The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-02-28
HOLDERS HOLDING On
All Things Considered, Henry
CIeWS Doesn't Blame Them
BUT ADVISES QUICK TURNS
Predicts an Abatement of the
Export Surplus.

New York, Feb. 27.-Henry Clews says:
Wall street still retains the extraordinary
exhibition of strength developed with the
opening Of the new year. The strength
indeed amounts to a positive stubborness
of holding; and it applies equally to nearly
the yhole list The extensive realizing
of two or three weeks ago has left no signs
Of weakening in its wake; the stocks then
sold appear to have passed into hands
capable of holding them through the ups
and downs in prices; and those who were
then sellers have again become holders,
and, as such, are contributing to the gen
eral strength Of the market. Indeed, ii
is safe to say that never in the history OF
Wall street has there been such evil
dence of the ability of operators to carry
large lines of stocks and to hold them
with unwavering frmness. The pessmists
have no place in the struggles of the mar
ket, nor do they appear TO have any ex-
pectation that their opportunity will soon
| put in an appearance; they can scarcely
find pretense on which to summon cour-
age to sell, and have to be satisfied with
| the merest crumbs of profit.
Such frmness at the present unusually
| high range Of prices might very naturally
| be expected to give rise to some misgiv-
ings and TO some important realizing by
the more cautious class OF operators. But
| there are no symptoms Of any such feel
ing. No doubt there is among the more
! experienced, an expectation that time
for realizing lies somewhere in the future;
but nobody seems to think it near at hand;
and where sales are made ii is mostly to
re-lnVest IN some other stock which seems
TO nave a better future. This extraordi-
nary confidence is not remarkable in view
OF the general prosperity of business. the
spirit OF hopefulness that pervades every
part OF the country, the plain evidence
that great commercial expansion is in
progress, the ease in money, the continued
increase in railroad earnings, and still
more the entire absence of any factor
calculated to cast doubt upon the con-
tlnuance of these golden conditions
1t is true that some misgivings NAV seem
to be suggested by the fact that We shall
soon have to remit $50, 1000, 900 to Spain on
account of the peace settlement. And II is
quite possible that this operation. coming
|
exchanges, may in some measure harden
the local rate of interest. And yet, 70.
these extraordinary times, this is a rela-
| livery small matter. The available re-
sources for making the settlement are
superabundantly ample. Outside the gold
reserve the treasury has an available cash
balance in its valuts of SS6OOO,O 900. and
$So'O0,OoO on deposit with the national
banks. There is thus ample margin for
| the treasury avoiding any demand lIpon
ITS repositories in this city calculated To
sensibly disturb the loan market: and
what 1t can do in that matter it is unite
! likely to do. There is in Europe. however
a still large outstanding floating indebted
ness due on demand to the United States
| A slight advance in the rate of interest
here would make il a paying operation 10
effect the $20,oo0,000 remittance through
bills drawn against these funds: in which
case there would be no transfers of money
in the operation, Spain collecting her
award from European debtors and the
operation at this end being confined to
transfers of deposits, with little or possibly
no effect upon the loaning ability of the
New York banks. This remittance 10
Spain therefore, come when it may. is not
likely to cause any noteworthy disturbance
| of the local money market
As was expected, European holders of
our securities, not satisfied with wholesale
realizings at the high prices, also stimuli
taneously went short upon them to a
considerable extent, with the consequence
that, during this week they have had to
buy freely at New York for their settle
| r. hat
about 5000 shares. It may take London
some time to learn that the recent great
/ advance in prices here means permanent
ly higher range OF values than they have
been accustomed to. and 1t viii therefore
not be surprising if they help to sustain
the marke there by keeping London ever
sold.
II begins to appear probable that we are
| entering upon an appreciate abatement
Of the extraordinary surplus of exports
over imports that has prevailed for the
| last eighteen months The imports are
| gaining upon the figures Of several months
| past. The January figures are about 80
100000 below those of 1895 and 1886. respec-
| lively; but they exceed those for the Ike
month in any previous year, being $500
oc0 above those of 1S9S the next highest
antecedent year; but they fall sl3 2o0. 90
below the average for December, Novem-
Der and October; which IS no more than
Is due, however. TO the usual curtailment
OF shipments after the close Of the year.
The January excess OF merchandise ex-
ports over imports. however. has fallen to
| the standard Of one year ago. nancy So
10000. which is 81. 30 40 below the balance
for December, so $1,000 below November
100000 less than October and So 10000
| over September SIN. the January bal
ance Is al the rate OF S6S5. G10.oa) per annum.
! These facts indicate that the accumuia-
| ton OF balances 70 our credit in Europe
must have been very much more than suf-
feed for offsstting the extraordinary re-
turn OF home securities since the begin
ming Of January; and il seems reasonable
70 infer that the liquidation OF the settle
! ment with Spain must leave stiI very
|