exerted by the
announcement from Washington that the
secretary of the treasury would buy gov
ernment bonds il any were offered at sat
isfactCry prices. This was not consid
cred a very promising prospect on fur
Their consideration and it is believed that
preparations are being made 10 offer .
to test the official idea of prices rather
than Wit hthe hope of effecting an adj
antageoUs sale.
When the market opened lenders of
funds were demanding y per cent for call
loans and the market promptly took a
downward course. It was not until mid
day however. that the selling pressure
gained great force. ne drop from lLt
top 10 the bottom level covered a wide
range. but the days net declines are
much diminished by reason Of the early
advances and the final rally. which
made the closing steady. Money became
easier during the day, both by reason Of
the relief afforded by liquidation Of loans
and by the reported announcement OF the
arrival Of SS,700.Ooo Of Australian gold at
San Francisco, which can be made avail
able in New York by Geographic trans
fer through London. 1t is argued that
the more liquidation has been accom-
plished the nearer the end of the decline
in prices must be at hand Money was
easier both in London and Berlin today
and sterling exchange reacted here with
the departure of fast steamer for ku-
rope and a relaxation in the urgent de-
mand for remittance.
Bonds were weak in company with
stocks. Total sales. par value. $4,000
United States IS. regular, advanced 2,
the IS. s. the old As and IS, 4 per cent
on the last call.
Closink stock quotations were as fol-