The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-18

DEPRESSED
Condition of Market DOM
mated by Southern Pacific.
MONEY WAS EASIER
But the Bond Market Mas
Dull and Irregular.

Mex York. March 11.-Today's stock
market was entirely in the hands Of the
professional operators and these for the
most part of the smaller class. The whole
market was dominated by Southern Paci-
| fic- The manifest support for that stock
and the cessation of yesterdays pressure
against Union Pacific caused check to
the early selling here and a grand re-
| covery ensued. Late in the day Southern
Pacific. Union Pacific. st. Paul and one
or two other Leading speculative stocks
were a point last night.
1 The realizing at last took the top OF
| prices, and the closing was easy. During
| the unsettled period of the morning there
was continued pressure TO sell New York
Central, carrying that stock down almost
a point. The persistent slow liquidation
in this stock has very depressing SEN
| timental effect on the whole market II
| is variously explained as being due TO
sales against expected privileges 10 SUBJ
scribe 10 new stock or to the general con-
viction that with money at per cent
high grade railroad stocks are on too
| high a price basis. New York Central
| recovered with the rest of the list and
there were some sharp rallies from the
recent depression in Northwestern. the
local Ga sstocks and d number of special
ties. Reading was a center of some pos
tive strength which was attributed to
the expectation OF favorable showing
| on February net earnings.
The renewed advance in the London
copper market led TO recovery. Specu-
lative sentiment seemed 10 be as much
confused by this announcement as by
the previous moves on the part OF the
pool 1t has been feared that the coming
dissolution of the pool would lead 10
the throwing over of some heavy offer
ings OF stock. On the other hands. Its
continuance will involve the further ty-
ing up of large credits The extension
also has the tendency to increase the
weight from a stock market standpoint
of the litigation instituted on behalf OF
the pool against the Union Pacific con-
troll of the Southern Pacific. Some fav
orable effect was produced by the con-
ference undertaken between the officials
and employees of the New Haven sys-
TEN for an adjustment of the labor dis
pute.
Money was somewhat easier, with
per cent the ma ximum rate for all lCans
and a decided softeniny % the market
after the principal demand hal been met.
The suo-treasury established a gain of
something over a hundred thousand dol
lars from the banks on the operations
since Friday. thus wiping out its contri-
button of yesterday to the local money
supply; but the rate of absorption by the
government is much less than ii was last
week. on the other hand there was
very substantial rise in the foreign eX-
change rate. With the relaxation of the
money pressure here and a hardening of
none yrates in Berlin and Paris. there i
said to be less inducement for the plac-
ing of foreign funds here. For whatever
reason. the foreign exchange market IS
now practically bare Of loan bills. SO
that ;he demands for rer;ttancs had been
sufficient TO cause a material advance
in the exchange rate.
The bond market was dull and irreg-
ular Total sales. par value, H,lol,eD-
United States bonds, registered IS. de-
clined y per cent on the last call
Closing stock quotations were as