The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-01-03
STOCKS AND BONpS.

New York, Jan. 2.-Today's violent
breaks in stocks were sudden and unex-
pected. The news OF The DAY was rather
more hopeless OF the possibility OF avoid
ing war, but Wall street has accepted
war as the assured outcome OF the situa-
ton for some time and has viewed that
outcome with apparent eouanimity with
out selling 10 discount TO war scare as
is the inevitable custom OF speculative
markets in the face of coming events
The cumulative force of the selling move
ment today gave rise 10 a suspicion that
something was up. The published ex-
pressions of opinion of a general iavolv-
ment entered into by America and other
nations in event OF an outbreak OF war
was greediiy acted upon.
Operations seemed 10 be wholly ignored.
The first OF the year is expected 10 in
volve large changes in banking items.
but roday's SIS. coo loan expansion fol-
lowing that of over sf2OO00oo iast week.
IS indicative OF other demands than year
end interest payments and causes the
fear that last winters enormous corpora
ton borrowings after January arc 10 be
duplicated This year. The market closed
active and weak in spite of spasmodic
rallies in spots and losses on the day
range from 10 over points on the prin-
cipai active stocks.
The amount OF the dividends and inter
est to be paid in January are Variousiy
estimated AZ from $3.50 coo. 90 TO si5ooeaeai.
By skiIlful management IT is possible to
arrange for the transfer OF the greatest
part OF this to the preferred stocks. The
engagement of gold in London was
feature and has been material factor In
rnoderating the influence of the higher
money rate. The course of the loan item
of the hanks IN the next few weeks Is
another factor 10 be generally watched.
Large railroad bond issues arc known 10
be impending and the last weeks heavy
loan expansion gave warning that the
corporation borrowing WAS beginning
earlier than usual Last year the loan
contracted upon the year previous was
s25. oc00s0. Much OF that borrowing was
in the form OF note issues by railroads
and bond issues are now Offering in the
market for the purpose OF taking up
GONE OF these note issues into funded
form. The possible further needs OF the
railroads remain to be provided for Ru-
more have revived also OF possible com
binations and purchases among the rail-
WAYS which would necessitate further
capitsI issues The only deVelopment IN
this direction was IN Chicago Traction
preferred stock 10 create a wider spread.
On the side OF industrial corporations
the Journal OF Commerce has compiled an
estimate Of total capitalization Of in
aIstrial corporations % 1896 % less than
slss Coz 90 compared With sl.iei. 90 90 last
wear. While the Tightening of the money
market has contracted the activity Of the
money market the profit taking b pro
seasonal operators has been well taken.
The action or the market has fostered
the impression that powerful supper; hzs
been abandoned The opinion r. general
that an important element q these pur-
poses r. 70 improve the showing IN IN
vestrnents held by great financial cor
poratlons IN yearly balance sheets The
freedom from any pressure upon the mar
k,t IN face Of the advance haF t,se1 an
encouraging factor in isssif and ssnts-
-ne1f over the business outioes has grown
less pesssrnistie. This FMS notably true
REGARDING tT1c iron ard steel ostloos. Re-
ports from railroad tTsfitc ofs1ciais II
r-ese,;r~ Of business suficierf 20 threaten
car shortage 81 some directions were ~;
without eject on the market. Factors -
The background which have not lost their
fore, are ne unset;iing - a national 70
liticzI campaign.
The bond market has shown only iight
investment demand ard prices have NOV
81 frreguisriy-
United State rev g. deciinrf = TIE =
IL ard tie cd g Per cent o. cal dur
ing TIE week
Csotstions zer. q. folloTs.