The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-03-28
MOI EXACTLY TRUSTS
Trade Combinations" Rather,
Henry CIewS Calls Them.
MAKE PRODUCTS CHEAPER
And Give More Men Employ
ment, He Says.
MAKE PRODUCTS CHEAPER

and irregular manner though on the WnoIe
more active than during the last few
weeks. The elements of excitement on the
stock exchange have ceatcre1 around tie
industrials, certain OF which have fuc-
tuated wildly and from reasons about
which there is little agreement of opinion.
As to American Sugar. N when the trans
actions and fluctuations have been most
extreme. there appears to be little doubt
that negotiations have been at least at
tempted for effecting pacific unders and
ing between the trust and its new con-
petitors. The rumors about those inter
changes of views have been used for slim
ulating buying and frightening a large
short interest into covering; but, as yet,
nothing appears TO be definitely known as
to the real relations between the COM
peting interests, either present Of prospect
i've. Equality, the rumor of co lsolIda-
ton between the Sugar and Glucose trusts
seems to have been a pure invention for
stimulating speculation in the stocks of
those properties. These bold operations n
three or four industrials have paralyZing
tendency upon the railroad list ard have
generally impaired confidence throughout
the market. At the moment, however, it
appears as though this fictlonal excitement
had about exhausted its force; the margin
Of fluctuations in the prices of he Iudus-
trial specialtes is narrowing and attention
is again turning towards the more stable
class Of securities. These demoralizauons,
however, have introduced a feeling OF cap-
ton over the whole list, for the opera
tons have shown that the ''fast-rider"
class of operators, who foster the ext-ava-
gances so easily got up in connection with
the InduStralS are becoming more and
more a force in the market and are there
fore more and more an element of Cncer-
tainty in more legitimate operations. The
railroad list begins TO attract renewed at
tention. The severe storms of February
produced a contraction of earnings in that
month which has contributed to the dis
position to seu these securities for some
time apparent; but the distractions Of the
February traffic have increased the earn
ings for the current month, with the effect
of stiffening the market for this class OF
investments.
Taking the present situation as whole,
however. it is not calculated to encourage
large expectations as to prices, for the
coming week at least. The immediate
position of the money market cannot be
regarded as encouraging to sanguine ex-
pectation. The surplus reserve of S19000,-
900 is not up to the average for this season
of the year; while it is really a narrow
resource for a situation surrounded by un-
l. e.
cash. We have yet to find out what may
be the effect on the New York banks of
the financing of great trust negotiations
in all parts of the country and providing
them with working resources which viii
make them comparatively independent OF
bank loans We have scarcely yet got over
the transfers of deposits connected with
the Chicago and Alton deal The banks
are carrying an extraordinary amount OF
government deposits, and little can be
known as to the extent to which the treas
ury Will draw against them. The usual
April withdra walls for annual settlements
are close at hand, which always cause a
fortnight's dislocation of currency. And.
still more important. the remittance Of
$50. 600 900 to Spain in connection with the
war settlement must be Immediately pro-
vided for Undoubtedly, the treasury VIII
do all in its power 70 prevent the opera
ton from disturbing the money market,
but until the exact nature Of the operation
is understood there is likely 10 be some re-
straint upon lending.
"A report was recently circulated that
the United States government had depos-
tied the s20,tl0,000 now due Spain in the
City bank This is not possible; as the
government, under the law, has no power
to take funds out OF the United States
treasury. when once there, and deposit
shem in a bank 20 the credit OF the gov
eminent The money that goes 10 the
credit Of the government in a national
deposi tory bank, can only get there by
payments TO the government being made
through the depository banks. The way
the government viii doubtless do viii bs
10 hand over to the proper accredited
agents Of the Spanish government the So
coo go in gold coin, taking therefor the
proper legal document. The Spanish agents
are then at liberty to deposit the amount
in q bank and check against the same
for the payment Of sterling or continental
bills Of exchange; but what Is more likely
for them 70 do. as they may no; be skilled
anancieus. VIII be. rather than take any
risk on their own responsibility, 70 ship
the coin direct 20 Spain in the same pack /
ages as received from the United States
treasury. OF course through renting
bills something can be saved. but foreign |
red tape officials are not likely 10 BE In |
du=nced bv that consideration
'.C'5uside bic money has come % New l
York from neighboring cities in the last /
few DAYS snd been put out on time loans. /
This has essed up call money 10 some ex- /
tent which has lad the effect Of making /
holders Of stocks more tenacious in cling /
ing 10 them. therefore. forced sales have /
been less frequent. IN consequences, than 4
during last week The following bank 1
statements WI show but little improve
meat. from al indications. This viii /
doubtless cause. meanwhile. tire same eau
ton which has existed during the present
n1onta Specialties however. Ike sugar
and the otaer tadast-isIs. have moved Ep
irrespective % money cond8-
tons
There IS 2 CREST deal o. current discus
sion about the ssa-caIlei trusts nog 50
RAPIDLY being formed The name CT these
inisstrisss would he more appropriate =
called trade cenasaations,f IA ,hey ere
really not trusts. T-ae 7oepondersne@ =
Argument seems 70 BE- $ fzr as pubs8eily
Is given therera. raid against them Il
IS not therefore, InaPPr 77tssts 70 So fsEsh
many paiass e t5elr favor
'To state tie case u these combinations
IN plata ard stripe sesrzz. sae ob3ecf