The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-09-06
THE NEW YORK STOCK MARKET.


NEW YORK, Sept. 5.-Henry Clews'
weekly financial circular says:
Following the beneficial effect of such
influences as the legal decision against the
| Texas railroad commission, the decision oi
| Chancellor McGill against the Reading
| company and the cessation of the Buffalo
strike,-the course of the stock market
during the past week has been reactionary
and that tendency has been encouraged by
| the continued rapid reduction of the bank
reserves. by the spread of cholera in for
eign ports closely connected with the
| United States and by the withdrawal OF
| the Great Northern Railroad from the
| Transcontinental association.
''One factor appears patent with the
recent test of values,-namely that, as a
| rule, stocks are in the hands of a fairly
strong class of holders. Capitalists asso-
ciated with great railroad interests have.
n one way or another, become the owners
of very large amounts of shares, and al
though they may be in some cases unwii-
| ling holders, yet the fact is not to be
| ignored that they ale able to support their
transient investments until affairs take a
| turn more favorable to marketing them.
To this extent, the situation is very differ
| ent from one in which outsiders are the
chief holders.
This factor is backed by another of sub
stantial Importance The position of rail
road finance IS today stronger one than
has ever been realized before, Competi
tion is under more effective control than
for many years past; management is no
longer subject to the discredltable specu-
lative manipulations that once were ram
ma n has
thoroughness have become matter of
emulation among officials; and there is
less than for years past OF the dangerous
policy of constructing extensions and
branches long in advance of any possible
remuneration for the outlay. Upper these
circumstances, railroad capitalists have
acquired confidence in the enterprises TO
which they have made advances and are
no longer mere manufacturers of Stoke
and bonds to be palmed off on the public
as quickly and completely as possible, but
themselves bona fide investors.
The prospects of tariff are also encour-
aging to holding. Adding to the crops of
this year the large surplus brought over
from 1891, the quantity Of agricultural
products TO be brought to the seaboard
may be expected TO prove unusually large.
That the general trade of the country is
active the returns of the bank clearing
houses throughout the country clearly
indicate. the transactions at the South and
on the Pacific coast even showing now an
increase over last year.
Another encouragement, and its full
force has not yet been realized d,-comes
from the evidence of recent events that
our great transportation interests may
depend upon the protection of the law us
against the doctrines OF "grangerism" on
the one hand and the violence OF organic
ed labor on the other Instead of Il reign
n lu IN InrnPnnr4raH q
prise in almost every form, which had
made capital to the last degree timid and
distrustful, we have the promise of an as
sertion of the force of law which is calcu-
lated to infuse new life into the Industries
OF The nation.
"The wholesome influence of the fore
going factors is, at the moment, prevented
from having its natural effect upon the
value of securities by certain external con-
slderatlons, chiefly monetary. The large
exports of gold have drawn down the re-
serves of the Associated Banks; and the
shipments of currency TO the interior for
moving the crops will reduce the stock of
lawful money in the banks to a still lower
point. We have been told from Chicago
tFat that city has become the money
center and the cash depository for TIN
western country. and that consequent ly
New York need no longer trouble itself
about its responsibility for supplying the
IOE CASH lUClUcuU 10 IDe RTGdJ HI
money movement. Judging from the ex-
pc rience of the past month, New York is
likely to have to contribute as much as
Chicago.
"The silver question remains factor of
more or less disturbance, and oDe that is
becoming more imminently urgent for
settlement. 1t must very soon be decided
once for all what shall be the permanent
status of that metal in the United States.
The monetary conference, whose sittings
are TO commence within about a month,
will by its decisions precipitate and compel
an early choice of fiual action by this
country. If it should turn out that a suf-
ficient number of influential governments |
will join the United States in determining
the future valuation OF silver aud in re-
moving all legal restraints upon it's coin |
age and its legal tender force, then the |
question will be settled for us on the basis /
of free coinage OF both the meeals."