The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-09-08
SOURCES OF ANXIETY
Serious Problems on Stock Ex-
change Being Solved.
ARE LESS PERPLExING
DistruSt Is Disappearing from
the Street.

New York. Sept. I'm his financial ar
ticle Henry Clews says: Several sources
of anxiety on the stock market are either
disappearing or have become less acute
than at any time this year. Among these
are the momentary outlook. the crop sit
uation, the supply Of undigested securi-
ties. the labor agitation and the cotton
corner. 1t is perfectly correct to say
that all of these problems are much less
perplexing today than at any time sincce
their creation, and the probability is that
the distrust which they have engendered
will gradually disappear in the absence
of further unfaVOrable developments. Re
dictionary forces have already led TO some
recovery. undue dependency is passing
away and values are gradually rising to
a level more commensurate with present
conditions. Speculative activity continues
limited, partly because of holidays and
partly because confidence is not fully re-
stored. but chiefly because the market
leaders are not yet prepared flor an ag-
gressive campaign. Many of the large
operators are still absent and these
who control big lending institutions very
properly wish to see a satisfactory out
come of money and crop uncertainties
before Withdrawing their restraint upun
market operations. Such restraint GER
tainly exists, and so long as such power
IS conservatively exercised the community
at large will benefit
The money outlook is much better than
a few months ago Crop demands are
now commencing and will expand for
some weeks TO come. The west may be
better able 70 finance the crop than usual,
but the drain upon New York will never
the less have TO be faced, and from now
on no surprise need be expressed at de-
clining reserves. While the reserve is not
large it is about double that of this pc
riod for the last two years. Speculative
requirements have been much reduced
and the Willingness of the secretary of
the treasury to deposit 100000 Of m
ternal revenue receipts in an emergency
makes the monetary prospect reasonably
assuring A further source of relief is
Europe's readiness to renew her credits
20 good American borrowers thus leaving
lenders here more freedom in providing
rowers need have no alarm. The banks
are sure TO give ample accommodation
to all legitimate mercantile wants. and
though rates are likely 10 be high no in
convenience need be anticipated in this
quarter. especially as many merchants
are pursuing a hand-to-mouth policy as a
simple matter of prudence. In fact, the
conservative spirit displayed in all classes
,-fs,llx-
relieve the pressure upon the money mar
ket and ultimately strengthen the gem
eraI situation. Later on we should be i'm
porting gold in payment for our agricui-
tural products, for which we are certain
of a good demand during the next six
months at profitable prices In short,
there is now little, if any, cause for
anxiety concerning the money market
for the remainder of the year the worst
that can happen from present indications
being temporary furries when the curren-
cy movements or dividend preparations
are at the climax.
Concerning the o. outlook there is
little change. Two weeks more and the
bulk of the corn crop will be out of dan
ger of frost. As we have stated in pre-
vious advices, this is not going TO be
year of large crops, but no serious def
ciencies are to be expected. and a good
demand at profitable prices is assured for
nearly all agricultural products. the ben
effcial effect of which upon general bus
fness need not be enlarged upon An
other source of anxiety in this connection
that seems to have practically disappeared
is the cotton corner. This movement APP
pears TO have been an exception to the
rule of failure in corners. and its man.
ayers are understood to have closed out
the bulk of their holdings at handsome
profits and TO be in no danger by carry
ing what remains.
The supply of undigested securities,
which has long been a menace TO the
market, has, of course. not been eiiminat-
ed. but il must be remembered that many
of these are now selling nearer their in
trinsic value than at any time since their
creation, and the borrowings against them
having been largely diminished by liquid
alton they are much less or danger than
formerly Industry is feeling the effect
of high priced materials and the advances
in wages granted during the last two
years. A good many enterprises involv-
ing fixed OUTLAWS of capital are conse-
auently postponed and railroads are al
ready delaying improvements wherever
possible until costs can be reduced. 1t is
significant that durin he last fiscal year
15s railroads, with 4 mileage of 1900
miles. showed an increase Of S90,eo0.oo0 in
gross earnings during the year, or "A per
cent while net earnings in the same pc
Rod gained only slsooo,ooo. or about 10
per cent. this change being almost entire
" attributable 10 the increased cost Of
labor and its effect upon materials.
LIVE STOCK MARKET.