The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-23
TENDENCY
WAS UPWARD
Up Two Points Above Level
of Thursday
UNION PACIFIC JAGGED
Net Changes for Day Very
Small
UNION PACIFIC Jagged

New York. May 22-Today's early
stock market did not make good promise
of maintaining the strength which de-
veloped yesterday but the announcement
that a bankers syndicate had been
formed TO underwrite the new Pennsyl-
vania stock issued. caused a sudden
upward squirt in that stock 10 level
OF points over last night The stock
held that point but momentariIy. and
did not get back TO the top level again for
the rest OF the day. Inn the general
market the average high level for the
day was touched in the afternoon. when
the preliminary estimate Of the cash
movement of the week were published,
showing an Unexpectedly heavy receipt
on balance from the interest, thus Offset
ting the weeks loss by good exports.
which it was feared would make the bank
return very weak. There was sufficient
selling TO take profits during the last
hours TO make considerable inroads upon
prices, and she closing was dull and
heavy, below the best. The net changes
for the day are mostly very small and
are mixed between gains and losses.
There was continued heavy selling this
morning OF ST Paul and the Eriss and
United States Steel stocks were inclined
TO be reactionary. the latter on account
of further cut in prices OF iron. Union
Pacific was inclined TO lag throughout
the day in spite of the claim OF definite
settlement OF its labor dispute The news
OF the underwriting of the PENNSYLVANIA
stock issue did not hold its first stimu
lating influence The underwriting is in
effect a protective measure to assure the
taking up OF the issue at 20 al which
price it was offered. to stockholders
When the offer was made Pennsylvania
was selling above 40 so that the RICH.
10 subscribe at 120 seemed sufficiently
attractive. But from the first knowl
edge of the issue there has been persis
tent selling Of the stock against the eS-
pected new issue and Of the rights 10
subscribe TO the new stock. The decline
this week 10 125h brought within meas
urable distance the extinguishment Of
the value of the stockholders rights 10
subscribe.
The news that sufficient money had
been sent to New York from the interior
10 Offset the rather heavy outgo 81 gold
came as pleasant surprise. The known
movements Of money indicate net gain
by the banks of several hundred thous-
and dollars. the receipts on balance from
the interior amounting apparently 10
over four million. The sub-treasury alb
sorption which includes payments for the
gold exported. was 3 50. 900. But this
does not take account OF the Sl.000.o00 n
gold shipped to South America last sat
urday too late for effect in last weeks
bank statement. Arrangements have also
been made TO ship $1.500.000 10 South
America on Monday. Sterling exchange
broke fully 3 points today in response
to the reduction OF the bank of England
rate London continued 70 buy stock here
today thus increasing the supply Of ex-
change. and the figures Of the weeks
grain exports show an increase over last
week for wheat Of 1.ls7.757 bushels and
for corn Of 3S2 so bushels.
The bond market was firm. Total sales
par value. s. 10000 United States bonds
were all unchanged on last call
Closing quotations Of stocks We're as
follows: