The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-10
UNEXPECTED
DIDN'T COME
Predicted Decentralization of
Market Failed to Occur.
KEEN BEAR PARTY READY
For Withdrawal of Money by
the Bank.

New York, March 9--The action or the
stock market today verified well known
aphorism that the expected does not hap
pen. \ disorganized market and violent
declines were looked for today. The
events proved that the opening prices
est. The factors that made for recovery
were at work from the outset There
was a vigorous contest of the elements
for reaction and recovery during an
hour of furious activity BY that time
the reactionary tendency had been ar
rested and the recovery gathered force
for the rest Of the day. The closing was
rather unsteady, but not far from the top
level
1t was clear enough from the weak
ened position OF the banks as shown by
Saturdays bank statement that liquida-
ton of stock must be resorted 10. This
expectation proved correct today and the
banks did. in fact, call loans TO a very
large extent and stocks were thus dis
lodged and forced upon the market. But
the keen foresight of the bear party had
evidently been anticipating the coming
of this force in liquidation by the large
bear selling of last week. so they Were
ready to buy stocks in order to cover
their short contracts and take profts to-
day Buying of this character forced
fractional advances in Union Pacific and
Southern Pacific in the very face of the
opening tide OF liquidation, which Was
aggravated by the accumulation over sun
day of selling orders by mail. telegraph
and cable from all quarters. 1t also de-
veloped during the day that while the
local banking houses were calling loans.
the foreign banking houses in the city
were in abundant funds. They were able
to make loans on call at the opening. at
Z per cent. The exchange market was
frequently resorted to to replenish the
fund for this lending. so that the call
loan rate was forced down TO 9 per cent
even while the active borrowing of the
day was still in progress, and money
rates broke to nominal figures after the
demand had been satisfied. The sterling
rate broke 60065 points under the flood
of loan bills offered. Posted rates were
twice reduced a half cent at a time. AT
the same time sterling declined at Lon
don and Paris, indicating the extension
of the New York pressure over wider
field. New York exchange at Chicago
also recovered 10 par, compared with 20
cOnts discount on Saturday. With the
immediate apprehension regarding the
money supply thus relieved, the pressure
from the shorts became more acute and
later in the day they rushed up South
ern Pacific AZ points over Saturday
level The rise in Union Pacific reached
over points. and in st. Paul, Mannat
tan and Amalgamated Copper over a
point Manhattan was a strong feature
all day, said TO be on pool buying. the
opening rise in the stock being II. points.
with the violent advance in the price of
copper both here and in London. helped
the rise in Amalgamated.
In the active lists the earlier losses.
which ran from l TO 2 points in many
cases. were gradually wiped out and the
new gains reached as much as a point
in quite a number Of leading railroads
and specialties.
The influence of the failure in the dry
goods trade announced on Saturday af-
ternoon, which had been much dreaded.
proved 10 be very slight owing ID the
time afforded TO secure explicit knowl-
edge OF the failure and the evidence that
the trouble had been strictly localized
The bond market. which had been quite
weak during the morning. recovered in
sympathy with stocks. Total sales, par
value. s.. $4,000 United States bonds were
all unchanged on the last call.
Closing stock quotations were as
foilouS.