The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-04
APPARENTLY
| OVERREACHED
Selling Movement Too Much
for the Selling Scramble.
RELAXATION IN MONEY
Southern Pacific Shows Bad
Break---Books Close Tonight.

New York. April 3.-There was another
heavy selling movement in the stock
market today which apparently over
reached the market. judging from the
scramble by the shorts to cover during
the last hour. when the supply of stocks
had become scarce. This led TO a lively
rally and 2 general recovery of prices to
above last nights level The rally was
not we'll held. however. owing TO the evil
dence Of renewed realizing and the sat
isfacuon OF the more urgent demand
from the shorts. As the result theciosing
was easy and below the TOP level OF the
rally The appreciate relaxation OF the
tension In ne money market and a con-
f1dence th.t the factors at work would
bring still further relief next week were
the dominant influences in the rally. The
morning selling was primarily due 10
the bad influence or a violent break in
Southern Pacific 10 55l4c. which aroused
fears for the position of the pool The
apparently endless stream OF liquidation
IN Pennsylvania was also turned into
the market afresh. carrying the price TO
q new low level on the market at rs.
The Friday requirements in the money
market kept up the cali money rate early
in the day and there were appearances
banks were assuming an sdmonitory at
titude toward the speculative pools in a
way which might account for some OF
the selling. The extreme which has been
reached in the personal antipathy grow
ing out of the Southern Pacific quarrel
gives color to the report that the weap-
onS employed eXtenG to the influencing
OF the supply of financial resources en-
ployed by the pool in the stock market
he. not hat barn TO h.lnl
closed tonight for the annual meeting
indicates the ending OF the struggle for
representation at the meeting. The de-
mand for the stock is likely TO be affect
ed as d consequence. Its movement be-
came very feverish in the late dealings.
during the rally in the market and in
its rise to COZ there were several wide
price changes. rumor found currency
at the same time that q prominent
financier, whose services have been called
upon to settle more than one threatened
financial contest. had been induced TO
adjust the differences among the South
ern Pacific share holders. The feyerish
relapse in he stock sufficiently indicated
the skepticism with which this rumor
was received. In the early decline Anal
gamated Copper weakened on the slump
in the London copper market and a fur
Their Offering down of the metal on the
local metal exchange. Colorado Fuel
extended its recent decline. The weak
ness Of sugar was attributed TO unsettled
trade conditions. The preliminary esti-
mate OF the weeks currency movement
indicates a small gain on balance from
the interior but the loss TO the sub-treas
ury of $3.50, 600 and shipment of $4,000
in gold to Canada promise TO asng the
net decrease in cash TO over a million and
a half. The shipping Of loans incident
TO the April l settlement VIII greatly
confuse the showing on that item The
confidence that the usual seas0nable fac
tors are at work for the replenishment
OF the local money market. however. over
shadows the influence of the probable
immediate showing by the banks.
Bonds were irregular Total sales, par
were all unchanged on the last call.
Closing stock quotations were as fol-