The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-06
STOCKS AND BONDS.

New York, March 5.-There was an air
of mystery about the weakness of the
stock market today. Rumors of financial
embarrassment in the dry goods world
were irregular. but nothing definite was
announced. The direction of the rumors
shifted several times during the day,
however. which had the effect of diffusing
the feeling of distrust and apprehension.
This vague feeling was the most effec-
tual factor in the days weakness of
stocks. But the money needs developed
by the situation had their positive infiu-
ence by the withdrawal of credits from
the stock market in the shape Of call
ing of loans. The prevailing tightness
of money leaves little resource for re-
placing of loans that are called. The
consequence was a dribble of forced liq-
uidation This was steady and practically
uninterrupted throughout the day. The
downward course of prices was constant
but did not make wide jumps in the ac-
tive stocks, the recession, on the con-
trary, being by successive small fractions.
But the net result upon prices for the
day was serious. reaching from 2Gi4 points
for most OF the active issues and over
that for some dormant stocks.
A more notable example of the latter
was Wells Fargo. which cold 2S17 points
lower than last month sale. The pro-
fessional bears covered their short con-
tracts at different intervals during the
day. with the effect of checking the down.
ward course. but the rallies were slight
and the market proved TO have no stam-
ina whatever. The last covering move
ment of the day was no more effective
than the previous ones and the cdlosing
was active and weak. with some of the
leading stocks at the lowest of the day.
Even the announcement of the extra
dividend on Manhattan and the advance
in the yearly rate from to per cent
was only momentarily effective either on
that stock or on the market at large.
The selling came from all quarters. in
Guiding London, which sold 1900 or 5000
shares in this market during the day.
The special weakness of the transconti-
mental group led to a supposition that
fears were aroused by the announcement
of the Incorporation of a company alleged
to be under Gould auspices for the con-
struction of a new line to the Pacific
coast. The heavy decrease announced
yesterday in January net earnings of
Union Pacific was also assigned as a
cause. The Wabash labor dispute and
strike troubles on the Canadian Pacific
gave vitality 10 these fears of coming
labor troubles, which were a real in
huence on the market Reports of the
ufacturers To contest the demands for a
rise in wages increased the apprehension
on this score.
The further break in cotton had dis
turbin sentimental effect on stocks and
the calls for additional margins in that
market had the effect of increasing the
pressure for money. The rate for call
loans on the exchange ran up TO 6 per
cent in the late dealings. Time loans were
practically unchanged, but there was in
creasing Discrimination TO put out funds
at present rates. The sub-treasury again
took over half a million from the mar
net. bringing the loss to that institu-
ton since Friday over s5,vo0O0 but the
treasury report from Washington
showed a revenue deficit on the days
total operations Of s. 225. $50. due to very
heavy disbursements. There was con-
tinued resort to foreign lenders of money.
as indicated by continued offerings of
loan bills in the foreign exchange mar
ket.
A feature of the day was a further
break in United States Steel 5 per cent
bonds, when issued on the curb, TO be-
low 50.
Bonds were weak in sympathy with
stocks. oTtal sales. par value. $3.50. ooc.
United States bonds were all unchanged
on the last call.
Closing stock quotations were as