The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-28
WHOLE MARKET
PARALYZED.
Speculative Sentiment Was
Confused and Paralyzed
IMPROVE PRICE LEVEL
An Attempt Made TO Bid up
Market

New York, May 27.-The only signii-
canoe in today's stock movement CEN
tered in a handful of stocks. and in these
prices moved contrariwise, with the re-
suit that speculative sentiment was Who'll
Iy confused and almost paralyzed- The
whole market was inert to the degree of
lethargy and in very few cases was there
a movement except some small faction
Some comfort was secured from the evil
dence of support in ST. Paul, Pennsylva-
MIA, United States Steel and for "a short
time after the opening in few other
prominent speculative stocks. But, on
the other hand, there was obvious con-
tinuance of liquidation in the Pacifics
and the coalers were generally inclined
TO heaviness. A brief upward movement
in Reading seemed TO have no other pur-
pose tnan TO correct this impression as to
the coalers and it was quickly abandoned.
The occasional rallies in the market which
were invariably led by haul was marked
in the intervals between the expectation
of selling orders and were not pursued
with any aggressiveness. The appearance
of the market suggested that those who
had constituted themselves it's protectors
were satisfied to acquiesce in a downward
movement of prices while the selling pres
sure lasted, but sought to improve the
price level by bidding Up when no SER
ious obstacle was encountered. IL was
evident that suspicion was rife as TO the
condition OF the market and there was
no deep grounded conviction that the
liquidation recently in evidence had been
fully captured. If there had been any
extended bear account left over as the
result of prolonged declines there was
only the slightest evidence today of any
nervousness on the part OF bears to the
decline and the apparent cessati Of
heavy liquidation and the demand from
shorts was very slight
Some buying for London account helped
the firm undertone Of the early market.
The very fact that the demand for stocks
could be so languid and indifferent after
a decline of such vengeance as has oc-
CURED during the past week served to
deter buyers from committing themselves.
whether for speculative or investment ac-
count There was very little news of i'm
portance bearing on values and little at
tention was paid to what there was. The
rise of a point in United States Steel
preferred was attributed to the reported
purchase of 1O,O00 tons or upward of pig
iron for delivery during the late summer
months. The gain was lost before the
close. st. Paul got as much as 1ss points
over last night and was near the high
level several times during the day. but
il closed shade under last night The
weakness of Rock Island was unsx-
planned beyond the general argument that
the sim of the market prices of the Sc
curity exchanged for Rock Island stock
make a valuation for that stock con-
sderahly above that prevailing for other
similarly situated stock. Southern Pa
cific, Union Pacific and Baltimore and
Ohio lost nearly point. The selling OF
the United States Leather stocks was con-
nected with the reported project for a
bond issue by the company. The market
closed weak.
No gold was taken for export. but this
was said to be due to inadequate shipping
facilities
Bonds We're irregular. Total sales. par
value s.. 2O5000. United States bonds
were~all unchanged on the last call
Closing quotations of stocks we-e as
follows: