The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-28
STOCKS AND BONDS.

New York, July 27--The failure of an
other stock exchange firm announced
shortly after the opening this morning
renewed the feeling of nervousness and
prices were again forced to lower level
There were violent declines in some of
the stock in which the failed firm was
Immediately interested A number of the
Southern Railroad stocks at the same
time sold down from 1 TO points under
Saturdays level. But even during this
period Of initial weakness there was
manifest a good absorption OF stock and
points of strength persisted against the
depression. Later in the day when it
was said no further failures would be
announced, the tone OF the market be-
came very strong and the early losses
were wiped out even in the weak stocks,
while the general level of the market
rose to g. substantial level over last
night. The demand was especially con-
spicuous for New York Central, ST. Paul.
Southern Pacific, Reading, Illinois Cen
trail and stocks of a like substantial
grade. Some large orders were executed
in all of these stocks and at other points
throughout the market so that prices
ended the day from l TO above Satur-
days level for prominent stocks and at
much wider advances for some of the
less active securities. Some OF this buy
ing was to cover short contracts and a
considerable portion of il was by pro-
fessional operators for a turn in the
market on the long side. But there was
an improved demand for investment both
in stocks and bonds and stock exchange
commission houses showed an increased
confidence in advising their customers TO
buy DULY a few OF the inactive stocks
showed such violent falls as have char
acterized the recent market which point
ed to conclusion that there was less
pressure to close out unmarketable Sc
curities figuring as collateral in loans.
and improvements in facilities for Sc
curing accommodation. The recent con-
traction of credit In the stock market
has been largely due to mistrust OF such
operations as those In which the recently
failed firms have been largely engaged
involving as they did imitation and man.
ipulation of the values of securities. The
letting out Of this imitation has really
brought a sense OF the artificial coudi-
lions hanging over the market and sus-
tanned with difficulty. These held over
projects are quite apart from the earlier
ones in which the syndicates were sue
cessful in holding up prices until their
holdings were taken off their hands and
which have left behind them also their
train of financial distress and disap-
appointments. But with the passing Of
the syndicates in these and the abandon
ment of the artificial support the stocks
have been allowed to sink to the level
natural to the changes in this status. The
recent failures represent the abandon
ment of efforts to sustain by main
strength the prices of securities the mar
ket for which passed and the closing up
of affairs which resulted is the cause Of
sensible relief in the market
There were fears that further failures
would occur and the strong recovery in
the market was helped by the averting
of these.
The market closed quiet and steady
and only slightly below the top level.
The bond market continued rather ir
regular. although there was good demand
for some issues. Total sales par value,
50, 225 900.
United States bonds were unchanged
on call.
Closing stock quotations were as fol-
lows: