The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1899-04-04

Henry Oews' Weekly Review.
New York. April 3. 1899. -(speclal)-
Speculation developed come new features
While the Industrials seem 60 have lost
none Of their attracuveness TO the more
adventurous operators and have proved
money-makers to the majority thus far.
attention has again been diverted TO the |
better class O railroad shares. This is
a good symptom me Grangers nave |
been advanced on talk Of refunding plans |
that would intivably enchance the value OF
their shares; the Coalers rose ON the prac !
teal assurance of harmonious working
wgtnout the opJeGuonaDle methods oi
consolidation; and the Vanderbilt pro-
perties we're stimulated by rumors OF
consolidation with transcontnental lines,
which. though having little foundation,
served as a peg on which to manipulate
values. The clique leaders supported their
specialties most vaiontly Their followers
have bade handsome gains Just how far
the present mastery influences viii car
ry the market cannot be safely pre- ct
ed; but the speculative spirit is -nroughly
aroused and Is not likely to be satihed by
ordinary gains or effectually checked by
ordinary setbacks.
Easy money and the difficulty of finding
/ profitable employment fer funds will be
a powerful bull factor in the Stock Market
after the crop money returns. As the bet
ter class securities rise to Sik, and AZ
per cent basis, the next best shares and
bonds, many Of which have been strength
ened in position by business improvement,
but eglected, will come into activity. The
trade combination manic IS likely to con-
tribute to the ease of money, for the rea-
son 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 distri-
buted as dividends when money settles
down to permanently higher rates, then
we may 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 20 April settlements. This
year there has been less than usual and
the money market would In probabiii
ty have experienced no disturbance had i
lnot been for the financing OF Central Paci
hc and number of important industrial
deals which temporarily took out impor
liant sums. Foreign exchange has been Arm
and some disposition was shown TO antici
pate the Philippine payment 20 Spain
= though as a mater OF fact, this Is likel'
=, to have very little effect here. as the tran
, saction will be conducted with as little de
rangement as possible
10 Spring usually witnesses a rising mar
@ ,ket. Something gets into the blood an
IA temper Of men which leads them TO ne'
advenrres mad fits OF optimism Trad
- becomes more active; traffic expands, an
s, hopeful expectations usually predominant
e, This year such Ideas are IL anything NOR
ar prevalent than usual. In April many In
nuential absentees return from the sout
~ invigoratod by a period of recuperation
Is and this is not a small factor. The mos
II substantial foundation, however. for abu
that gains now compare with large figure
road earnings 1t must be remembers
market is the continuance of large rail
y of year ago.so that present results ar
n the more satisfactory. Net earnings car
,r no be expected to show correspondent
10 gains; many of the roads being obliged I
meet lrge outlays for large equipment
'e etc, which later on Will benefit share
u holders.
Se As to the future of the market VIC g
&c pect advancing prices within the next si'
, ty days Violent fluctuations win probal
40 " occur wiping out small margins; fc
'e the inducements to realize profits cor
10 stanly Increase. and stocks are much les
Is concentrated than six months ago tn
. first advance was naturally much NOR
substantial in character thar those whic
l. follow The public is onw in the market
r and having made money Is in too strong
Is position to be bullied out Of its holding b
a any ordinary attack. This state of affairs
=, of course, cannot last indefinitely; specu
l. ulation will inevitably carried TO excess
ID ep, severe reaction will follow but moth
II Inc of this sort Is at present in sigh
n those who buy cautiously at favorable OF
portunities backed by strong margins wi
~ be on the winning side The year 1889 wi
1t surpass 1898 as a bull year; but squall
j. are much more likely to be experience
n now than then; and small craft must b
), well ballasted and kept out OF dangerou
waters.
IL Stocks that are not actually rapid trar
n sit properties have tried to be rapid trans
- In their advance movement during IN
week so as TO keep pace with the rapi
=. to Northwest and New York Centra
II Their recent advance was certainly
= rapid transit one
The end OF tho money scare has no'
been reached, Whatever mas peth rVduh
II ed for the April settlements has bee
a taken for the New York banks. Muc
of the lost thereby has ben made up b
10 the funds from neighboring cities TO b
J. loaned out In Wal street on time nil
Il the New York banks may not acumu
a late funds In the net ten days, they ar
not likely 20 be drawn upon for any NOR
from the out-of-towI. points. After IN
u middle OF the month the crop moving mon
s ey viii commence 10 come back YER
10 rapidly, so that money viii become pie
q thoric for the entire summer and speeula
ltlon will be materially encouraged there
i by I look 20 see a very active stocl
J. market from this time onward, and som
G stocks are liable to reach prices that ma
q look ridioulously high, ased not 50 nue.
upon their dividend quality as upon thei
equity valuation.