The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-01-18
STOCKS AND BONDS,

4
| New York. Jan. 1.-THE public apathy
toward the stock market was indicated
today by the effect of the publication Of
| the very favorable bank statement. The
| traders had bought few stocks in an
/ ticipation of the good showing Of the
| banks bur their attempt 10 take profits
after the publication caused a melting
away of gains and in some cases their to-
| tai wiping out. The known movements OF
currency from the statement of the banks
| indicated a gain OF eight to nine millions
| in the cash item. but the actual gain by
the average system of computation
shows a rise of upward of So. oo9 Last
weeks statement understated the amount
of the actual cash gain by about the
amount that today's statement overstates
it. which is not unusual where a heavy
movement comes late in the week To-
Gays large loan increase is normal to the
season. but there has been 10 evidence
of the employment of so large a sum as
3l4e00.01 in the stock market this week
and it is supposed that syndicate opera
tions unknown TO the people have fig
ured in this item. The increase of the
surplus amounts to S,4o6,S25. The COM
parative ease which has been reached in
the money market made only languid
interest in the bank statement. The Ms
souri, Pacific. Atchison. ST. Paul, Chi
cage Western b Louisville, Great
Northern preferred and American Car
made a noticeable show of strength, but
their gains were not well maintained. In
ternational Power was run up . points
t-.af-
irregular.
The stock market has shown a reac-
tionary tendency this week without any
distinctly unfavorable developments in
the business situation TO account for the
change in the sentiment from the week
before. when operators in stocks seemed
to feel great confidence in higher range
of prices and in the usual January boom.
The action of the market seemingly
was due to technical causes. Speculative
pools have desisted from their efforts to
boom prices or have found that such fur
Their efforts as are made do not attract
a large outside following
The money situation seems clear but
the consideration has reverted to invest
ment values, with a result of causing
seems to be some divergence of agree
ment also among the so called pools
themselves Fhe makeup of the pools is
never a matter of well defined knowledge
but the dominant elements in them are
known to be capitalists and wealthy men |
of ample resources. The most influential
class is made up of financiers whose
include not only railroads Z
and corporation ownerships. but infiuen- ,
tial ownership also from the great banks |
and trust companies upon which the |
country's money market is largely de- |
pendent. Another class is made up of |
men of wealth without such widespread |
connection in affairs. whose stock mar
ket operations are simply designed for |
the profit of Il change in the price level |
whether up or down. The pools made up |
Of the latter class were under consider
able pressure during the money scarcity !
last fall by the banks and large money /
lending institutions and were admonished /
in effect that the money situation made
it dangerous TO make up large speculat-
i've commitments and that the time was
not propitous for pushig fluctuations or
projects involving new capital issues.
The disclosure of the purchase OF control
Of the Reading by the Pennsylvania and
Vanderbilt interests indicated that the
pursuit of new aims had not been de-
aged by the large capitalists.
With easier money facilities they have
been prompt to enter upon operations for
a rise. employing all the expedients
known to skillful market operators to lift
he prices and attract an outside demand |
rhe suspicion has grown this week that
much Of the appearance of activity and
strength in the recent market has been
lue TO the use of such expedients. rather
han TO competitive buying to secure con-
rol of railroad systems or maturing
financial projects promising attractive
profits in the market for securities. Some
If the pools in attempting to sell their
holdings at the higher level of prices have
the feebleness of the gen
raj demand and made inroads on prices.
There are very few prominent railroad
stocks in the country whose rate OF re-
urn is per cent or even AZ per cent at
uling prices.
The growing cost Of operating and the
Using tide of wages makes more doubtful
he prospect of increase in the rate of
dividend disbursements. even in cases
where there are large surplus earnings
'ver the present dividends. From time to
ime there are sales on the exchange at
leolines of so-called gid edged invest
nent stocks which are so closely and
held as to appear in the market
lot more than once or twice in a year
EMIGRATION REGULATIONS