The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-04-25
DEFENDS NEN ISSUES
Henry CIews Says They're All
Right If Not 0verdone.
MONEY MARKET EASIER
Encouragement in the Grain
Crop Prospects.
MONEY MARKET EASIER

| NC" 1oIAE april Zf-Henry CleWs says:
| During The past week. Wall Street has
| shown some abatement in speculative
operations. Such high state of excite
ment as has prevailed for nearly four
months past, almost without intermisslon
Of the tension of exceptionally high prices
| cannot be prolonged indefinitely. Ii must
encounter reactions, If not sharp breaks
| and at the present moment. affairs seem
10 De drifting towards breathing spell.
The capitalization of new industrial or
carnations since January l have IN
Gouotedly been quite large, and the distri-
| outlon OF such a mass OF securities re-
| qulres some time, and il is not surpr sing
| If there be some postponement of further
creations until this process of distribution
has made some considerable progress. 1t
Is not 10 be supposed, however, that the
entire gross amount OF these issues are
placed directly on the market \ large
portion is taken by the stockholders in the
concerns going into the combinations. in
exchange for their properties; and that
stock is likely 10 be held mainly as a
more or less permanent investment by its
recipients, and therefore 10 that extent
at least can have no important effect
upon the security market. Another consid-
cradle portion Of the issues will be held
IN the treasury Of the new organizations
10 provide reserve resource. The stock
10 be placed on the market, in probab ly
most instances represents principally the
requirements of the combinations for work
civ
those requirements are wisely being pro
vided for upon a liberal scale. so as 10
provide the concerns with a large ready
money resource and make them the less
dependent upon borrowing facilities. From
these facts it viii be seen that the prob
ability Of the market being dangerously
hooded with the issues of the new com
bines may easily have been over-estimated
through hasty differences from the large
ness of the aggregate of the new creations.
People are apt to draw disproportionate
conclusions from great totals; and. it may
therefore be prudent to arrest the pace
at which this movement has been running
Tor the last four months. That course
would mitigate the halt which has been
apparent in some quarters; it would also
invest the future of the money market
with more assurance: and any further Gre
atoms Of these issues would find their pa tn
easier, while the consolidation movement
would be less an element of dis
turbance than it has been.
1 take it that the present abatement
Of activity in the industrial and traction
stocks is due to those engaged in these
new interests having concluded that the
policy Of moderate movement rather than
Of hasty rushing" is most conducive to
the cultivation of confidence in this i'm
portant reorganization of industrial cap
ltal. The movement has come in obedi-
ence TO a series of natural causes; and |
If it is protected against the faint of over |
capitalization, these issues must have
their place and standing in the stock mar |
ket, the same as they have in London |
and continental exchanges But violent /
movements, no matter how intrinsicaily /
legitimate, create distrust and prejudice /
when they are pushed with an energy and |
speed for which the public are unprepared |
In the absence of acute excitement in |
the industrials. somewhat more attention |
has been given to the railroad LIST, and |
an improved feeling has prevailed in that
branch of operations But while the
market has been fairly well sustained. it
has not been particularly animated. The
reports Of damage 10 the wheat crop have
given courage to the bear side and Iessened
the ardor Of their opponents. There is a
disposition on the part Of the aggressive
operators TO await definite information as
TO the winter wheat. At present the re-
ports regarding it are more or less con-
hicting. There IS no question, however,
that it VIII prove bad enough: still. it
must be considered that there viii be
very large amount of wheat carried over
from the last crop and the increase Of
acreage viii give an ample supply for ex-
port. home consumption and seeding. Be
sides there remains sill the open question
as to spring wheat. The spring crop gen
etaIly expands as the winter contracts.
and that Of last year reached 2a5, 90 90
pushes. or 10000 coo bushels more than the
;utput Of 1891
The money market has settled into a
,ond ton Of greater ease. which appears
ikeIy 70 continue until the fall months
Tne treasury has ~ arranged its with
lrav ais from the depository banks n con-
.cction with the payment 70 Spain. as
o cause the minimum Of disturbance. The /
withdrawal Of 100000 a week is a com
,aratNely light affair, when II IS c91sld-
red that the governments excess Of pay
nents over receipts VIII cause the return
Z 7art of tho money 70 the banks. The
money markets Of the interior are gen |
rally easy. and stiff rates here would be
ut TO bring currency tins Way al The
oore rapidly
Foreign exchange Is sustained by tho
Increase IN the imports together WITH the
influence Of the remittance ~ 81 90 00-9
o spain. Compared with March. IssS the
IMPORTS - Iss- month show an increase
: 81 ri az. On the apxort de-. ths-e
a decrease q ssf515z- from last year
nd an increase % S17.1sl.-z2 compared zitb
sa- The March excess ~ exports over
IMPORTS IS 2sIs71.7ss. compared Htth ST.
IS sI3 IN Isa@ and 81 80 80 FRI 1se7- The
u-Dlgs ~ exports over imports for the
~. -nrea months Is 81 81 ~ while sar
h. same dates % last year 81 vas $40 81 ,
.. and IN Iss-. S-fIl2s-7. Compared Rsta
he arst quartz. - ISIS. there .s therefore
decrease 81 the surplus ~ exports
mounting ~ SZ7s7s ess or a. IRE rase = 4
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