The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-17
DISCOURAGED
SPECTATORS
Encouragement of Saturday
Was Dissipated Today.
BANKS SHOW SLIGHT GAIN
But That Is Little Encourage
ment---Downward tendency.

New. York, March 1s-The feeling of
encouragement protested on Saturday af-
ter the money situation as indicated by
the bank statement was dissipated to-
day. When call money rose to per
cent the discouraged bulls began to throw
over stocks and there was evidence Of
considerable liquidation by tired holders.
Prices went down very easily and there
was no appearance OF effective support
until there came sudden upward squirt
in Southern Pacific during the last half
hour. The marking up of this stock
10 os was so characteristic of the dras-
tic speculative method Of the manager
OF the pool in the Southern Pacific that
the shorts took fright and covered has;i-
~ in various parts of the market. Union
Pacific shared in the late rally and also
Southern Pacific had done in the early
weakness. There was a manifest en-
barrassment into the supposed efforts
which were making all day 10 depress
Union Pacific and support Southern Pa
cific. Spectators assumed this purpose
on the part of the pool in connection
Southern Pacific earnings away from
dividends. The possible incidental con-
sequences of this suit are unsettling in
fiuence on the speculation on account of
the important questions that may arise
regarding the condition of completing
lines by operators of stocks held in the
treaty of a railroad corporation. The
progress of the voting on the strike
served to keep alive the labor question
in the mind of the public. The spring
season gives constantly new occasion for
the consideration of this subject by reason
of new demands for higher wages and
disputes growing out of them. This is
a wide influence for depression in the
present temper OF speculation. The prop
osition for New York to provide its own
street lighting plant caused further sharp
losses in the local gas stocks. The sell
ing pressure seemed particularly serv-
ed against New York Central for what
reason was not disclosed. 1t was hoped
that the success of the banks last week
in keeping within their legal reserve re-
quirements would lead to quieter money
conditions this week. The absence of
violent disturbance in stocks last week.
in spite of s15oo0.Oc0 loan contraction eff
fected, seemed 10 be regarded as encour-
aging. There was a momentary effort.
in fact. TO pull up prices and some pro-
gress was made in the case of Reading
Wabash preferred. Louisville and a few
other stocks.
The disbursement of the Standard Oil
dividend today seemed To be without ef-
feet in relieving the money market. Lon
don sold stocks here and Sterling ex-
change advanced both OF which were
factors in the weakness OF the market
The fact that the week starts with
slight gain for the banks on sub-treasury
operations afforded but mild satisfaction.
The rally in the ma rket was coincident
with the arrival OF a leading individual
in the financial world after a vacation
absence. although the motive which
prompted the professional TO pursue this
course was not disclosed.
The market was weak in sympathy with
stocks. Total sales. par value, lS75. 900.
United Statesc new 2s registered ad-
vanced Z per cent on the last call.