The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-05
STOCKS AND BONDS.

New York, April i.-Todays stock mar
significance. The opening decline ex-
/ pressed the disappointment of those VINO
bought yesterday on the rumor that the
1 pool holdings OF Southern Pacific has
| been taken of the New York private
! agreenle Mt Yesterdays furry among II
| shorts On account of this rumor con
veyed an impressive intination OF the
! possible effect Of such a settlement should
! it suddenly develop and awakened a spirit
! OF caution on the part of the bears. The c
/ was some support offered the riarke,
when it was seen that the selling pres
/ sure was light. Watash preferred Is
| pecially- was lifted point on the strengt h
! Of reports that there was good prospect
/ OF an adjustment OF the labor dispute
/ on that system \ lively selling move
ment followed the appearance OF the bank
statement showing a decrease in surplus
reserve OF si.150.g75. bringing that item
down 10 s2.i3o.S25. This showing was
wholly due 10 the fan in cash. the loa n
item showing a nominal decrease of less
than a million dollars under the ave-
age system in spite OF the very large
aggregate changes in loans known 10
! have taken place during the week in the
April settlement AS compared with an
estimated decrease IN cash OF a million
and half the statement shows that ths
banks have lost during the week s5.52i. 800
There is indubitahle evidence that this
result was due to the fact that the Hlst
companies are withdrawing or withheld
I..fgs
up the reserves in their own vaults 70
conform with the clearing house rule that
they shall be able To show a cash reserve
amounting TO ten per cent OF their d.
posts on June !. There seems also 10
have been an outgo of sold to Canada
during the week more nearly equal 10 2
million dollars than TO the $4,000 r.
ported The selling induced by the bank
statement was again met by support.
based on i confidence that factors are
working toward Improvements OF the
local money situation in spite OF the
weak bank return. The rally seemed TO
have spent its force before the close
which was about steady.
The most notable fact regarding this
weeks stock market has been its progreG-
daily transactions for the year toward
the end of the week The general tone
has been one of depression although
there was temporarily relief on Tuesday
by brief upward reaction This was
partly due to the expectation that April
disbursement Of dividends and interest
would relieve the tightness OF the money
market and result in some buying II
stocks. but a published interview by J.
p. Morgan. was of even greater effect
with the professional trading element
Mr.. Morgan's tone OF depreciation OF
prevalent pessimism regarding financial
affairs was expected 10 have far reaching
influence with the investment classes. bat
beyond the professional buying intended
10 anticipate such investment demand IN
Tuesday there was no appreciate efTeS.
in the stock market. Even the short 10
terest seemed to be soon supplied dis
appointing the hopes of those who looked
for substantial aid for a rally from til s
element when prices finally turned up
ward. Mr.. Morgan's expressed faith N
the soundness of the revent capital issues
which have glutted tn market AMI
proved practically unrnarketable. had had
although his conclusions have not been
accepted without reservation In banking
and financial circles. Faith In the
soundness Of the new securities on the
part Of those holding them may be in
feTred from their being withheld for sale
on a week market. while other standard
securities are liquidated to provide To-
sources for holding the new issues Some
CT the recent persistent selling OF high
grade railroad stocks is attributed b.
common consent TO the purpose 10 con
serve holdings Of new bond and stock
isues.
The Pennsylvania report of earnings |
for February created a deep impressial /
by reason OF the varied and representa- /
tive character OF The systems traffic and /
territory The expense OF operating Tn /
system in February was more than twice |
as much as ;he increase in the gross r. /
turns from traffic. In view 81 the forth I
coming Increase IN outstanding and divi- /
dend requirements by one-third the in 1
huence Of this showing on sentiment is /
now difficult to understand. The market 4
for the stock shows no indication that 4
this encouragement Is al aged by tn
d argument that The Intended outlay %
nearly S1ooe"o.ela in proceeds OF the new
stocks Is calculated to increase the earn
Ing power Of that property in propor-
ton 10 the increased dividend require
ments. The importance attached 20 tn
rising course Of labor cost is evidenced
By the quick response in the stock market
10 reports Of demands for increased wages
On different railroad systems. The dis
solution OF the strike Injunction issued
against the employees or the Wawash VS.
granted with a fan in prices although the
Of the injunction. IN preventing
the strike was greatly doubled and III.
prospects for a settlement considered bet
ter after the dissolution % the injurc-
ton than after its issuance The out
,ome OF the contest over the voting
power q the Union Pacific control Il Ia
Southern Pacific = awaited with an aux
ETY. more on account OF the SPECULATIVE
position Fl the stock thar on account q
ne questions involved IL the suit Itself
The surnises regarding ;he position -
he pool in SOuthsrn Pacific suDposed
10 - upward % 5000 shares and - fses
nearly maturity OF large leans f0T 2
iec ids,Ily disturbing factor The bite
less OF ihe personal quarrel developed
.Wakens a fear that resort vii - had
o drastic stock market methods the
soifness and daring q which hsve ben
X rzpiifeti il past operations b the pa
is 20 IN quarrel
The possibility OF stock market asei
rith other participants Is not calculated
o exercise 4 se5thiHs in5ssnce in . d.
'rsszed ner5od = speculation The rs1ner