New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-14
financial.
The Financial World.

Wnetner
one OF his characteristic moves In doing some
thing the opposite of what was expected; Il il
certain that the Street credited him with throw
ing overheard quito line Of stocks last Monday
morning. After his proclamation Of the previous
Saturday that the Cuban lion was no longer a
bear. this sudden change OF front, a sur
prise. The talk In the Street was that Mr.
Keene had found there too much stock for
sale. and had run on his own. On the other
hand. that gentleman has q way Of doing the
unexpected; and knowing that the traders looked
for strong market Monday. he may have
thrown lot Of stocks. only to pick up
larger line again more cheaply, on the demorali.
cation produced
Anyway. had e very disagreeable sort Of
market last Monday. prices breaking all over
the list. with Sugar in the lead downward. The
traders who had loaded up on Saturday tumbled
out their stocks in hurry. Some one picked
them up. and thereafter the market became
strong for few days until Sugar took an.
other five point dive and arrested further prog
ress. The net result OF wreck Of limited, and
therefore professional trading. is that the lead
ing railroad stocks just about where they
were a month ago. II any one will take the
trouble to compare the prices Of the grangers,
Atchson NJ X. & T.. Louisville, Southern Rail-
road. Western Union and others, they will be
found to be close TO where they were on the
corresponding date in October.
Sugar Is lower some twelve or thirteen points.
1t was the break in this stock which depressed
the market Immediately after election. and It
did the same the past week. On the LIST Of
September the stock sold at $50 Friday It
sold at 1861. but 3 per cent dividend has been
paid In the interval. Yesterday II was above
100 again, and the general list followed it up.
/ mi
Havemeyer following sold out their speculative
lines In the month Of August. The market was
rampant al that time. and the price was carried
UP despite the sales, Mr.. Keene being the chief
bull manipulation From August 10 this time. It
has been with Sugar the familiar condition OF
the insider against the outsider. The insiders
out Of their stock and the outsiders holding II.
! There Is never but one end to this. The in
siders become holders again after the outsiders
have dropped their stock at various stages
! the way down.
While Sugar has been falling from 159, people
| close 10 the management have been buying
| few thousand shares occasionally on the breaks.
and selling again on the rallies but the tip
! from the inside has been not to buy Sugar this
| year except for short turns. Congress Is not
talked of. The fight there finished last
session. The talk is of the coming great
struggle with the Arbuckles, whose reineries
are approaching completion. The Havemeyer
people are hard lighters the Arbuckles are hard.
headed Scotchmen. with all the stubborn per-
slstence OF the Scot. The antagonists are
therefore in the class OF heavyweight fighters.
and somebody has got to get licked OF course
these things never reach the knock out stage;
they arr settled by compromise. But the point
| at which compromise is reached is nevertheless
! Invariably measured by the fighting qualities OK
the antagonists, and in this case the contestants
! are In the first class That appears from what
! has taken place in the coffee market, since the
Havemeyer- Arbuckle fight began
! The refunding scheme for the Rock Island IS
understood to be practically arranged. and soEle
very strong people have been buyers OF the
stock on the recent decline. The earnings OK
the road are keeping fully up to expectations
and the same may also be said OF the other
Western lines. There is certainly nothing the
matter with the railroad situation.
Ease In money continues. and Apprehension
| that the money market would be disturbed by
| the payments TO the Government for the Union
Pacific has been dlssipated. There never was
any ground for IL. The idea that the people VINO
could carry through such large and complex
scheme as the reorganization Of the Union
Pacific. were not equal to an operation Of simple
X,
arisen through the Government making some
unbuslness like requirements; and this was not
,ikelv II had done enough in exactng its
mound OF flesh from the syndicate And II may
be added that If any banker or merchant had
acted In that way. his contract would not AFTER
wards have been held 10 be worth much
Considering the way the general market mas
acted lately it is remarkable how strong North-
ern Pacific has been. 1t Is the more remark.
able since while the preferred stock has held
nm 40 we'll the prior lien bonds have persistentiy
refused to advance TO any price corresponding
10 what the preferred stock mas oeeh he'u a.
II looks like pool In the stock wnlle the oo"uS
arc left 70 themselves II this be true, and II
probably Is, the pool managers are eN'uen.''
counting ON big business on the Northern "a
la ,h,s escal year. and specially in the Spring
The earnings OF the road are large now Out
.no ,,asLo husness starts In as expected nexe
ys,r tho SprIng months-usually rather pour
will show some phenomenal increases IN conn
nar,son with last Spring II is estimated '"".
over 100000 people will go into Aiasha heA'
year.
The Northern Pacific is preparing to take ad'
vantage OF this and the oregon Improvement
Company the same The Q. l. company ma.
certain exceptional advantages IN 'he "as "
dock facilities etc, and new corners III Tue ~"
Of water transportation there VIII nave u pay
tribute to IT, The net earnings OF inc 'V'"pa.
for the eleven months TO November ISL die 60
SI50OO0 equal to a per cent diViaen' ." .
new common stock. and there is YET ano'"''
month to complete the companys nscaI ye"''
The market closed comparatively strong yes
,.rdav mainly on covering OF shorts we arc
sxnec,,ng once more the Nebraska rate ae
csior on Monday II 1t does not come tnen' "
u,u nor nil December as the Supreme Court
t,kcs A recess II It comes. and Is favorao'e 70
the roads, a rally may naturally be looked lor'
'"e '0'''' CUTHBERr MILLS.