The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-24

speculators have persisted in rosy-hued
opinions and have bulled the market even
on intimations that a military movement
was in prospect, making large inroads
on the money supply TO carry stocks. The
British military reverses have mad cor
respondingly acute effect. The consequent
difficulties have had a worldwide effect.
forcing up sterling exchange and the
money rates in Paris, Berlin and New
York and taking gold from all those cen
tiers TO meet the necessities OF the COM
ing annual settlements. The New York
money market, burdened with extraor-
binary commitments on account OF the
great Industrial combinations, has been
thus cut of from the expected replenish-
ment of gold imports On account OF con-
tinued favorable trade balance. Also the
usual autumn reflex of money from the
interior to New York after the crop
moving period, has been entirely suspend
ed this year, owing TO the business &C
tivity all over the country. Still another
adverse factor was the continued aosorp-
ton Of funds by the United States treas
ury owing to the Unexpectedly large rev.
enues, which have established running
surplus The drain has been particularly
oppressive on New York owing TO the
large portion both of the customs and
internal revenue taxes which are paid
through New York clearing house banks.
The large capitalization and f1otation OF
hopes and prospects which capital was
carrying was thus made more burden
some. Of the elements of distrust of such
hopes and prospects, which multiply at
periods of difficulty and grow apace with
what they feed on, the public is by this
time informed by reason of the weeks
events The difficulty last week in Bos-
ton in sustaining the market for copper
mining stocks was the initiatory step.
Very large sums of money had to be
taken out of New York to that center
and the whispers thus caused begot g
spirit of distrust. The suspension of one
of the numerous new trust companies
which have been organized In New York
in the past year loosed another mass Of
fears and possibilities of harm, which
spread in A true panic manner. The
weeks events have sufficiently proved the
reality of some of the difficulties which
were apprehended. But it is not to be
disguised that bitter animosities and COM
petitions of powerful money forces and
even social enmities have played a large
part in the innumerable currents cours-
ing beneath the surface. Thus. some Of
the most powerful money interests in the
country are In conflict over the control
of the public utilities IN Greater New
York, the gas war being an incident.
Their maneuvers and counter-moves have
stirred up the market like the grappIe Of
leviathans in a pool of water. Again,
the Entertainments Of the trust companies
on the banking field in the last few
months have aroused criticism and repro
baton from conflicting interests There
is reason to believe that there was a
willingness to utilize the weeks events
TO exercise some suasion upon the trust
companies to keep more strictly within
their own field. It is recognized that the
liquidation, which has been largely eff
fected during the week. had become es-
sential and that the financial fabric is
on a much more substantial basis By
reason OF it. The conviction Is practi-
caYy universal that the completion OF
preparations for the annual settlements
will mark the passing Of the crisis Sem
timent is not so unanimous as to whether
such preparation IS yet completed
Bonds have suffered in sympathy with
stocks, but declines have not been so VIC
lent for selling so large. United States
old tours advanced point. the threes
q and the twos. new tours and fves
y in the bid price.