The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-13

New York. May f2.-Bradstreet's finan-
ciaI review tomorrow VIII say: At :''e
beginning OF the week the mar9et exoeri-
enced a general decline. attended by con-
siderable liquidation OF long stock. On
Wednesday 1t rallied sharply IN support
by large interests and exceptionally large
purchases FIR London. This fact was.
however. apparently due 20 the existence
OF large interest in Americas in the
foreign ma-ekt. while covering by the 10
cal professional bears also contribute
toward the recovery Of prices. The Eur
pean purchasin continued on Thursday
and there was also further evidence Of
support from the so-caled big people but
the market developed hesitation and de-
cIining tendencies. its weakness centering
in the stocks which would be affected
should the Ford franchise tax bin become
one Of the laws OF New York. on Friday
the action Of speculation was irregular.
An early decline was circulated by the
strength of Sugar and were manipulated
stocks and the expectation OF good
bank statement today also had an effect.
1t was noticed that the drop in prices this
week was in the main the RESULT OF a
purely speculative cause. to-Wit, the over
bought condition NJ the market. Stocks
have accumulated in the hands OF people
who bought on margin in expectation Of
continued rise. The buying power has
however, become measUrably exhausted,
while disappointment al the action Of the
market produced. as il naturally would.
a disposition to realize. The decline OF
as--ff al
this tendency. while In many cases mar
gins we're weakened 20 an extent which
furnished occasion for enforced hquida-
ton. One Of the most prominent mauipu-
lative operators Of the street, whose name
was BY common report coupled with
supposed bear syndicate. denies the i'm
parchment But other professional specu-
lators certainly took an aggressive stand
on the bear side and contributed. By the
selling pressure they produced. 10 bring
about the outpouriBs Of long stocks which
characterized the markets on Monday and
Tuesday. Other circumstances, OF course.
played their several parts IN tse move
cent The expectation Of an unfavorabie
government crop report was considered.
though the street apparently disTegarded
i. on Wednesday. and Il was not until
Thursday that the granger stocks were
sold on the theory trait the report shows
a reduction OF the wheat iutput calcuulai-
ed to affect railroad traffic and earnings.
The market has not suffered from any
fears OF tight money. On The contrary.
supplies OF funds seem 20 De increasing
and the rates were sppreclahly easier.
The collection from the government Or
81 0o0. 90 Of the Spanish indemnity by the
institution which acted IN the matter q
renting the 80 90 90 was a factor and
the movement Of money now seems % be
toward the metropolis. The bond market
has been unaffected BY the events affect
ing speculative valueei and the demand
for investments is as large and also az
eager a at any previou ;ime. o. The other
hand. the financial public has certainty
begun to appreciate tse effects ~ the con
tlnued creation Of ncw Industrial securi-
ties. and a conservative sentiment has
asserted itself n this connection. T. vas
generally remarked that the alleged PROP
osition 20 erect a bfli6n-dollsr steel srust
by A combination or the fndaEtrlais al
ready formed ia that trade seemed o.
v5uca the limits ~ the lndustrlals ard
some relief was felt when 81 vss found
that the foundation Tor this was merely
the plan to consolidate the Carnegie prop
critics ard % purchase the Interest q
their founder IN theu. TIE appetite -
Che public for in5svtrials. however hss
rot departed. * shown ~ IRE $50 eo9
subscription q ths - aao 81 rtocE = ire
Aualgamsted Copper company .s'fn9pEa
that enterprise has 5esa severely cFlt-
ciSed fl some quarters. and 81 = noted
that me stock dropped hsIctlv from a
premium * about % ore g d fract1a
ats7ve uar