The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-12-12
THE STOCK MARKET.

banking houses have made gold engage
| meuts for the Lain, which sails tomorrow,
aggregating Sl,20G,0O0 which, with the
81, 100000 which went out on Saturday,
makes total of s., 200 900 withdrawn for
Germany, all cf which comes from bank
vaults and not from the United States sub
treasury. The shipments, while creating g
no alarm, had the effect Of assisting the
depression in the stock market, which is
mainly due to other causes. The grangers
were weak on losses in earnings and the
statement of ST. Paul for the irst week in
December showing decreased earnings.
Uufavorable cables, as well as rumors
regarding the tariff. also helped to de-
press the market. One bright spot was
Lead, both common aud preferred being
In demand by reason OF reports of "A modi-
tication of the tariff on white lead. The
market closed firm on recovery of = to
~ per cent on early losses. The prInci-
pal declines were Tobacco, AZ per Cent;
Cincinnati. Cleveland, Columbus and ST.
Louis. 21a; Cordage preferred, IA; st.
Paul, IL Lead preferred advanced 5
per cent, and common = per cent.
Henry Clews, iu his weekly review OF
the stock market, says:
''Tbe tendency OF prices has been down.
ward the last few days, chiefly because Of
the introduction of the Wilson bill, which
had an unfavorable effect simply because
of the unusual sensitiveuesS of the busi-
ness world to tariff agitation. The pros
pect of this agitai ion continuing through
out the winter aud well into the spring is
OF course disheartening to many; but these
fears are greatly exaggerated, aud it is safe
to say that the bill now presented will
be amended to such a degree AS will make
the changes much l-sS radical than antIci
pated. Unfavor lie rumorS about rate
cutting by imp, rtant roads also affected
prices adversely. Europe, moreover, is at
present not inclined to invest largely in
our securities. The marvel is therefore
that prices have shown such remarkable
resisting influences; and this can only be
accounted for by the fact that the worst
has been passed, and everything adverse
likely to happen amply discounted Prices
in most instances are certainly down to
conservative figures There has been no
increase in the supply of railroad securi-
ties, and the reorganization which many
large properties have goue through gives
them promise of a future value which has
much to do with the present resisting
powers of the market. Weak holders may
fail and their stocks be forced upon the
market; but the far-seeing and persistent
holders are pinping their faith on the fu-
tnre, and not on the temporary SET backs of
viving. Railroad earnings are recovering
and making better comparisons than
month or two ago. Large economies are
being effected on all lines, and net results
are not approaching the decreases in gross
Railroad shares sympath'ze but slightly
with the industrlals, which more directly
feel business depression aud tariff dis
cussiou.
1.-The presidents message produced no
distinct impression GU Wall street inter.
ests. Ii WAS regarded as on the whole,
moderate document, containing no new
points of policy, but indicating ii purpose
10 execute the understood purposes of the
party with what the president conceives to
be conservatism. HIS recommend alton
that the currency question be allowed to
stand over for future treatment occasions
some surprise. and its prudence is viewed
with differences Of opinion. Undoubtedly,
IL is out ot the question to consider aud
dispose of all the currency and banking
problems that await treatment: aud To
that extent the presidents position seems
TO be very generally approved. But il Is
aS al important matter IL the |
country Is to have no assurances of elias |
ticity In the currency when the mon-y
now translently accumulated in the banks |
has been redlstrlbuted Tor circulation. Ger |
tain of the proposed changes in financial |
arrangements may require some spec fic I,
preliminary consideration before action is
taken upon them by congress: and, for !
those purposes, the institution ot a special /
might toe desirable. But the /,
country Is already so familiar with bank !
note ISSUES aud so well cautioned by ex- |
perience against faulty conditions OF issue, |
that there should he no difficulty about /
providing sound and elastic system OF |
note issues during the present sitting OF |
congress.
The market has been taken by sur
prise al the advance in exchanges to about !
the spe,ie-shipplng point. Ier il is 10 |
more than might have been expecg Ell from |
he preset extraordinary abundance Of /
money. Foreign balances resting here can |
De better em piuyed at home and thew are !
therefore going there. There Is no appzr- /
eut reason, however. for expecting that /
any large amount OF gold via be shipped. I
few millions sent 10 LONDON and Paris /
wiz stlifrn the rates for loans at New /
! lors sDd ease them abroad, and the eaui- /
Ibr.um ihus pT0<iuced vii. neutra!Ize Ihe /
motive for exporting gold The banks /
I'll hail a movement OF this kind. for de- i
,osi,s are being crowded upon them far l
'eyoud their ability 20 tura them 10
profitable uss.