The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-07
UP AND DOWN
DOWN AND UP
Prices on Stock Exchange in
Very Unsettled State.
BEARS ARE BACKING OFF
Sports Demand to Cover
Makes Strong Rally.
BEARS ARE BACKING OFF

New York. March 6.-The stock marker
continued very unsettled today and tray
ersed its range Of prices several times, but
the final result showed that the urgent
pressure OF liquidation had spent itself
and that the bear party felt themselves
at the limit OF safety on the short side
Probably the demand from this element
10 cover their short contracts was the
principal factor in the late strong rally in
prices. There was. however, soma inGi-
cation OF investment demand on the de-
clines. support was evident at the open
ing ard an important effect in removing
the anxiety caused by yesterdays MAN.
rumors OF financial embarrassment which
were considerably cleared this morning
with a reassuTing effect upon the senti-
ment. The money situa uon however.
showed no sensible relaxation, the call
loan rate running UP 10 per cent early IN
the day This was the occasion or the
first break in stocks. After a period OF
dullness at about the level OF last night ;
prices a drive was made at the market
which carried many prominent stocks
point or more below the last night The
leaders had been as muCn above on the
opening rise. The market seemed TO nave
been SOL 10 stand-till on this drive. anu
made an Irregular recovery until near the
close the leaders rose again from l 70 :
points over last night. There were shsht
recessions before the close. which was ir-
regular Much attention was paid IN
speculative circles 10 the gossip concern
ing a possible legal contest against the
, MON Pacific's right to vote its holdings
OF Southern Pacific stock at the latter
company's annual meeting. The existence
OF long standing pool in Southern Pa
cific is commonly accepted In Wall street.
its operations and commitments being
uased upon the assumption OF an early re-
funding operation for Southern Pacinc'
accompanied by the inauguration or DIV
bends on the stock. The policy of the Tn
ion Pacific control in deferring dividends
~, Southern Pacific and making heavy
OUTLAWS out Of earnings had come on lot
bitter criticism from the pool interests
These are apparently identified with the
movement 10 contest Union Pacific con-
troll IL is the general superstition aiso
that the manager of the pool has summed
the leadership of an aggressive bear
movement in the general market during
the week. The vigorous rally at the close
TODAY was accompanied by TumOrs that
a truce had been patched up between the
conteuding interests in the dispute Inc
ouieter cotton market had an influence in
the recovery of stocks. The estimates OF
the bank statement based on the Known
movements Of currency also seemed 10
have a calming effect. The sub-treasury
Yesterday took more than a million dol
lars from the market. again bringing rs
absorption for the week up TO Se,lZS.tu
This prOba bly, about measures the loss oil
the banks on all accounts as the interior
movement was about evenly balanced
But last weeks bank statement under
stated the cash decrease by nearly Si,cpv'-
900 so that the average this week may
have 10 make up the discrepancy. The
large LIQUIDATION in the stock marker
points 10 extensive loan contraction and
il is known that large credits have been
secured abroad during the week, but local
loan opera tons have been t. some eN-
tent mere shifting from one borrower 20
another The late recovery in stock. how
ever. pointed to some recovered commence
in the money situation. German banking
houses in the city were large loaners TO-
dav. and Sterling exchange was weak I'M
der good offerings Of loan bills
Wheat exports for the week increased
s2t 90 bushels. and corn exports increased
-, 600 bushels Dry goods imports fell
81 204. 6l3 below those of last week United
States steel bonds sold as low as 81 l.
when issued. or within n fraction OF parity
with the preferred stock. Northern secu-
rites also were largely sold Inactive
stocks continued to show wide declines
before a market was found.
Bonds moved in sympathy with stocks
Total sales par value $4,000.
United States rs advanced 4 per cent
on the last call
Closing stock quotations were az