The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1899-04-18
STOCK MARKET
Interesting Rc,Iey Of the vi.
nancial Situation on the
Exchanges.

upon the Stock market during tuc week
now closing. 1t probed Go the bottom OF
what was known 20 be a weak spot and,
I'm so doing has r., moved Ga great deal
of apprehension which has held affairs
in suspension and was produc.us q Tee
dictionary tendency one ot Che conae-
quences has been q diversion of atten-
ton from the more sensational ludus-
trials in the stabler securities. At the
same ume il has been q revelation of
the intrinsic strength of the general mar
ket. such a shock was 10 severe test of
the position of the speculative interest;
and the fact that the railroad list stood
comparatively steady under tni8 sharp
pressure is evidence of soWduess in The
more legitimate branches of speculation;
the more so the money market was at the
same zine in an unusually sensitive poe
sition
Certain other conditions wore also cali
culated to help the break in the ndus-
trials in producing marked general fall
in prices. Several payments were then
pending In connection with trust 0rgaui-
cations and railway deals, as we'll as the
liquidation of Spuins claim for $l.001.OJJ
which pointedly suggests the poH Hs.biity
Of e free calllng-n of Stock Exchange
loans Also prices were dt 90 relatively
high range. and not only the prole. ional
bears, but also bulls, who bad recently
realized. had "a distinct interest ln fos.
tering general break of prices. Vet, m
spite of all Influences sJhe general Dist
stood with remarkable stcadiu,-., there
Was little forced realizing outside tho
weak speci.llities and when the sensation
was exhausted, a quick revival of CONE
Gdence appeared and the prices ot raii-
road stocks have since shown 90 stoldy
ralying tendency. Last weeks market
was one of liquidation ln getting uut ot
debt and the environment was extremely
possimistic. Thie weeks movements how
ever have obliteratcd an the gloomy fore
bodings and established u rapid ami gem
eral recovery i'm prices ana q more cheer
ful outlook ON the part OF both large ln1
small operators.
TO some extent this recovery has also
been due To- an improving tendency in
the money market Tho last bank s,dtc-
ment showed n better surplus of reserve
than had been anticipated money sent
60 the coutry for April settlements is be-
ginning. to return; and the loan market
IS drifting toward position of ctsc
which may be expected To- continue for
some months 20 come. There lies behind
this factor, however. a more important
influence tending to give strength 10 Che
stocks and TO make permanent the high-
er range OF values that has been rcach-
ed during the last three months. We refer
TO the potency of the now established
conviction that the average interest ON
capital has definitely reached "a pcrul--
ncntly lower level. That has for some
time been anticipated ass the ultimate rc-
suit of a variety OF causes. But when tho
January demand for Investments appear
ed n such Unprecedented volume and In
vcstors found that they could not pr1-
cure first class securities yielding better
than Q per cent the conviction became
general aud fixed that the anticipated re
ductlon I'm the rate of interest had ace
rually arrived. The notable rise in prices
of stocks since the opening OF January
and the persistent maintenance OF the
advance, with only temporary reactions
IL neither more or less tnlu an adjust
ment oi prices to HE lower rate of in-
terest A new basis of values has thus
beon created; and although reactions may
arise from "a variety of causes, any per-
manent return Co the former lower level
of prices is not regarded as among the
probabilities of the future
This. then is t..e position of the market
Ina prospect of the ease in money and the
generally healthy conditions which may
bee expected to prevail for the next few
wit. much Interest as bearing ou tho
Iscoursc of the market for the next fom
months. As yet, however, the Arobabil
tiles as to the next harvest are too
indefinite To- have much influence IN Wal
street. SO far as respects the winter
wheat crop, the outlook at the moment
! IS somewhat uuf1vorablo, one authority
OF some standing having interpreted the
! April government report as meaning ;
crop of about jO.OlOOOl bushels more thar
! last year This symptom rs no more thaI
might De expected from tho severe wintel
aud the cold and wet opening OF th'
spring; there ls, however, ample time 70
AN Improvement in the weather which
would materially Increase the output. es
pecially as the acreags is estimated q
exceed that of last year by abouo " pc
cent Besides, there is every probabilit.
that. in the event OF probable decreas
n the wintcrsown crop, The area of th
spring wheat would Dee increased We are
however making comparison with yea
OF unprcccdeuuy large wheat crop; 81
that even should the output show d.
crease compared with 1895 it woul
probably stm exceed that of the previou
year. to 1895 A. conditions now stan,
therefore, there is a fair prospect of an
other agricultural year of great abun,
ance. with continued large earnings &,
the railroads. large exports of food pr
, ducts and tho continuance Of an lmpor
ant excess OF exports, except so far
b 81 may be possibly limited by an inereai
Of imports consequent upon the grown
q prosperity 0f the country.
+ Under these general conditions. lt
not easy 10 ind any bear elements
The Wall street situation as Il now STAN
Rather the position favors the prospe
Of a strong market and "a bulHsh &C.
dency in speculation until the fan mont
Beyond chat period. however, there a
monetary possibilities which Will need
be- watched There are evident symptoI
that the supply of circulation SIS faili
short OF the requirements s,f our large
Increased business ID is true. there b
4. been an Increase of the money in actu
u circulation: the amount having ris
y from 81 .75C 10000 ou April lst 1898, 20
g27 500 900 on the first OF this month";
gain OF N7l $1,000, but Of this increa
sll2 700. 700 has consisted OF gold, viii
IS almost entirely unavailable for act
use in trade. 30 that We may say q