The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-21

made upon values and the very general
effect of the selling forbids the supposi
ton that il was due entirely 10 attack py
the bear party. 1t was not clear. IN iact-
what was the cause of the markets weak
ness The very meager demand developed
yesterday when prices were decisiVsly
turned upward caused a very bad i'm
preston upon speculative sentiment The
decline has been so long sustained with
cut notable pause at any time that con-
viction has gained force with the pro-
feSsional element that a very large short
interest has accumulated in the market
II was believed also that prices had got
down to level that would prove attract
i've 10 a large crowd. Very Respondent
views We're taken OF the future o. the
market this morning in consequence
The announcement of an engagement or
81. 800 600 of gold for export and the news
that L. II. Hartman had undergone
surgical operation met the market at the
opening and initiated the declining ten
dency. The enormous liquidation which
soon developed in Atchison was a marked
influence upon the sentiment and con-
timed to domiaate the market fer the
rest of the day, Gne influence spreading
TO an increasing degree up TO the close
Rumors were circulated of a coming bond
issue by the Atchson. but no official con-
firmation could be had on this subject.
The opinion gained ground that large
speculative interest in the stock was in
a vulnerable position ana was being made
a target for attack. 1t will be remember
ed that at various times the control or
Atchison by Rock Island was discussed
as an alternative proposition TO the taking
ever of the ST Louis and San Francisco.
1t is probable that this talk caused con-
siderable speculative accumulation in
Atchison There is a suspicion that there
Hot
toward control and that some of this
stock may be coming upon the market
The extreme decline in the stock reached
3k which was equalled by ST. Paul
Losses of 2 to points were fairly general
amongst active stocks and considerably
exceeded that in cases where dormant
stocks were forced TO sale. A notable eX-
ample of this was 2S point drop in Mich
igan Central. This stock was subsequent
" bid up gain 10 points before an offer
ing was encountered and a sale made.
Bear tactics were perceptible in the pre-
cipitate decline at the last. notably in
the circulation of rumOrs that S9OD,cO 70
900 gold would go out on Saturday
to Europe The only basis for this runor
was found TO be the making OF tentative
arrangements for the shipment Of $4,000
to South America next week. The stu
alton in the exchange market, however
was 81 strong factor in the weakness or
stocks Exchange holds firm in the face
Of the shipments and there Is knowledg OF
the early maturity of some large German
loans in this market. which give ground
for the expectation that considerable eX-
ports 10 Berlin may have TO be made 4
! speculative upset in Boston precipitated
some selling in this market today ana
shorts in the cotton market were Sald 10
be selling stocks 10 cover losses in cot
ton Some stress waws laid on the buy
ing Of stocks for London account as moi
eating the growth OF an investment de-
mand from that source but aTbitase orok-
/ ers explain that much of this buying IS
due TO a transfer OF holdings from Lon
don TO New York TO secure the benefit OF
the present cheap money market
L :. Steel IS continued conspicuous in
the bond market. Prices were weak IN
sympathy with stocks Total sales, par
value g 4o7 0o0.
L 5. bonds were all unchanged on the
last call.