The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-01-14

to take profits was responsible for the
advance in prices and was, per contra.
SUFFICIENT to bring prices back to about
the starting point. The activity in Sugar
certificates continued, the price rising an
extreme points against the shor; s,
whose covering demand helped on the ad-
vance. The bears quickly detected the
realizing after the bank statement and
Transit and Tobacco showed close SYM
pathy and some other specialties lost Il
point or over. A decline Of 15s in New
York Central showed some special press
ure against that stock. Otherwise gains
had been fractional and the reaction did
not exceed them. There was some SELL
Ing for London account as prices rose
above the London parity. A fractional
recovery In London discount rates and
jump of pfennigs in the sterling eX-
change at Berlin were without explana-
ton.
The bank statement fully accounts for
the increased disposition of New York
bankers to place time loans at present
rates, and their temperance as buyers
of commercial paper. The decline in
money rates is also bringing renewed de-
mand for railroad bonds from some Of
the great insurance companies Some
heavy individual transactions in bonds
are recorded. The central fact in the
situation In the stock market is that buy
ing demand is listless and narrow and
without stimulation by any favorable de-
RelOpments in the immediate outlook
Even the investment buying has almost
ceased, either because prices are above
an attractive lever or because the avail
able funds from dividend or interest dis
bursementS have found investment In
Vestment buying does not itself serve to
advance prices greatly, but Ii has large
continental effect. as it iusures the con-
tinuous diminution Of the floating supply
of stocks, held merely for an advance in
price.
There is an element in Wall Street who
preach the doctrine that the country has
reached the crest of prosperity. They
cite in evidence of this the marked dimin-
ution in the grain and cotton movements
compared with last year and point to the
comparatively small increases in gross
earnings OF railroads. While these show
last years earnings we'll maintained last
years prosperity has already been re-
Elected in prices, and higher prices de-
pend on increased prosperity rather than
on the maintenance Of the present level.
Higher prices Of commodities are likely
to curtail the demand. Advances in rail-
road rates. now being enforced, lead to
falling on in the volume Of traffic. In
creased cost Of material makes encrOach-
ment on net earnings by enhancing the
cost OF operation. Such are some Of the
reasons assigned by capitalists and op-
orators in securities for their disinclina-
ton TO put money into stocks at pres
ent- They prefer 10 wait developments.
The increased cost of operation is partic-
ularly noticeable in the case Of some OF
the high-priced railroad stocks which
maintained their dividends through the
period OF depression by economy Of oper-
atoms On the other hand. some OF the
railroads which have passed through
bankruptcy and Te-oTganizing show the
effect of the large outlay of funds &C
Quired in reorganization for permanent
betterments and improved equipment dur
ing the period OF low prices for material
in present reduction OF operating ex-
penSes, TO the advantage Of net earn
ings
The market for bonds has been small.
but prices were we'll maintained. United
States new As registered declined ;. and
coupon SIS, old IS and IS, Z in the bid
price.