The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-29

combination is in contravention of tht
antitrust law. The closing was rather
heavy. Prices of stocks have been lower
this week, with some recovery. The con
spicuous feature Of the market has been
its dNlness. This was equally true of
the selling and buying. When depress-
ing factors developed the buying ceased
almost entirely, but there was no ur-
gent pressure to sell. When attempts
were made TO invite a following by adj
vancing special stocks there was no re-
Spouse in the way of buying. The event
of the week vas the announcement of the
dangerous illness of the king Of Eng
land and the postponement Of the coro-
nation The elaborate ceremonies in
preparation for the coronation and the
sum total Of disappointment involved in
the postponement gave the event a ser
sational character that magnifed its eff
feet out Of proportion to its real power
to influence political or financial af-
fairs. There is a serious element of loss
involved TO the business world of Lon
don. and there was, in addition, a large
speculative commitment on the hope or
trade revival as a result of the end OF
the war in South Africa which nigh.
be forced into liquidation should the de-
pressing effect Of the kings illness check
the expected trade revival There was
therefore considerable pressure of Amer
lean securities for London account on
the New York market The London
money market is heavily indebted TO
Paris and Berlin and the sudden dro,.
IL sterling exchange there marked The
tendency 10 withdraw credits from Lon
don II was evident on the contrary
that the London market had claims upol.
New York What we have borrowed
abroad even from Paris and Berlin has
been effected largely by the sale OF on,
bills in the London market 70 Paris and
Berlin bankers. Consequently the rate
OF exchange ran up to within shade OF
the gold export point. Had it not been
for renewed selling by New York OF
loan bills in the exchange market it is
probable that gold would have been ex-
ported this week. This course of the
exchange market was more eective fac
tor in checking stock market activit,
than was the actual pressure of for
eigE holdings of stock for sale in New
York. The improvement in the condi
ton of king Edward and London holi-
days relieved the New York market
Last weeks loan expansion and syndi-
cate requirements left our money mar
ket in no condition to support an ac-
tive speculation in any event. The end
of the half year and the preparations
to be made for dividend and interest dis /
bursements in excess of any precedent
emphasized the need of a cautious policy.
The market gave evidence of the guard
ianship of powerful protectors, neverthe-
less in the occasional advance of the
special stocks; notably the Gould group
St Paul and Reading. The drawing out
OF the coal strike and tho possibility of
it, early exoaCs m among tie soft coa'
miners has been ignored. The May re-
ports of the anthracite carrying roads
offer the first opportunity to estimate the
losses involved in the paralysis OF the
coal trade but the large declines in earn
ings were without apparent effect upcn
the stocks of the railroads. Some effect
has been produced upon sentiment by
discomfort in other departments of the
labor world. but this has found little
active result IN the stock market. The
conviction in the financial district that
the prosperity of the country is well
maintained. The sustained high level or
railroad earnings at average increase |
over last year, the volume of bank cdear- /
ings. especially outside the speculative !
centers and the extraordinary activity |
OF the iron trade are taken as corrob-
orative evidence of this confidence Con-
fdence is general that the years crops |
viii be large notwithstanding the re
ports of unreasonable wather for corn /
and for wheat harvesting and the need |
of rain for the TSCas cotton crop. There I
remains some mLsgivings regarding the /
course of the money market during the /
fan when the demand for currency ana 1
the maturing of foreign loans may con (
verge upon New York There is no. /
table neglect of the industrial stocks AT
q class with L. S. Steel as a leader. The /
heavy and neglected tone Of these stocks |
is attributed to uncertainty regarding !
their financial organization and the issue
of bonds ahead Of the stocks to pro I
vide working capital or for improve /
ments or other purposes. The passing /
of the dividend on Colorado Fuel and OF
American Ice preferred this week haa
tended TO increase the JVeasfness of tn. I
holders of this class Of securities. So !
has the conclusion reached by the Jour |
raj Of Commerce that the amount OF |
new capital embarked in Independent /
corporations competing with the great /
combinations has greatly exceeded the /
actual new capital placed in the combina-
lions themselves. The disposition Of old |
heads of constituent companies forced !
out by the combinations to embark in
new competin enterprises is a characs
teristic Of the new order of things,