The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-02-14
STOCK DEALS
INCREASED
Due to Selling Side Which
Caused Downward Prices.
SUPPORT MORGAN STOCKS
Reading and Sothern Railway
Went Up a Point.

New York. Feb. 13.-The increase in
business on the stock exchange today
was mostly on the selling side and caused
a further recession in the level Of prices
The marketing of stock was pretty con-
slant and until a supporting movement
Support was evident at the same time in
some of the other Morgan stocks. notably
Reading and Southern Railway. the lat
ter rising q fraction over Wednesday.
The sentimental effect of this support
was little. more than to check the selling
elsewhere. The buying OF the Fries them
selves was not followed up and the clos
ing was dull and heavy. The selling OF
the Fries was on very large scale from
the outset. London joining in the in
yestment. Extreme declines were effect
ed in the common stock of n. in the first
preferred of 29s and in the second pre-
ferreG of gas. The terms of the issue
or bonds was disappointing. but there
was also selling by speculative holders
who had bought with the idea that some
new disposition OF the whole property
was involved. Some sore OF new capital
issued to the Erie has been understood
to be on the program for several years
ings of the outlay and the possible rights
to subscription by stock holders at the
issue price OF SIi2 did not prove sufficient
II attractive to prevent very heavy real
izing on the recent advance. The stocks
were practically unsupported until the
last hour. The sympathetic effect of the
general list was considerable and the
active speculative leaders were very gen.
orally point or more below Wednes-
Ia.~ -
The concentrated selling of some OF the
recent speculative favorites pointed TO
enormous realizing on the part of some
of the speculative pols. There were some
evidence also OF bearish manipulation.
especially in the circulation OF rumors
of the serious illness of prominent oper-
ator who is supposed to have important
market interests committed to his quar-
dianship. The rally In the last hour was
helped by the preliminary figures of the
weeks current movement. which Indicate
a net gain in cash by the banks during
the week up to wednesday night of over
a million dollars. Earlier in the day the
sentiment over the money situation was
dominated by the further considerable
rise in sterling exchange practically to
the gold export point, allowing for yes
terdays reaction in sterling at Paris.
Exchange authorities affirm that If 4
last steamship were Salling TO Europe
she would carry a consignment OF gold.
There will be no fast ship to sail until
next week but a probability of gold eN-
ports is indicated. Money is growing
tighter in London ard the selling Of
stocks here today for that account was
large and was material factor in the
strengthening OF exchange. The week =
export. both of wheat and corn also, fell
off materially from those or last week.
while the weeks imports of dry goods
show the inward movement of merchan-
disc still maintained at a high level. The
January exports of domestic products
showed the expected increase by large
outward movement of corn. but de-
crease in cotton was disappointing and
the present high price Of that staple il
is feared, will discourage the export de-
mand.
The Central OF Georgia income bonds
rose sharply. but the movement OF prices
generally in the bond market was irregu-
lar. Total sales. par value. S.250.0oo.
United States rs declined Il and the
old As AZ per cent on the last call.
Closing stock quotations were as fol-