The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-10-04
STOCKS AND BONDS.

/
was narrow and dull and largely confined
to professional operations. The move
ment was decidedly irregular especially
| at the close when some of the leading
stocks ran up to the top level OF the day,
notably St Paul and New York Central,
while others ran off TO the lowest, Erie
and Missouri Pacific being conspicuous
The tone was somewhat unsettled
/ throughout 1ondon's influence caused
the opening decline and an effective rally
was lost on the appearance OF the bank
! statement The decrease in the loan item
/ was satisfactory in view of the heavy re-
quirements of the October settlements
and the steel conversion syndicate needs,
! but the decrease in cash of sl.6s4.5o dis
appointed expectations. This item. how
ever. was complicated by the cash divi-
/ demo payment of the National Bank OF
\ Commerce in the adjustment Of its mer-
I ger with the Western National bank.
/ The market rallied well and closed irreg-
ular as above indicated. There was evil
1 dence of some left over liquidation and
( the outcome of the Baltimore banking
| emberra ssments was still a somewhat
/ disturbing factor on sentiment Sterling
exchange was easy, and discount rates
declined in London with reports Of large
arrivals of gold from South Africa. New
.ork probable coming requirements upon
London for gold thus promise to be ia
cilitated. There were signs OF continu-
ance of arbitrage operations by the un-
derwriting syndicate by buying United
States Steel preferred and selling the
bonds There has been a considerable
Improvement in sentiment in Will street
during the week as a result OF various
causes. but principally the Tightening OF
the pressure of unexplained liquidation
which had been going on for considera-
BILE time and followed with an urgency
and a disregard of prices which stamped
it Enthusiastically as necessitous. Selling
of this character was still in evidence
on Monday and made the closing of the
market on that day weak to the point OF
generalization. The next day showed a
sudden and unexplained reversal in the
course of prices 1t became very evil
dent in the course OF the day that the
strongest banks and capitalists were buy
ing stocks at various points in the list
for the purpose of supporting prices and
soothing the fears which were threaten
ing to run into panic. Formal denials
were made that any agreement had been
entered into to this end. but II Is certain
that there were meetings and discussions
Monday night between the capitalists
concerned which must have developed
the consensus of opinion as TO the proper
action TO be taken. On Wednesday again
there was abundant evidence that stocks
which had been fought the day before
to support the market were being sold
again and there were signs of q recur-
renee of liquidation which caused the
clouds of gloom TO gather about the
stock exchange again. B'lt when this re-
selling was accomplished the market took
on a more normal appearance of strength
and seemed comparatively free from
forced liquidation. Coupled with the I'M
interrupted fall in the United States Steel
securities. the surmise was formed that
the financial trouble conferred about the
coal and steel industry. The closing of
various mills and the admitted necessity
for curtailment Of the pig iron output
gave additional force to these surmises
and gave rise to an apprehension that
coming industrial depression and an
economic crisis was being foreshadowed
by the continued depression in the Sc
curites market. Free supplies have
come into the market as a result of gov
eminent operations including the redemp-
ton of per cents and deposit of inter-
nal revenue receipts in the banks. The
arrival of over million dollars in gold
at San Francisco from Australia and its
transfer through the treasury 10 New
York had timely effect upon the mar
ket. The lateness OF the corn and spring
wheat crops still deters the movement
of currency to the west. Some hope is
INDUCED in that the deposit OF govern
ment funds with western banks may
tighten the pressure upon New York and
that the reflux of funds from the cotton
region may set in In time TO help meet
the western demand The completion of
arrangements for the extension of the
United States Steel stock conversion syn
dictate seems to-have relieved the market
from some immediate pressure. London
also has had the benefit OF the turn Of
the month. and this has relieved the New
York market from some sympathetic de
preston The financial embarrassment
admitted at Baltimore seems TO be re-
garded as a clearing up OF source ~
pressure whose mystery has been dis
turbing element
Bonds were not so active as stocks,
except for the enormous dealings in Steel
SIS. but that market had the benefit Of
the improved feeling in stocks. United
States new and old As declined Z per
cent, the SIS coupon a. the IS per cent.
and the 3's registered ~ per cent as com
pared with the closing call Of last week
Quotations were as follows: