The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-03

The stock market has shown the eff
feet this week OF profit taking by the or
ganiZed pool which were active last
week in advancing the prices OF certain
railroad stocks. Thees stocks have suf-
fered most acutely. but the whole list
has shown an increasing disposition TO
sag. Early in the week the pools were
sharply manipulating the industrial spe-
cialties 20 sustain prices and cover the
realizing going on. The short interest in
some Of the induStrials was sensitive TO
the upward movement and was inclined
| to cover. helping the strength. The var-
Gus professional maneuvers were the
surface indications Of the elimination Of
the recent bull movement and the mar
ket lapsed into dizziness and neglect after
they had been concluded. There was no
heavy liquidation in evidence outside the
speculative profit-talCinR. and the mar
ket took on the condition OF lethargy and
slugHshness which indicates the content
ment Of the mass Of holders OF securities
and the unwillingness Of buyers 10 raise
their bid. This has not prevented the
rise Of a railroad stock here and there
from individual case. Earnings Of rail-
| roads continue tn show unprecedented
results But there f. no change IN The
cautious and conservative policy hereto
fore shown by railway managers. They
| have continued to make extraordinary
OUTLAWS for betternlent and in many IN
stances ~ inclined 70 pile up a surplus
against future contingencies or 20 put
che surplus earnings into permanent I'M
! provemen6s designed 20 cheaper the
/ cost Of transportation. Present high
prices OF railroad stocks have anticipated
+! Increased dividend Disbursement. which IN
many cases have not come. The per
! sistnrt increase OF raiiroa dearuinEs
| makes the higher dividends Increasing
| probable But the actual declaration has
! been IN many cases more than discount
| ed The stocks ~ iron and s.sei co-n-
panles on ts-e exchange very o5stinately
| refuse % advance. owing 20 q feeling
/ that the present conditions IN iron ard
steel are abnormal and necessarily tran
STORY. Even the huoyant tone % oas
| stock IN this Krovo elected H.tis response
/ elsewhere. The evidence % uneasfneas.
I - not ~ actual distre%s. IN foreign anan-
ciai cen.e-s on account - the heavy
| bills they must pay tof<hIs country ara
acceppd by The bssrs az = symp,o-n
that easier means VIII - sought IN 10
turA IN satisfy their needs. So far as
the immediate outlook = concerned.
/ nnopey conditions a-e favorable 20 ths
/ decline in prices % securities. The sur
plus reserve % New York bznks are IN
precsdeusedly low 1or this period % the
year. Even ~ interior money markets
are able 90 Fyppiy funds 20 move NJ
! crops ira. VIII Involve c1rtzfDsn. -
supply az a source 90 which New York
has a5piied quits freely q late for re-
I iisf. TIE constant recTpe-sttvs process ~
4 the banks - England. France and Ger
many FOR many weeks past has PIT those
I great oen.srs - naScs n rrueh be.ezr
| position 20 meet an imperative denasd
srun New York for gold. Bot X - SIR
quite obTsOos that Only n high rate for
| money here Void induce shiDmeais 81
rosd 20 New York TSs E0<.E1nens's
reysznes are running fAr aheaA q I'D