The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-19
STOCKS AND BONDS.

New York, May 1s.-There was a very
considerable liquidation in the stock mar
ket today The selling seemed induced
by capitalization Of sentiment which has
been approaching definite form for soms
time. There was no development TO cause
the decline except the engagement of
s.. So. 345 gold for xport 10 Europe. This
hda been quite definitely extended and
the amount was rather less than fore
casted There was a slight hardening in
the loan rate in response to the gold
movement, but il could not be said that
any liquidation was forced by with
drawal of credits The opening was in
fact irregular and a slight decline was
followed by a considerable rally. This
rally persisted after the first knowledge
of the engagement OF gold for export
But the report that $4,000 had been de-
posted at the sub-treasury for tele-
graphic transfer to New Orleans was fol-
lowed almost Immediately by crumb-
ling of prices throughout the list. This
evidence that the violent cotton specula-
ton is making demands upon the money
market was taken in very Ill part by
the stock market.
II is probable that the decline
in prices was Immediately due TO
professional attacks by the bears.
but the existence OF stop-loss orders be-
nerable. The usual result of a consid-
able decline is now seen in the disposition
to sell merely because prices have de-
clined. Stocks which have now gone
lower than in last months decline on
account of the Northern Securities decl-
sion are conspicuous sufferers in the
present settlement This is seen in the
case of St. Paul. New York Central ana
Southern Pacific especially. When prices
r~se-fcr zraqG "a
relapse after one recovery il is the spec
ulative theory that effective support has
been determined upon at that point
When the price goes lower on the second
decline II is customary for professional
operators TO sell il on the theory that
the final resting place for the price Is
indefinite.
Quite number OF additional STOCKS
today broke through the previous low
level for the year. made last month. and
this fact had strong influence on bear
ish sentiment.
The days exports OF gold and the con-
tinUed firrnness of foreign exchange are
a demonstration that the allotment or
the Transvaal loan in London is not TO
relieve the pressure for gold abroad. as
was hoped. The London market itself is
row taking account of the future peri
odical requirement for the payment or
tions 10 the loan The fact that large
portion of the proceeds OF the loan is
PAYABLE to the continental holders OF
the South African railroads which are
being purchased by the colonies makes
a prospective pressure upon London TOT
remittance TO continental points. The
outgo of gold from here is in payment OF
borrowing ana is thus far an insurance
against further pressure But when these
borrowings were made it was supposed
that the outgo of merchandise would
supply exchange for their repayment
without the use of gold With the large
requirements ahead of the domestic
money markets there is an uneasiness
manifest whether the outgoing gold VIII
he readily available for recall 10 this
market when it, is needed.
Nearly all the active stocks today fell
between l and points, and ST. Paul
New York Central. Missouri Pacific, Rock
Island and Reading exceeded that
Amongst dormant stocks there were even
wider declines. Amalgamated Copper was
strong. as the effect of the increase in
the dividend rate on the Calumet and
Hecla stocks. The market closed easy
and within fraction OF the lowest.
United States Steel new sinking FUND
bonds were dealt in for the first time ana
rose more than a point over Saturday <
price on the curb without explanation
Otherwise bonds were weak. Total sales.
psr value 50 10000. United States new
As declined u per cent on the last call
Closing quotations of stocks were as
folIous-