The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-04
WENT
DOWN LITTLE
Decline of Several Points on
Principal Stocks.
MARKET CLOSED EASY
Abandonment of Aldrich Bill
Affected Market.

New York. March S-Active liuidation
set in today in the stock market. result
ing in decline at time of from I to points
of the principal active stocks There
were one or two abortive rallies on occa-
sional profit taking by bears. but they
were not we'll held and the lowest prices
OF the day were touched during the final
hour. There was very substantially
rally tonight. reaching from l 10 points
for many market leaders, due TO the gen.
eral covering OF shorts TO take profits
came unsettled again and closed easy.
The practical abandonment OF the Aldrich
financial bill affected sentiment even at
the opening, but vigorous supporting
orders were distributed in the market and
the decline was effectually checked. The
vigorous upward movement in Manhattan
helped 10 this end. At this point the
effect of the money situation became con-
cerned by the calling of loans TO a large
extent by the banks. This forced consid-
cradle liuidation and the bears made sue
cessive drives against the market The
buying demand was so Insignificant that
the bear tactics were very effective and
uncovered large stop orders.
The days sub-treasury statement
showed Withdrawals from the market by
that institution yesterday Of sl.S5l.Ooo
bringing its absorption since Friday up
TO So. ss3 OO1. There seems to have been
a nawakening TO the fact that last Sat
urdays bank statement understated the
decline in cash by about half. so that
the effect of last weeks decrease on this
weeks bank statement will be CORES
pondingly aggravated. The nominal de-
crease in loans shown by the bank state
ment is also doubled as a true showing
Of the weeks operations, and yesterdays
sale OF $lOO0Oe00 st. Louis and Iron Noun
tain bonds announced with another Sl0.-
600 900 supposedly taken by other inter
ests. is an indication of the continued
heavy demand for credits.
1t was believed that strong interests
were liuidating in the stock market to-
day and presumably taking losses, owing
to the hOpelessness of advanced prices at
present and the immediate retirement for
funds to protect more important interests
elsewhere. Inc report OF Il Sioch otbNti-
age failure in Boston was given some
what exaggerated insignificance by the
connivance of the bears and was mate
rial factor for a time in the weakness
The showing made by the railroads in
the January reports of net earnings IL
proving a heavy disappointment. as con-
fdent hopes have been INDUCED that the
increase in freight rates in January would
result in largely offsetting the growth in
operating expenses. Manhattan was well
supported throughout and the declara-
ton of the usual dividends caused a show
Of strength in Sugar. Reports Of strike
on its lines east Of ST. Louis made the
Wabash stocks conspieuously weak. but
the news of the injunction against the
labor men caused q particularly effective
rally in these stocks. There were wide
declines in q number of high grade sell
dom active stocks and the closing bid
prices showed some stil more notable re-
cessions in stocks which were not dealt in.
Bonds were weak in sympathy with the
stock market Total sales. par value
s.. co.. United States bonds were all
unchanged on the last call
Closing quotations OF stocks were as