The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-04-04
WILL Be 4 Bull YEAR
More So Than 1898; Also
Says Henry CIewS SquaIIier.
FANCY OF THE SPECULATOR
In the Spring Lightly Turns
to Thoughts of Speculation.

New York, April S.-Henry Clews says:
! Speculation developed some new features.
Whie the Industrials seem to have lost
none Of their attract.veness TO the more
| adventurous operators and have proved
money-makens to the majority thus far,
attention has been diverted to the better
class of railroad shares. This is a good
symptom. The Changers have been ad-
Vanced on tint talk of refunding plans that
would inevitably enhance the value of
their shares; the Coalers rose on the prac-
teal assurance of harmonious working
without the Objectionable methods of con-
soldation; and the Vanderbilt properties
were stimulated by rumors of consolida-
ton with the transcontinental lines, which,
though having little foundation, served as
a peg on which to manipulate values
The clique leaders supported their special
ties most valiantly. Their followers have
made handsome gains. Just how far th1
present mastery influence will carry the
market cannot be safely predicted; but
the speculative spirit is thoroughly
aroused and is not likely to be satisfied
by ordinary gains of effectualIy checked
by ordinary setbacks.
Easy money and the difficulty of find
ing profitable employment for funds will
be powerful bull factor in the stock mar
ket after the crop money returns. As the
better class securities rise TO a 31a. and
AZ per cent basis, the next best shares
and bonds, many Of which have been
strengthened in position by business i'm
provement, but neglected, will come into
activity. The trade combination mania
is likely TO contribute to the ease of
money, for the reason that many of them
are carrying such large balances and
making good profits that they are not
borrowers, and not likely to be until these
funds are distributed as dividends When
money settles down to permanently higher
rates, then we look for a declining stock
market but that contingency is not yet
in sight.
The close Of March usually witnesses
considerable manipulation of the money
rates, owing to April settlements. This
year there has been less than usual. and
the money market would in all probability
have experienced no disturbance had il
not been for tht financiering of Central
Pacific and a number of important indus
trial deals which temporarily took out
important sums. Foreign exchange has
been firm, and some disposition was
shown to anticipate the Philippine paw
ment to Spain; though, as a matter of
fact, this is likely to have very little effect
here, as the transaction will be conducted
with as little arrangement as possible.
Spring usually witnesses a rising mar
ket. Something gets into the blood and
ttmper of men which leads them to new
ventures and fits of optimism Trade be-
comes more active; traffic expands. and
hopeful expectations usually predominant.
This year such ideas are if anything more
prevalent than usual. In April many in
huential absentees return from the south
invigorated by a period of regeneration;
and this is not a small factor. The most
substantial foundation, however, for a bull
market is the continuance of large rail
road earnings. 1t must be remembered
that gains now compare with large figures
of year ago, so that present results art
the more satisfactory. Net earnings can
not be expected to show corresponding
gains; many of the roads being obliged to
meet large OUTLAWS for ntw equipment. |
etc, which later on will benefit share
holders.
As to the future of the market we ex-
pect advancing prices within the next sixty
days. Violtnt fluctuations will probably
occur wiping out small margins; for the !
inducements to realize profits constantly
increase, and stocks are much less con-
centrated than six months ago. The first |
advance was naturally much more sub /
stantial in character than those which |
follow. The public IS now in the market. /
and having madt money is in too strong 1
a position to be bullied out Of its hold /
ings by any ordinary attack. This state 4
Of affairs, Of course. cannot last indef- !
niteiy; speculation will inevitably be car |
ried to excess. and severe reactions fol- |
low. but nothing of this sort is at present |
in sight. Those who buy cautiously al |
favorablt opportunities backed by strong |
margins VIII be on the winning side. The /
year 1899 viii surpass 1898 as a bull year; /
but squalls are much more likely to be /
experienced now than then: and small /
craft must be well ballasted and kept out
Of dangerous waters.
Stocks that are not actually rapid transit
properties have tried to be rapid transit /
IN their advance movement during the |
week so as 10 keep pace with the rapid
transit leaders. This especially applies to
Northwest and New York Central Their
recent advance was certainly a RAPID
transit ore.
The end OF the money scare has now
about been reached. Whatever has been
-equired for the April settlements has
been taken from the New York banks.
Much of the amount lost thereby has been
made up by the funds from neigh5oring
titles 20 bs loaned out in Wau Street on
ime. While IN New York banks may not
accumulate funds in the next ten days, |
hey are not likely 10 5a drawn upon for
my more from the out-of-town points.
After the middle Of the month the crop
moving money VIII commence 70 come
Jack vtry rapidly, SO thac money vii
become plethoric for the entire summer
md speculation viii De materially eucour-
sed thereby. look to see a very active
took msrk,t from this time onward. and