The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-11
1T RELAPSED
INTO GLOOM
Stringency of Money.Has Effect
Upon Wall Street.
SHORT LIVED BUOYANCY
Sentiment Shifted NoticeabIy
to the Bear Side.

New York. March 10.-Wan street made
another sudden reversal OF sentiment to-
| day and relapsed into gloom. After yes
terday's strong recovery there was feel
ing Of great relief and a disposition to
take rOseate views OF the facilities at
hand for the money market, but il be-
gan TO appear again today that the sweep
ing up of the new resources brought with
IN reach OF the local money market by
the rise in interest rates was going on at
the rapid rate and could not indefinitely
be extended. The very large reduction in
the outstanding short interest effected
by yesterdays enormous buying TO cover
short contracts also deprived the market
OF very important sustaining force.
Sentiment accordingly shifted TO the bean
side again. The conditions were not ma
terialy altered from those of Yesterday
but extreme sensitiveness was apparent
TO all suggestions OF possible difficulties
The shifting rumors regarding the alleged
contest between the speculative pool in
Southe TN Pacific and the Union Pacific
holdings of that stock were made the in
strument of extensive operations Last
nights rumors that an agreement had
been made between the two parties were
contradicted and vague limitations We're
thrown out of coming hostilities which
would threaten decentralization TO the
stock market. The affair offers very lit
tie in the way of substantial informa-
ton and does not reach beyond the
realms Of speculation. OF more substan-
tial character was the resumption by the
banks OF the calling OF loans. The yio-
lent break here and there among some
obscure stocks suggested also a process
OF wedding out OF undesirable collateral.
The slump in the American ice stocks
was explained by the differences develop
ed at the annual meeting. The break in
the common reached A.. and the preferred
10. with rallies of rs and Si@ respectively.
This incident and the raiding down Of
Metropolitan Street railway points caus-
ed an unfavorahle impression and led TO
the first violent decline after the market
had fallen into a dull and heavy condi
ton. The weakness then became quite
uniform throughout the list, except that
Southern Pacific and Union Pacific con-
tinued very conspicuous in the specula-
ton. The free selling all day by the bears
led to a substantial rally. reaching be-
tween l and 2 points in the last hour Tor
the active speculative leaders when they
covered their shorts The exhaustion
OF the demand at the higher level. how
ever. prompted renewed selling. st. Paul
dropped abruptly to 1865. the market
quickly crumbled 10 about the lowest of
the day and the closing was very active
and weak. New York Central was also
notably vulnerable to the attack made
upon it. The call loan rate AT the open
ing was per cent and some loans were
made above that rate. but the ruling
rate was per cent The drop to below
that rate after the principal demand had
been suffered without special significance.
The recovery in foreign exchange and the
4 ~ srtzr-
significant and conveyed an intimation of
the effects to follow an undue resort TO
foreign credit facilities. Another evidence
of the dominance of the money situation
was the constituencies OF speculation TO
rumors regarding the manner in which
payments are 10 be made To the Panama
canal stock holders. A formulated report
of the intention of the secretary OF the
treasury TO draw on government deposits
with banks to the extent of Sl0.OOOO0o to
S25. 100000 for this payment aggravated
the markets weakness. The sub-treas-
ury took from the money market nearly
81 so. Gp0 Yesterday and $1,000 was de-
posted at the sub-treasury for transfer
to New Orleans. Amalgamated and Amer
lean Smelling showed some strength on
the advance in copper and lead and Read
ing made temporary advance on denial
OF rumors that the miners were TO be put
on short time.
Bonds weakened in sympathy with
stocks Total sales, par value S2.Z25.eo
The advance in governments gave rise 10
nnconfifmed rumors of an intention By
the secretary Of the treasury 10 buy bonds
for the sinking fund and thus release
funds to the money market United
States new As advanced Z and the old fs
IS and IS registered = per cent on the
last call.
Closing stock quotations were as