The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-06


change in sentiment which has lately
come over the street; not the least amons
these being the loss OF leadership on the
bull side. The public want a foscible and
pronounced leader in whom they have
confidence; and lacking this they become
timid and inert in times OF doubt Bear
attacks are thus encouraged ard values
! recede with a persistence that quickly
| chills public interest II so happens that
al the present time the large interests in
| the street seem willing for a slow decline;
! whether for the purpose Of repurchasing
stocks at lower figures. or 70 prevent the
market becoming too one-sided, We cannot
| say. There is unqusstfonably a much
more conservative feeling IN banking cir
| cles than existed month ago; and bank
eTs. We are glad 10 say. now turn their
backs upon projects that would have been
gladly considered a month ago The
| enormous transformation az Industrial en-
terprise into big combinations. amounting
70 about 81 01o. 600. 90 in the month Of May
alone. staggered responsible men: and
they wisely called a halt In the future
these combinations are likely TO so alonS
on much more conservative and safer:
promoters will De scrutsn'ze1 more 80
vere.y. At present the ma..;et is IN
doubtedly depressed by the .arge airoLuts
Of these new securities which have been
offered 10 the public; and il Is quite likely
that insiders VIII not be able TO unload
as successfully as they once anticipated
A few Of the new concerns are worthy
OF public confidence: but many are not
ard the situation today is much the better
for the refusal OF the public 10 take SheIu.
The trusts we think. have come to stay.
Prosperity is upon ~ and seems likely
10 remain with US for some time 70 come;
so the combines. good and bad. viii prob
ably continue successful, until the next
period OF overproduction and reaction te-
gins. Then the test must come.
Meanwhile. what OF railroad securities
which have hitherto been the mos: p1pv-
lar form OF investmeuts9 Dur railroad
systems are well developed AMI well -
tablished. The era Of INSTABILITY. iAscp-
arabic from the constructive period. hss
passed away. In future. railroads bonds
and stocs are destined 20 rank hi,h
among the safest investments in t2c ccun-
try. As the nation grows. trade must 81
crease. Many OF the roads ara row capt
talzed upon a reasonable basis. The fioa;-
ing supply Of their securities IS limited
and. while prices often see uahi-h atocId-
ing to cd standards OF value still. in view
OF present conditions such as large earn
ings. easy money and a prospective con
tinuance OF prosperity. the 'o1cIIsio
seems inevitable that prices will ~ 70
still higher level as soon as speculative
forces become more favorable. This week
these forces have been arrayed or the
bear side. assisted BY exaggeratd fears OF
gold exports. yellow fever. the Ford bin.
etc. None OF these factors n our opI'icn
&c OF any special in6;,c-.ence Just ow
it suits the interests OF some OF ;he big
gest holders 70 permit decline. rs son
as these parties are satisfied. we shal see
a renewal Of the upward movement: hUt
whether that will BE- deferred until a ftr-
Their shaking out OF weak holders kss
taken place or not time only viii Icf.r-
mine. Sharp raids are apt 20 occur a: any
time In a market like the present ere
but. so long as the present tide % rios
perity continues. no apprehensio1s need
be INDUCED in about the future of the
stock market.
There were two adverse factors Witch
Influenced the market IN the nidc > Of he
week in a downward dire ,ri9p-ona AIS
the case Of yellow fever reported IN " y
Orleans and the other was the aev1ree in
wheat. The scare which the i1ttcr pre-
duced was on a false theory. As matter
Of fact. the advance In wheat WAS not due
to additional crop damage reports on us
side: but 10 such reports raStr5iag The
European crops; therefore. this should
really have had the reverse effect on the
stock market AS for yellow fever. the
effect Of that was much exaggerated As /
a matter Of fact. that disease f. only at
tended with the danger Of spreading IN /
the fall months and not in the spring sea !
son.
The stocks that mot with the greatest I
disaster were the Traction and Gas prop
critics. due 10 exaggerated estimates Of /
me probable effect ~ tho Ford franchise /
lin. The IndustriaLs also came IN for /
heavy brea. due TO the fact that there 4
nas become very limited market now /
for their distribution consequently even /
moderate liquidation IN them makes in /
roads II their quoted prices. Railroad /
stocs. owing 70 their better hacking and I
cheap money. maintained themselves 70 /
TO rkably wei. thus showing that con-
ftence in such securities On the par Of
Investors has not been materially weak
ened. The bears doubtless have hsd IN I
View recent ron iderinz tho -l5ts np-
proNimati0n Of sterling exchanze % The
gold shipping pg1n,--tbe sending r. ahre
Poii out OF The country. even tbcu..b g. I
y es not att ended With n urost tLInklnr
thereby It's r1=sl effect would Re an 81
rucnce on their side q the ma -. Yss-
.erday'z Announcement that 3 On - r
the precious metal was 20 b. SHIPPED
failed 20 produce the effect expected -
the market went decidedly n = contrary
direction. thus showing that gold exports
are not TeRa ried - a serious matter after
AZ Under present cordlti0ns especially a.
his country new stands on the top q the
list % uau5Ss IN rs gold ho.fi-<s th-
amount q which f. TOW estimated az
lboDt g ri % 90 This 81 the bezt show
1g tnat this country has ever made aid
10 other has ever equaie5 g. We can.
heref1Te wei afford - ship few mg-
IONS 20 ElsroDa without any lnfurllus e.
--cf as thev wiz no+ bA fniEzed ~
natter - fact q viii - beneficial i1 an
rGlreet way 20 this country. as So vi
n al 9-o5a5Gftv q - Tg-5on aa1 iu-
rease their god supp'y-Ehi~s g. cor1-
,aratlvelv FnaH a. the prerent 'lme-ausl
hereby inrressa tie purchasrr Yaze- f-
hat quarter Tor America sa~rIriftsT aa
vel tte ftruosltioa - carry ever Amer
-a-s ~ i5Ve- rates u Interest TEE rate