The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-08-29

disappeared. The crops. taking them as
whole. are more than . good average.
Our grain market may Be expected 70
receive the stimulus OF another season
OF short crops In other countries: and
judging from the present temper OF busi-
ness on the Produce Exchange. Il seems
possible that while the quantity of our
exportable surplus OF cereals may not
fully equal that OF ths last two seasons,
yet their aggregate value may sessiiy ap-
proximate that Of either OF those years.
So that appearances Indicate the probA-
billy Of continuance Of the remarlka-
bic creditor foreign balances that have
marked the fiscal years 1878 and 1855.
These are prospects the importance Of
which It is not easy TO exaSgerate.
Again; the money market has taken q
course much more favorable than was
feared few weeks ago. Those who have
put much reliance upon the largeness Of
the reserves held by the banks Of the
interior have been justified by the cur
rent drift OF the internal exchcanges.
AT time when money Is usually flowing
from the metropolitan banks to their
country correspondents. with n eonse-
quent depletion Of the reserves. we and
the surplus Of reserves steadily rising.
Those most closely intimate with the
facts Of the banking situation have the
least misgiving about any possibility OF
any approach to real stringency during
the remaining six weeks during which
the domestic exchanges are apt to rule
against New York There Is every reas-
on to believe that the local banks hold
both the foreign and home exchanges
well in their hands. and that while they
will rise no obstacle 10 good rates for
money. yet they will steer the market
clear OF positive stringency.
Under these circumstances and In view
Of the stu increasing earnings OF the
railroads. 1t seems highly probable that
the market for securities will hencefor-
ward be borne along by strong bull cur
rents. and that the effects OF that ten
dency may soon begin to appear.
The past week witnessed several sharp
attacks upon values. Results were any
thing but encouraging to the bear side
OF the market. Two or three Of the &C.
tive shares were singled out and more or
less liquidation Induced by the circula-
ton OF doubts and sensational predictions
Of lower prices. Such shallow tricks.
however, were soon exposed and there
was no real interruption to the favor
able conditions and news which are now
influencing values. No change was made
In the Bank Of England rate OF discount
the reserve standing at about the same
point as a year ago. London has sp-
panently been n more active buyer OF
American railroad shares: the market
there showing considerable excitement at
times. but thus far there has been no
corresponding increase In the supply OF
security bills in the foreign exchange
market; so It Is uncertain whether the
buying in London was on foreign or
American account European financial
markets were somewhat unsettled by the
Transvaal and Dreyfus affairs: but apart
from these influences there Is nothing IN
favorable 70 this market in the foreign
situation. AS We have said previously.
Berlin Is point that will bear watching.
but there are no serious signs OF danger
there yet in view.
Prosperous conditions continue through |
Oht the iduds anu iHc WAVE dNNAHCcS /
rather than recedes. with bright prospects |
ahead. 4 large number OF working men !
are employed today on terms satisfactory |
to themselves and their employers than |
ever before in the national history. Dis
content is nowhere Justifably TO be |
found. II Is true grievances creep out |
here and there. but they are |
not Of serious consequence. The demand |
everything. There Is little selling ahead. /
The business of the country Is on a
legitimate basis and devoid OF boom.
which Is the best evidence OF Ats substan-
tial and lasting character Now that the
crops are assured and the money scare
has passed over. the impetus 10 push
business ahead can be relied upon for the
balance OF this year al least. thereby
making It the best record year ever ex-
perienced In business circles.
The present high range OF prices will
induce a good deal Of realizing
on all the advances. especially
u the stocks that are under rnanipula-
ion. This Of course will produce fire.
Iuent reactions In the en;lre market
Such fluctuations. however. will tend TO
Heep the activity up. which Is a good fea-
.Ure rather than otherwise. For the
coming week / advise quick turns 20
,atch the fluctuations which will aggre-
sate good results for nimble traders.