The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-20

| Ihey nave bought about f,VOV,VOU pOun0S
| Australian wool in bond here as is now
reported. and about 100000 pounds do
mestic territory wool is also said 10 have
been sold for export at about ~ cents
| clean But this does not cast much light
| on the question whether speculative sales
| abroad have yet been covered or will be
within short time, nor is there any indi-
| cation that the market here VIII respond
| to the temporary foreign demand. The
orders for wooden goods are decidedly
better, and although the wooden associa-
| ton is not yet IN operation, it seems to
have given a certain kind of confidence to
| prices in the wooden goods department.
| Cotton declined small fraction on Mon
! day, owing to freer port movement,
which made it probable that at the end
of this week the amount in sight would
about equal last years record-breaking
| figures But there was a recovery of all
the decline in nliddling uplands and net
gain in option prices.
Wheat has been rising, during the past
week about cents, and nobody can tell
why, although the exports in the past two
weeks have been 1859 900 bushels, -four
included, against S135,124 bushels last
year. Better shipments were expected
after the opening Of navigation and there
is really no use in considering the
dreams of western spectators and crop
reports at this time. No one can form
fair judgment at the middle of May re-
garding the output which will be visible
to everybody in the middle of July. The
best that can be done is to accept the
crop reports, official and other, almost
with indefinite allowances. Better ship
ments are expected after the opening OF
navigation-ar, in fact, coming, the out
ward movement from Duluth alone in two
weeks reaching nearly 100000 bushels.
Lack Of rain in California has caused a
large reduction in all estimates for that
state and Pacific exports are decreasing,
as holders are less ready to accept cur
rent prices with the pospect of a short
age
Failures for the week have been 147 in
the United States, against $50 last year,
and II in Canada, against 20 last year.
BRADSTREET"S FINANCIAL REVIEW.
New York, May 19.-Bradstreet's review
Of the New York stock market tomorrow
will say: Ex-Governor Flower had been
the most conspicuous bull leader for the
past two years and the success which had
attended his operations in Peoples Gas,
Rock Island, New York Air Brake, Fed
erai Steel, rooklyn Rapid Transit and other
leading stocks had gwen him an influence
with the speculative public unparalleled
in the history of the American markets.
The entirely unexpected news of his death,
which awaited Wall Street on last Satur-
day morning, seemed to many the signal
for a decided break in the market. On
the other hand, it was quickly recognized
that the large financial interests engaged
in the market would be sure to prevent
any serious mishap This proved to be the
case, and though at the opening on Sat
urday morning flood of short selling and
liquidations was met, which carried ePo-
Pies Gas down from 119 at the preceding
days close, to 101, Brooklyn apid Transit
from III "a to 100, and Federal Steel from
81 IA to so, with corresponding declines
in not only the Flower stocks but in other
parts of the list, there was almost instant
~ sharp rally. Brokers who are credited
with acting for the Standard Oil interest,
for Mr. Keene, and other large operators,
had buying orders, and prices were adj |
vanced so that a large part of the early
declines were regained. The danger of an
outpouring of the long stocks held by COM
mission houses for their customers was
thus averted, and the liquidation, if one
was necessary, became a question of time
Further assistance was given to the mar
ket by the appearance OF an excellent bank
statement on Saturday and by the assur-
ance that the leading banks would, so
far as it was proper for them to do so,
extend all needful accommodation to stock
market borrowers. 1T also appeared that
the late Mr.. Flower had no large specula-
tive holdings; that the firm in which he
was a special partner would continue with
out change, and that his associates were
fully convinced of the value of his prop
critics. Beyond this it was recognized that
the larger interests OF the street having
various important deals on hand like the
Amalgamated Copper company subscrip-
ton or the financing Of the Carnegie Steel
company, would not and could not allow
the market to become demorauzed. Sup
port from such quarters was plainly ap-
parent throughout the week The indis-
position of the general public to buy stocks
and the tendency to reduce long holdings
were also no less marked. London. thous.
at first obliged to acquire stocks at ne |
concessions. afterward turned seller and
was credited with disposing Of considerable |
holdings Of Baltimore and Ohio securities /
and Of Southern Pacific when they ex-
hibited a rising disposition. The marked
strength OF the bond market and advance
Of good bond values, together with the /
relative steadiness of the dividend-paylng |
stock list, was taken into account by tha I
market. but, en- the other hand, the /
Granger shares seemed heavy-a fact at /
tributed to ths continuance Of unfavorable !
crop rumors. The support, which has al |
ready been described, was IN the earlier /
part Of the weak largely concentrated in l
the Flower stocks and the Industrial !
Sugar was made active and strong again I
and further recoveries scored in Peoples T
Gas, Federal Steel. Brooklyn Rapid Tran +
sit and their companions. The decision OF (
Governor Roosevelt 70 call an extra ses-
son Of the New York legislature for the
purpose Of amending the Ford franchise