The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-02
SIOCKAARKET TESTED
Henry CIews Considers the
Results Not Unsatisfactory.
FUTURE HINGES ON CROPS
While Over All Impends the
Question of Expansion"

New York, May Henry Clews says:
At the close OF the month, Wall street
affairs show little change from the gen
eral features prevailing throughout April
The partial crisis produced by the marked
break 4 certain speculative industrials at
opening Of the month, proves to have been
broader in its results than was at first
supposed. 1t has caused considerable IN
loading in the general list; ard so far it
has been a test of the intrinsic strength
of the market The trial, however, can
hardly be said 70 have been unsatisfac-
tory in its results. It may have wiped
out some Of the earlier profits from high
prices. and to that extent it has restrict
ed the buying capacity of the smaller class
OF operators; and this factor may largely
account for the considerable shrinkage
apparent in the volume Of transactions
But the satisfactory feature * that this
month Of test should have developed so
little evidence Of intrinsic weakness. The
bears" have done their best to break
confidence in prices, but their success has
been vary partial, and holders have
shown their ability TO protect their hold
ings.
This strength is more noteworthy be-
cause the earnings of the railroads have
had some disadvantage in comparison
with the extraordinarily large receipts at
the same date of last year. IN making
h. - :
overlooked that he earnings must include
a much larger proportion of the high class
freight than a year ago. The unprece-
dented activity in our industries has
caused an increased movement in the
high-rated merchandise which cannot but
tell favOraoly on the net earnings. The
remarkable business activity must also
have materially increased the passenger
traffic. which is one ~ the most profitable
branches of railroad operations It IS
therefore likely that, when the net earn
ings of the first three or four months of
the year come TO De exhibited they may
show larger profits than have been count
ed upon.
The prospects of the grain crops are
watched with much interest. but remain
an uncertain problem. The wheat crop
has undoubtedly suffered severely from
winter-killing, but exactly TO what extent
it is still too early to estimate In the
spring wheat sections the weather condi-
tons are for the most part favorable: but
no estimate can yet be ventured as TO its
acreage. The current price OF wheat and
the possibilities Of a large falIing-off in
the supply from the winter crop. are IN
doubleday favorable to an increase in the
spring sowing, but at the moment this
is conjectural. This uncertainty as 10 the
wheat crop is the chief element adverse
To the stock market; but operators do not
seem to have vet made up their mind 10
accept he worst probabilities of the out
come. The money market is no longer
an obstacle 70 speculative business. Money
on call is in good supply ar moderate
rates and there is no expectation of
change for the next few months. Taking
the situation in Wall street as a whole
it is to be regarded as a hopeful one.
There is nothing in sight calculated to sug-
gest misgiviugs. Speculative accounts are
perhaps quite generally in a condition con-
sentative enough TO make the bears
cautious; and the unusual business pros
perity is viewed as suggeting an upward
rather than a reactionary course Of prices.
One very important element however
impends over the market. which as vet
has received no serious attention. I refer
to the further consequences Of the war
in the direction Of trade expansion. This
IS very large and vital question At
first II attracts comparatively little open
attention To the masses Of on. people
IL IS simeChing foreign 70 heir experience.
To some. including a few statesmen OF
prominence, i seems an unwarrantabIe
intrusion upon the past policy Of our gov
eminent. To all, It is confessedlv a ques-
ton with many sides. and calling for in
formation. But it IS nevertheless mat
Ter in which all classes feel a deep in
terest-an interest so deep that men prefer
70 90 some thinking and investigating be
fore they reach an affirmative conclusion.
For this reason the question may ba re-
garded as being just now in its silent and
br0oding stage. Il may be safely as
sumed. however. that 4 policy aiming only
incidentally al the acquisition Of territory
and directly and permanently at A great
expansion Of our foreign trade and. Al the
same time at a future better proecti0n q
our external interess. must appeal very
effectively 10 the naional sense Of self
interest and 70 The patriotic pride of our
people With the large patriotic mas Of
the American 7goic, this new develop
men- cannot fail 70 receive an encouraging
reception; and that favorable proposes
sion can only gain il strength Ia proper
ton a. this promised commercial expan-
sion comes 70 he understood in its fun
feuE1h and breadth. Public opinion has
ye- u give a fair hearing 70 the minority
opposed % tha change. The class who
f5T0w party policies through thick and
thin are waiting 70 ses whore the Question
viii stand IN political platforms and more
s,EI ara reserying their conclusions until
co1Eressiinal discussion has thrown slz
uncertain ugnt upon the question. BIZ
whilst pending this formative stage q
opinion the subject NAV appear 70 5e sur
rounded with some uncertainty. neg who
understand The influences that &c farthest
IL the shaping Of popular sentiment can
have little doubt chat a policy which an
pea-s 50 directly u the passion fo- tfs
national greatness and prosperity zsI
finally bring large majority - 5ur pope
n tae support OF the poilcy 4 commercial
and Industrial expansion L proportion
a. the pubic moves toward thS cszclr-
son the raar q arazce vii come 20 grad
uslly anticipate tss approach q an era
q national expansion wfth Eh!ca nsthf-E