The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-29
STOCKS AND BONDS.

New 1Ork, March &.-The stock market
was swept by a speculative gale during
the two hours session today of which the
quiet closing and the small net changes
in prices give little indication. The bear
PARTY made a fierce onslaught on prices
after an unsteady opening and succeeded
in diSlodging some heavy blocks OF stock
which were in vulnerable position by
reason of calls for additional margins and
British stop-loss orders placed below the
market. The unexpected increase in re-
serves disclosed by the bank statement
caused anxiety on the part of the bears
and they bought to cover in an urgent
manner, causing a violent rally in prices.
There was a notable queting down after
the principal demand from the bears
should be satisfied and the market
wavered again, but closed about steady.
although below the top prices on the
rally. There was as little specific news 10
explain the selling as there was yester-
day and it seemed 10 be based on dis
enlargement over the general apathy CT
speculation and the many disappoint-
ments of hopes of raise in prices. There
was some show of support in New oYrk
Central and Pennsylvania and the great
est weakness shifted to the Pacifics and
st. Paul. Manhattan was supported ard
there was some strength among the
coalers based upon the favorable reports
of net earnings for February of Reading
and Lehigh Valley, following that for
Erie which was published yesterday. The
only explanation offered for the higher
reserves shown by the banks in face of
an apparent decrease judged by the
known movements of money. was the
working of the average system of COM
putation A daily increase in cash nerves
to increase the effect upon the weekly
average. The passing of the April l
period is looked to for some relief from
the demand for money and the liquidation
effected in stocks yesterday and today
is expected TO clear the situation to some
extent. The speculative outlook has been
clouded this week by the money situation
present and prospective. and the result
has been a neglected and sluggish stock
market, followed by urgent liquidation.
In few special stocks there have been
active speculative movements. based on
individual causes. The violent break in
the copper market in London has had an
unsettling effect on the recent speculation
in copper stocks all over the world and
was reflected In sharp reaction in
Amalgamated Copper on the stock ex-
change, with a sympathetic effect on the
whole list The decline in that stock
found a large long account in a vulner-
able position and some heavy speculation
was the consequence.
Some support was forthcoming when
the copper market in London recovered.
The reaction afforded the new Pennsyl-
yania stock issue was not encouraging
10 those who have hoped for a stimulat-
ing effect on speculation from the decla-
ration of subscription rights. With the
market prices of stocks at about 140 tn.
right TO subscribe TO new stock at 120 TO
the extent of one-third of present hold
ings offers a substantial benefit to stock
holders. But the prospect of an increase
In market supply of the stock by one
third and the formidable money require
ments invested in the subscription TO the
new stock has resulted in active realiZa
ton in Pennsylvania. The subscription
to the new stock will require the use Of
some 500. 900 900 of which half will be pay
able i'm June. one-quarter in October and
the remainder in June
There seems TO have been some buying
of subscription rights to the new stock
against the sale of the old stock on the
exchange but the fact remains that eff
forts We're urgent to find a quick market
for the large supply of new stock impend-
ing. or 10 find resources for taking it up
by liquidation OF present holdings. other
stocks which have been held at a high
level in the expectations of benefits to
accrue by new stock subscriptions rights
of the speculative situation and every
new demand for increase of wages in
tensies the fear that the resulting IN
crease in operating expenses will affect
the rate of profits to shareholders. The
reports of net earnings of railroads for
February do not show SUFFICIENT increase
as a result of higher freight rates to re-
lieve this apprehension. With these re-
turns in hand. little effect is effected by
the large increases in gross earnings re- |
ported by the railroads and by the re- |
ports of unprecedented volume of traffic !
and congestion of freight from various /
quarters. Various projects for outlay !
Off terminal improvements and additional /
necessitating increased capt. |
Bonds were irregular and |
lower. The rs refunding registered. de- |
clined ! and the 3's ! per cent as com |
pared with the closing price of last week |
Closing quotations of stocks were as |