The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-19
STOCKS AND BONDS.

market was a dull and narrow affair an,
the net changes are generally insignia
cant. A violent rebound at the openins
in Metropolitan Street Railway helped
the tone for awhile as the unsetting eff
feet of such weakness was shown by this
stock yesterday, is dreaded. The spas
modic rise In this stock proved 20 be IN,
TO bear orders to cover at the market and
the high price was maintained for only an
instant The renewed weakness of the
| stock and the sharp selling movement in
| Redding unsettled prices and turned the
trend downward. Reading dropped abou,
? points before support was forthcoming.
The selling of the stock was based upon
! a supposition that the anthracite coal
| commission would be the next object OF
| legal process under the antitrust law
| by the government Other members OF
the anthracite group were not notably
affected. The pincipal traders who made
up the market commenced to cover their
| short contracts before the bank state
ment appeared but the selling was re-
| newed on the publication of the state
ment- The disappointment was that Of
| average loans which showed an increase
! of 2,42I.SOo. whereas the severe liQuida-
| tion of the week had given rise TO hopes
| of large loan reduction. The show
ing is complicated by the merger of two
banks and an increase in capital of an-
other which made requirements for loan.
without a corresponding effect in de-
posits. The cash increase is about as ex-
pected and the surplus reserve was cor
respondingly benefited. The market raj
lied and closed steady and very dull. Car
adam Pacific and Missouri Pacific enjoyed
some special benefit from good reports
of gross earnings for the second week in
April. The decision expected on Monday
on the application for a stay pending the
appeal of the Northern Securities case is
somewhat dreaded and caused a pause in
operations for the advance. Foreign ex-
change was duh under a continued de-
mand for remittance but money was re-
ported easier in London. The weekly
statement OF the Imperial bank of Ger
many and the large oversubscription re-
ported for the new German loan were
regarded as gratifying evidences of the
abundance, of funds at that center.
This weeks stock market had q turbu-
lent and demoralized beginning and de
veloped a strong recovery by mid-week.
It became quickly manifest on Monday
that the last half of Thursdays session
since which time the stock exchange had
had no session. had failed to show the
full effect of the Northern Securities de-
cision. The market was subjected To viO
lent liquidation all day Monday influ-
enced by drop of over points in the
price of Northern Securities on the curb
market. Great alarm was expressed on
Monday as TO the far-reaching cOnse- /
quences of this decision on existing
arrangements and relations in the rail |
road world besides the imemdiate conse- |
quences TO flow from the dissolution IF /
the Northern Securities corporation itself |
1t was feared that the dividends would |
have TO be suspended on Northern Securi |
ties in any event and the action to be /
taken by the leaders of money whore /
Northern Securities stock figures as col |
lateral was decided. Another ground for
alarm was the question of what balance |
of control of the constituent companies /
might result from an exchange OF old /
stock for the present securities stock IN
view OF the considerable distribution Of
the Nothern Securities stock supposed
special application of the decision lay
broad field for conjecture as to fits pos
sibIe bear ring on the whole question of
holdings Of railroad stocks by competing
railroad companies The Union Pacific
holdings of Southern Pacific, the New
York Central holdings OF the subsidiary
Vanderbilt companies. the Pennsylvania
holdings OF g. :. o. and Norfolk ind
Western and the b. = O. holdings Jointly
with Lake Shore and Reading well as
he condition OF centralized control IN
he anthracite industry and the supposed
Rock Island control of ST Louis and san
Francisco were the conspicuous concrete
Examples OF ARA ngement which it was
cared would be directly intsrfered with.
Many other projects Of combination and
have been understood a be
waiting a favorable decision in the
Northern Securities case TO be pused 20
contamination. The first impression OF
he decision. therefore. was Of danger
hat the ground was cut from under a
cry large extent Of existing financial
IRA ngement. The notable recovery In
he stock market during the latter part Z
Z the week is undoubtedly due 10 the
exception that the long previous de-
lire in prices had been due in part 10 al
pprehension that the Northern Securi-
les organization would not stand the test
Z judicial proceedings. There has been
erceptible a growing impression fl the
nanciaI world that the community of
interest policy has been responsible in
art for the multiplication OF new So
urities and has helped toward tn CON {
Itions Of congestion in the security mar 9
81 which is regarded a. the leading IN :
avorahie factor In the present situs- a
lon. The condition Of the money mar 9
e, which has resulted has operated IN It.
sIf as an automatic check upon financial
rejects and some seus@ Il relief j. FELT
yer the promise that futur~ corporation
Id syndicate demands on the money
larket VII - curtaiied- TIE policy u
lrc hsse II control q railroad properties :
extraordinary prices. with Issue q
-w securities OF TIE collateral security !.
: the purchased stocks Is FELT 20 have
mite q safety ard vision which there
as danger or ove-stepq'ng IN the cours~ ?
hich the process was taking before ;he 2
heck was applied yurthe-rn0-e- THE q
owing difficulty q marketing rex So :
Irities has taken the edge CT the - g
ely prevailing appetite 70 buying ID q
,-trol % -aflroad systems Security fcT
nrozGs lot cut over night. IN the pic 3.
rescue phrase % . prominent capital =
, during ;h- Burlington purchase era z
10 longer a matter % such sOiicsfzs6s =
ID even minority holdings % a con- r
vt nature are felt secure % co1trcl u / a