The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-06
STOCKS AND BONDS.

this morning were much relieved before
the close OF the day on the stock TX
market opened that the hopes entertain
cd on Saturday Of securing means 10
tide over the firms threatened with en-
barrassrnent had failed. and there was
nothing TO do for these houses bur 10 an
uOunce their inability To meet their con-
I tracts. In two cases hte failures We're
fully explained bur the third came as
something Of surprise. There IS no
doubt much Gistrust felt of the fabric
or credits generally. owing 10 the lgnOf-
ancc Ot the extent 10 which the coliapse
Of the Webb-Meyer stock had involved
others. The development ln these stocKs
in themselves was recognized 70 be not
OF first Importance. The collapse Of their
prices naturally reduced the basis or
credits which had been acquired on the
fictitious and manipuiative valuation, but
il did not appear that the local money
credits Neither had the uazZllng rise IN
the prices for these securities attracted
ans great speculative following. The
trouble was thus localized within com
paratively small circle of immediate par
Elephants in the speculation. This WAS
soon demonstrated by the movement OF
the general market and the absence Of
field trouble ia other quarters. Ihere
was the fear this morning that the result
must be faced of similar operations OF
other pools IN various sDCcialu7s, and
even of manipuiative advances in stand
ard railway stocks. but the readiness
with which offerings were absorbed quiet
Cd the nervous and induced some buying
back of stocks by hasty sellers In fact,
the day s net losses are found 10 De
quite insignificant. IS rule and not
few important STOCKS closed higher than
Saturday. The reports of copious rains
in the southwest and trhe eIectlNe Dtedh-
ing of the drOuth conditions which nave
kept awake anxiety regarding the crops
was a material aid TO the recovery. Ihe
persistent upward course of Louisville
and Nashville was a sustaining influence.
RumOrs were renewed of a combination
of this road with the Chicag. indianapolis
and Louisville. The prospect OF "a strike
Of the anthracite miners and a Strln-
gency Of the money market VIII amply
account for reDresSi on or speculation
As a matter Of fact, the active nqulua-
ton OF TIE first hour accounted LOT the
early oue-haif of the day s total deal
ings. Money loaned as high as - per cent
and reCedcd to per cent only after the
principal demand had been met There
can Doe no doubt thc discrimination
against the collateral and the unfavorable
disposition developed among money
lenders toward the recent 4nGlscfllalnate
tendency Of the speculation were factors
in the money Strtnseucy. The squeezing
out process alou@ this line IS viewed with
satisfacti a1. 7 he knoW.edce tnat credits
are very literally expanded at CD and five
rather me. ger cIsn reserves are subject
10 heavy demands has caused real anE-
ieJy 20 Zoe felt from the population in
dulged iu some quarters.
some OF the speculative bonds were
weak under fOrccJ ilquicaUcn- but the
market recovered and became irregular
IL sympathy with stocks Total sales,
par value. S+ftei19-,
Closing prices OF sticks were as follows:
Atchis0n ..-..--- 49,. do pit .-... ls91a
BALTIC. * Ohio 1855 south. By $500. 35la
do pfd ...-...- - do pfd ..-....-. S3is
Can. Pacific .l-5-s Texas oc Pac 80. Il
Can. southern. 2l4s Toll, ST. l.. d w 2i1i
Chesl. * Ohio 49ai do EfC .-.-...-- ~ ?
Chi * Alton .5ts Union Pacific ..1f-it
so llG -------- co.. &c PA .-.----.- ,