The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-05-16


danger of panic. There have been in all
ten failures of banks in the state, as IA re-
suit of the failure of the Columbia Ma
,ional of Chicago. 1t is announced by
John w. Paris and j. Shannon Kane OF
,his CITY that the four banks in which they
are interested will reopen within few
days. The Orleans bank has been dis
posed of to Orleans capitalists, and will,
1t is announced, open for business today.
The syndicate announces that 1t has com
pleted arrangements for the reopening OF
tne other banks in short time. IL IS also
stated that the banks operated by Dwig-
gins and Starbuck Of the Columbian Ma
tional will be reopened during the week.
THE NEW YORK STOCK MARKET
WALL STREET, May l5.-The week open
ed at the stock exchange with heavy and
lower market for securities. The decline
IN prices in the first ten minutes Of busi-
ness was equal to 15M2jz per cent. The
decline was due to fears of further gold
exports and the financial complications in
the west.
After further slight decline soon after
the opening the stock market developed
considerable strength, due partly to the
fact that a brisk borrowing had prevailed
in consequence of the heavy outstanding
short interests. Cordage preferred opened
5points higher, at 32. At II O'Clock a. N.
the market was steady in tone.
After II o'clock the bears paid more at
tention to the Nanderbilts and sold New
York Central down to $685., while Mlchi-
gan Central was hammered down to "a.
Tho- weakness of the Nanderbiits had an
adverse influence on the market, and
general decline of i to 2 per cent. ensued,
The latter in Sugar, which touched '3%l.
At noon the market was Irregular.
The stock market closed firm. The
changes were not uniform, some stocks
being up and others down. The indus
trials, however, rose 8 to %5 per cent,
except for Cordage common, which IS up j
and the preferred 10 points.
CLEw's REVIEW.
Henry Clews reviews the course of the
stock market during the past week, as fol-
lows:
Following the crisis in the industrials,
She past week has developed series of
after-affects, which have demoralized the
general market and produced extensive
realizing on long stocks and general ln-
stability Of prices. Among those sec
ondary results, the following may be
enumerated as the principal; % A gen
eral weakening of margins among specu-
lative holders; (2) more or less general
demand among brokers for an increase of
margins beyond the ordinary limit; 90
The disinclination of many brokers to
take new accounts until the situation be-
come settled: (4 The closing-up of ac-
counts where operators are unable to keep
up their margins; (5) The indlsposition
of money lenders TO renew expiring time
loans or to contract new ones; 90 The
natural disposition of large and strong
holders to dispose of some of their stock
in hope of getting it back at lower prices
upon declining market; CD The weak !
ening of some brokers and the desire of !
others to keep their customers operations
upon a conservative scale; (S) The fright |
ening of cautious operators out of the |
market: And 60 the disposition of judi !
cious operators to realize on the moderate |
rallies. !
Each one of these after-efTects has !
tended to induce the extensive selling of |
the past week; to which has been added |
the sensational effect arising from failures !
and rumors of failures of firms and banks |
and a comparative cessation OF the Lon |
don demand for our securities, besides the |
discouraging result of another great bank !
failure in Australia. nder these circum- !
stances, the unsettled feeling that has fol- |
lowed the crash III the industrials is no |
matter of surprise. Cool heads have an
ticipated it, and wise men have held them
selves prepared for it; and hence the |
weakness of the market has produced |
neither alarm nor deSpondency. Among
the conservative and weIl-protected class. |
who always constitute the backbone of |
the market. the present phase is accepted !
AS one of liquidation, with all that goes
with it. No further serious effects are ex-
pected from it; nor is it supposed that the
existing effects will Immediately disap-
pear, The state upon which the market
has now entered is one of caution, con
servatlsm, restricted means aud dimin-
ished numbers in the rank of operators:
and that means, for some time to come. a
contraction of speculative transactions.
Although ii seems safe TO conclude that
the worst of this second phase of the
crisis has been experienced, yet it would
be q mistake to conclude that il will be at
once succeeded by any buoyant recovery
Time must be allowed for repair of the
shock to confidence, for readjustments,
for the influx of new capital, and for the
appearing of new conditions as a fresh
basis of confidence.
1t is to the latter factor that attention
will be next turned. There are new con-
ditions looming up that may reasonably
he expected to produce a better feeling
Our disturbed financial relations with
ether countries have manitestlv passed
their worst phase. The imports snow a
declining tendency, which Is likely TO be
still more marked at a later stage The
exports, though still relatively light are
likely TO be soon augmented through the
crop damage IN Europe causing foreign
demand foT our large surplus of wheat .
These changes may be expected to materi-
ally reduce our liability to export gold for
The next few weeks. The subs dence of
The gold alarms, which have caused the
interior banks TO withdraw large amounts
of deposits from this city. will have the
effect of causing those banks TO return the
funds; which viii ease the stringency in
discounts and make money more available
Tor stock exchange uses. With greater
steadlness Ia these financial conditions
we may hope that English investors will
begin TO show a preference for American
securities over the colonial issues from
which ther are now SO severly suffering.
Meantime, IN spite Of the quiet OF business,
the earnings Of the railroads show very
liberal gains. IN connection with the
future OF the lndustrials, it is TO be con-