The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1890-11-05

WHlCn Is growing raster Inan any Otne
in the country. In respect to this, as {,
all othe4 stocks, it is well to remember
that the general feeling is bearish, anC
therefore they may hang about wher,
; they are for some time yet, or go lower
The interest In sugar stock and in tn,
STATE m mt made by the company-th,
first every given to the public-was wide
and deep. 1t was all-absorbing topic
when issued, and the dealings in the
stock have been on a corresponding
scale. The first impression was rather
favorable, despite the proposal to issue
S10,OOO,OOO of bonds ahead of the stock
On more critical examination of the
statement the impression has given place
to doubt. 1t leaves so much unex.
planned. But the question for the i'm
mediate future is by what steps is the
present company to reach the stage
where it can transform itself into a new
company, which Is to issue the new
securities? And how long it will take to
get there: The conviction seems TO
be growing that a receivership is
inevitable; that only through that
method can new company get
good title. Whether a receiver be
appointed at the suit of Cameron,
/
trustees themselves, good many people
believe that it must come to this in the
end. The decision of Judge Pratt is
looked forward to with much interest,
and IN the street he is spoken of as one
who will deal justly by all parties. The
/ large sales of stock which have broken
| the price lately are said to have come
| from some of the German element IN the
] on Il r IL
proposed new corporation have been
rather left in the cold. The notable alb
sence of support to the stock has been
much commented on, but the reason for
this Is doubtless that whatever party is
to control the new company would
naturally desire to buy the necessary
amount of stock as cheaply as possible.
Some one will want to control the ma
JOrity of the new stock, and he or they
would be in better position buying it
near so than near 20. Therefore the de-
Ginning price Of the stock since the state
ment appeared, as well as the bad break
it had just before, would seem to
be accounted for. One party was
selling, and the other party is willing it
should, so that the price may go down to
a level where they are ready TO buy
themselves. In this game of million
aires, small traders must take their chan
ces or let the stock severely alone. There
Is no cOmpulSion about it. II a man
does not want to trade in sugar he need
not, but il is marvellous what a number
OF people do want to trade in it. This is
because of the excessive activity of the
stock and its rapid fluctuations, whereby
gains or losses are speedily determ ned.
One of the stocks which in past times
has come nearest to sugar in volume of
transactions and rapidity of movement
is Reading. Since the Philadelphia syn
dictate took so large an amount of it the
stock has been comparatively quiet. but
now it seems to be breaking loose again.
One of the Philadelphia capital
lists was so unfortunately placed
that he had to sell his holdings
variously stated at $4,000 to 10000
shares He is a very rich man, but very
rich men will sometimes get more irons
in the fire than they can easily handle.
OF the various things he had, some had
to be sold. A little pool was made up, it
is SAID, Mr.. Twombly being one to take
the most available of these things, which
was the block of Reading. When the
stock broke suddenly on Friday, and yes
terday it had another break, the report
spread through the street that 1.-THE great
Reading pool" had been dissolved, each
member of it taking up his stock. Then
it was further explained that the pool
had been dissolved on the demand of the
New York men. The original pool agree
ment has still three years to run, accord
ing to good authority, but such agree
ments never withstand severe strain
The difficulty with them is that the
contract can not be enforced in the
courts, The price at which the New
York men bought doubtless enabled
them to sell their stock at a profit any
where above 80, and it would not be very
wide of the mark to guess that nearly, if |
not all, they have bought are nearly all !
sold. Under so peculiar a condition of |
things further blocks Of Reading stock |
are liable to come on the market 1t is |
the usual experience that, when a pool is |
some Of the members throw /
over their share in disgust. Breaks in
the price of leading stocks more or less |
depress the whole list, and in view of the |
peculiar situation Of sugar and Reading /
the market is likely to be ragged. But /
there are not wanting signs of improve |
ments, and some of the low-priced stocks |
are cheap at present figures and pur-
chase whenever they get weak.