The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-03-24
THEWEEKtN WALL STREET.

erly winds
THE WEEK IN WALL STREET.
NEW YORK, March 23-Henry Clews &
Co.'S weekly financial circular says:
affairs in Wall street still retain the
dull, stagnant condition noted IN these
6dvices for some weeks past. There Is
nothing occurring in the routine OF affairs
calculated to either stimulate transactions
or affect prices; and even the room trad
ers" find it difficult to work up interest
enough to form a basis for fractional
profits on either buying or selling. The
only new factor of any Importance has
been the renewal Of exports of gold, of
which about &, ,000, 600 bas been shipped or
engaged for export during the week, with
indications of more to follow. This has
induced temporary selling of stocks and
a slight decline in prices; but when it was
ascertalned that the Bank of England Kept
its rate at per cent and had increased its
stock of specie during the week, the appre
hension on this account abated There
was some selling on London account, per
haps less from causes on the London
market than on the suppositlon that the
exports Of gold from New York might af-
feet prices here.
These, however, are but transient mat
ters so far as respects their bearing on
prices; snd perhaps the present neglected
condition of the market is due to causes to
which little attention is now paid than to
what is transpiring in respect TO current
conditions. We seem to have forgotten
the great upheaval of six months ago and
do not sufficiently take into account the
wide process of readjustment that must
follow such disturbances of credit, values
and investment. Such repairs of the
delicately constructed machinery offnance
necessarily require time. Some OF the
damages do not admit of permanent repair;
some of the repairs are not to be depended
upon; and the men with clear heads and
deep purses prefer TO wait until the recov-
cry has been subjected TO sufficient test of
time 1t cannot be said that the six
months that has expired IS a long period
TO wait for a complete restoration OF con-
fidence especially considering how severe
1y the financial fabric of London has been
shaken, and it may possibly turn out that
we shall have to wait somewhat longer
for a complete recovery of confidence and
of the ability TO buy than the market is
now calculating upon. To take a parallel
case--the crisis of 1854 was far less serious
than that of last fall, although the fall in
prices OF stock was equal to that which oc-
Cured in October and November last.
Yet though there was an early partial re-
covery from the extreme decline as III the
case of our recent experience, there was no
spirited movement and no decided and
sustained rise in prices until the summer
of 1885. 1t is true that the earnings of the
railroads were exceptionally low in 1885.
which helped to prolong the depression of
prices; but that unfavorable feature was
offset by condition of the bank reserves
ranging between 81 and AZ per cent from
January l TO September !, the surplus on
August 1 being SG5, ,000,0 600 The current
earnings of the railroads are relatively
better than those of 1885, but nevertheless
are not considered satisfactory.
1.-THE comparisons are cited not as eX
hibIting course of affairs that must GER
tainly be repeated during the next few
months, but rather as indicating that the
complete recovery of prices from great de-
pressions does not come quite so quickly
as some have been expecting in the case OF
the late crisis. Moderate expectations are
always the safest; and while ] am not will
ing to affirm that twelve months must be
allowed Tor recovery from the panic of
1890 because that time was needed TO restore
the markets from the breakdown of 1885,
yet il does seem to b. reasonable infer
ence from experience that it would be pre-
mature to expect any immediate large
advance in prices. The midsummer
months, if attended with good crops, would
be wiser choice for such anticipations.
But while it would be premature to expect
an early pronounced bull campaign" it
is quite within the range Of probability
that so soon as the April settlements are
out of the way, firmer and more active
condition of the market may appear and a
fair advance in prices be realized. An easy
condition of the money market is reason
ably certain for the next four or five
months; and although the current and
exports of gold will reduce the
bank reserves by a few millions, compensa-
tion will come from the unusually large
disbursements of the government and the
new issues of silver notes, while the trans
fer of our gold to London is likely to
strengthen that market and increase
the foreign demand for American
stocks. The railroad situation also is
improving. and perhaps more SO than
is at present accredited TO it. Although
declines in earnings have been generally
expected. yet the increase in January
gross earnings is followed by an increase
in February, the increase for the two
months being Ais per cent, as compared
with period Of unusually large business.
Such partial indications as are forthcom-
ing suggest q hope that the net earnings
may show a slight improvement on those
of last year. the principal exception hav-
ing been in the Wabash. The manifest
reaction of Granger and Farmers Al
lance sentiment in the western legiS-
lstures is also factor that should reckon
for something in estimating the future Of
the railroads. So far as respects the
winter wheat crop, such shadowy symp-
toms as are present apparent are hopeful
"Ghe currency movement for the past
week has been decidedly against the banks
of this city. The exchanges with the in
terror show "a net loss OF 81, 5000, and
those with the sub-treasury gain of S62J,
600, leaving "A net loss of S150.000; this,
however, does not take into account some
s., 0OO, coo of gold taken or engaged for eX-
port curing the week"