The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-24
STOCKS AND BONDS.

New York. March pa number Of
causes contributed to the weakness shown
by the stock market today. Chief among
these was the belief that banking inter
ests View with disfavor any move in the
direction of higher prices. The attitude
. appears TO be based on the belief that
monetary conditions as a whole are not
such as to warrant even a moderate eX-
tension of speculative commitments. Lon
dons prices also were lower, the all
around weakness in that market being
led by cOnsols which touched the lowest
point in thirty years. However. there
was one note OF encouragement from
abroad. The annual report of Dresner
bank said that fears OF a collapse of re
industrial develop n<snt OF this country
were rapidly diminishing. Advices from
the granger states reported n.-,tl March
conditions, with restriction OF the pri-
mary grain movement. owing TO bad coun-
try roads The trunk lines are still I'M
able 10 meet the demands of shippers
and the situation in this regard is little
changed from that Of week ago. Relief
is hardly looked for until the resumption
of lake navigation.
Opening prices in the stock market
were much lower for the most part and
reflected an irregular undertOne. but there
was little pressure to sell save in the
case of Union Pacific. Recessions marked
tie carry tpuASt VI RUIN lSld4ius 1dilGuldll
Pacific. Amalgamated Copper. sugar and
several specialties, while Tennessee Coal
Metropolitan and Brooklyn Rapid Tran
sit were firm. Before the end OF the first
hour the market became more nstless and
prices drifted within a narrow range.
The tone became narrow and profession
ais and traders used the lower London
quotations as an excuse TO sell. There
was steadiness in the steel stocks and
a few other industrials in the middle OF
the day, but the weakness of sugar SEEM
ed TO come from unsettled trade cOndi-
tons. The decline in ANA gamated Cop
per followed a cessation Of the recent
active msnipUls ton. Southern Pacific was
erratic throughout. selling at an advance
of q. points in the early dealings, but
declining later to the lower level. Aside
from the naming Of date-April I3-for
the closing Of the books for the annual
meeting and allegations Of bad faith by
the minority stockholders. no new phase
was injected into the controversy. which
is still viewed with some degree OF ap-
pTehension.
Following a slight hardening Of prices
in the early period Of the afternoon. when
abortive efforts were made to advance
St Paul, another liQuidating movement
set in and A number Of issues registered
sharp declines some stocks closing a
the lowest prices Of the day. The drive
seemed 10 be directed chiefly against the
Pacific some Of the grangers and Read
ings and had the effect Of unsettling the
general list. London solod upward Of
10 Go shares and bought very little Sier
ling exchange was 10 points lower, but
the demand was light.
Further case was shown In the rate
for time loans and the days business in
call money. which was freely offered.
was only moderate. Considerable
thought IL being given 10 the April money
movement A retrospect q last years
movement shows gains from the interior
for the first two weeks q that month
The bond market was dali and irreg
ular Toll sales aggregated S2a4l.ee
Government bonds we've unchanged on the
last call.
l-Ln.irc- stnck nliofal-nne Wera 90