The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-08
THERE WAS A
WEAK MARKET
Futures Threatened by 1ie-ups
of Credits in Money.
MONEY is NO FEATURE
In SpecuIation--- Assimilation
Must be Looked After.

New York, April THE weakness
which developed in todays stock market
| bore witness to the disappointment felt
il speculative circles at the failure of
what was considered favorable develop
ments in the situation TO awaken any
sign of interest in speculation on the
part of outside public. Call money was
not higher than per cent at any time
and fell lower than that on enlarged
offers by the banks. There was some
lending on call also by stock commits
sion houses. which have supplied their
expected needs with time loans and have
| money on their hands now, owing to the
practical stagnation of the commission
business in stocks at present.
The immediate money situation ceases
to be a factor in the stock market.
Great hopes have been entertained that
the advent of this condition would
arouse some speculative interest in Sc
curities and would afford opportunity
to begin to move the undigested mass
with which the market is weighted down.
Not much prospect was offered by the
days events of any effective assimilation
of the congestion of securities, in which
is involved the embarrassing tie-up of
credits which threatens the future facil-
tiles of the money market.
The indefinite postponement of the
Southern Pacific annual meeting was
viewed in a encouraged spirit this
morning, owing to its insurance OF the
indefinite prolongation of the present
control of that property, but renewed
uneasiness was felt over the position of
the speculative pool in Southern Pacific
stock The extension of the pool car
ries it ony to April 10, and the suggest
i've weakness of the stock today had a
weakening sympathetic effect on the
market. There was heavy selling at other
points in the list, attributed to the same
source This development put an end
quickly to an upward movement during
the first hour led by New York Central,
which seemed designed as a bull demon
stration, with the purpose of attracting
the expected outside interest. When this
demonstration was seen to fail of it's eff
feet in the speculation, the market be-
came stagnant.
Reports of a strike at some of the COL
lieries in the anthracite region owing to
disputed Interpretation of the strike COM
missions award had a depressing effect
On the coalers.
The sharp declines in the United States
Steel securities coming at the same time
with meeting of the finance committee
of the corporation had decidedly unfav-
orable effect. Both stocks fell over
point, and the new per cent bonds sold
on the curb at S41a.
The feature of the day was the wide
declines among stock made necessary
before a sale could be effected. Lacka-
wanna was sold down 9 points after
preliminary rise of a point. Lake Erie
and Western, preferred, and Cleveland,
Lorraine and Wheeling, preferred, each
dropped points on a single sale. West
inghous Electric 4; Virginia Carolina
ChemicI preferred. 334; and New York
Dock, preferred, 212. The expected judi
cial decision in the Northern Securities
case came in for considerable discus
sion in connection with the points left
open for discussion in the Southern Pa
cific case, and were believed to have
good deal to do with the weak under
tone of the market
Bonds were dull and irregular Total
sales, par value, s1,750,O00. United States
S's, coupon. advanced Il per cent, and the
3s. registered, u per cent on the last
call.
Closing quotations of stocks were as
follows:
CLOSING STOCK LIST