The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-03-14
}AGG|NG N PRICES
One Principal Feature of Last
Week in Stocks.
REACTION WHICH WAS DUE
Met Half Way by a New Set
of BuIIish Conditions.

fairs in W all street was very much real
ization of the foreshadowings in our last
advlces-heaviness, irregularity and a pre-
ponderant sagging in prices having been
the main features. II is evident that, as
a rule, the larger operators have realized
largely on their holdings and are now
waiting for drop in prices, and are more
or less fostering that outcome. This has
seemed to leave the market largely in the
hands of comparatively weak and mex
perienced outsiders, VINO have neither the
tact nor the resource to counterfeit IN
favorable tendencies nor to combat bear
maneuvers.
But while these and other factors have
been tending towards a readjustment of
the market upon a lower scale Of prices,
there are other influences which seem like
Iy to at least hold that tendency in check.
The continuous stream of new combines
coming on the market creates a strong
sentiment5 in quarters possessing some in
1uence, in favor of supporting the mar
ket; and that movement has in itself a
tendency to foster the spirit Of speculation
and to encourage this expectation Of an
active spring campaign. Also, the read
justment of the finances of the Central
Pacific, and the important deals attending
the procurement Of control of the Chicago
and Alton have a tendency to raise ex-
pectations of an upward speculation in
certain important groups Of stocks at a
comparatively early day. The coal stocks
are also the center of good deal of in
terest, if not also Of bullsh expectation.
Although various and contradictory ru-
mors are current (and none of them yet
confirmed, as to what the coal cOmpan-
les may do to place their prices under
more effective control, yet there can be
little doubt that something radical Will be
done 10 effect that purpose; in which case,
the securities of those companies (Which
have scarcely participated at all in the late
great rise), might be expected to rise pro-
portionately to the advances realized upon
other properties. These probabilities have
been strengthened by the return Of a lead
ing banker from Europe, with the reported
purpost of formulating plan relating to
the anthracite industry which will enable
it to realize it's due participation in the
now prtvailing prosperity of the country.
These outgivings have already had a IA
vorable effect upon the coal stocks. As
feature in the "industrials,'' it is surmised
pretty confidently that an understanding
has been reached between the sugar trust
and its independent opponents for the reg
uation of competition between them; and
there are symptoms which seem TO give
color TO these intimations. The annual
statement of the Pennsylvania railroad
has strengthened the hopes of the bulls
Its showings of net earnings fifty per cent
in excess of dividends paid out during the
year, together with surplus in the treas
ury of $26, ,000 are regarded as the most
significant evidence of railroad prosperity
that has yet appeared and as being calcu-
ated to have an important effect among
foreign investors.
The effect upon the money market OF the
two last bank statements, which showed
itself in 4d4l2 per cent rate on call loans
and some considerable selling of stocks,
has quickly disappeared. For the moment,
the plethoric condition of the banks at the
interior centers was overlooked; but the
oversight was dispelled by an immediate
influx of money from several sections of
the country as well as from Canada, ana
the rate of interest Immediately fell BACH
10 219 per cent. The course of foreign ex-
change has also favored local ease in
money rates, having closely Appropriated
the point at which gold could be imported,
This experience has lessened the effect
OF the anticipation of the hardening of
money rates usually incident to the April
settlements; as it shows that any pinch
at that time would be likely to attract
funds from the interior. Some important
transfers of funds have to be made in con-
nectiOn with the operations of the Chicago
and Alton and the Central Pacific syn
dicates; the first inStailment has however,
already been paid in each case and, in any
case. the effect OF the transfers from one
set of holders to another would be only
momentary. as the amount of Ioana5Ie
funds would remain unchanged. The
bears" can hardly make any effective
capital on tot their predictions Of disturb
ance in the money market arising from
deficiencies in the treasury income. For.
should the government need money, it
would find an ample resource in the sale
OF the short obligation received from the
Central Pacific railroad a. We'll as in the
authority to issue $100.0oo. 400 Of one year
per cent certificates provided last sum
mer for war purposes, and which s-iil re-
mains in force. Under all circumstances, /
therefore. it seems safe 10 anticipate 9 rea-
sonably easy condition Of the money mar
ket until the next crop movement.
From the foregoing facts, It viii he seen
that although It may have seemed natu-
raj and reasonable TO expect a reaction
from the extraordinarily high prices. yet.
al the moment when such a movement
appeared 70 have SGT in. q new set OF con-
ditons has come into play OF considerable !
extent and force. How far these new bull
.Sh factors may carry the market. II IS
not easy &c estimate They VII a, least
encourage and help the holders Ct a large
mass ot securities on wl,ch prices have
RISEN % an Unprecedented elevation. and
50 far Il gives the bulls 4 new lease of
lie Whether the influential operators