New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-26
Financial.
The Financial World.

The cheerfulness Of Christmas this year 4.
Wall Street is In gratifying contrast with the
gloom and uncertainty which hung over the
Street last year. Business is fairly good has
been better. promises to be better again. Prices
have been rising since the low point reached
In November. on the reaction from the great
summer bull movement which eliminated In
September: and on a comparatively quiet mar.
ket. the creeping up process has brought 10
back to nearly the highest level reached on that
movement. Some stocks are lower, but others
are higher: and the granger stocks, which were
the real leaders OF the movement, are getting
close to their September high water mark.
Above ALL there is hope; confidence in the tut.
ure; and a general disposition to believe that
the coming year will be one to be satisfied with.
The average Wall Street man. therefore has
reason to feel that his Christmas is a merry
one, and to hope for happy new year
The past week has demonstrated that you
can't run market the calendar. AZ
cordlng to precedents and Street tradition. II
should have been characterized by dulness and
sagging prices which are considered proper TO
the approaching close Of the year. 1t certainly
was dull at times for the market is still narrow
and professional: but there were no sagging
prices business became more active as the week
progressed, and the close on Friday. Christmas
Eve, was at nearly the best prices. with the mar
ket strong at that. This was in measure due
70 the lessened fears Of a disturbance In the
money market 1t was natural there should be
apprehension on that score. seeing that at the
time when the banks would be drawing In
money In preparation for the January disburse-
ments the heavy payments to the Government
would have to be made on Union Pacific &C
count 1t was an unusual condition. So far
however, the financing has proceeded without
causing as much as could be called ripple in
the money market, and call money at to per
cent, mostly 3, Is to be had by all who want It.
When all this Union Pacific financing is COM
pleted It will be seen to have been one Of the
best pieces Of scientific banking which Wall
Street has known. It could scarcely be other
wise with such men Secretary Gage at one
end Of the line and Mr. Schif at the other II
is their business to handle millions. and they
are veterans
The bank statement (Which came out Friday
was a little disturbing on its face, for 1t showed
the loans to have swelled to the high figure Of
COL millions, while the surplus reserve has
shrunk TO about IL millions. This ought to
carry with 1t per cent call rate for money at
least, and difficulty in getting accommodation
at that figure That nothing Of the kind is
seen, Is sure evidence that the statement does
not at this time accurately represent the actual
money situation. The money OF the trust COM
panies must be a reserve. The significant cir
cumstance was that the first import OF gold was
announced Friday, with more to follow.
This practically illustrates what was said by
one Of the big bankers. quoted in this column
last week-"the strength Of the situation Is the
weakness in exchange" In other words, We are
in a position to draw whatever money we want
from the other side.
Speculation has been conspicuous during the
week In Manhattan and Metropolitan Traction.
with some overflow into Brooklyn Traction.
With respect to Metropolitan Traction-a COM
paratively new stock In the trading-it Is in
fine position for manipulation. for while paying
regular dividends and extras, no one but the
insiders know the actual financial condition OF
the company. Its initials on the tape. MR.. Is
facetlously interpreted as Mystery and
mystery Is VIGOROUSLY an excellent tning 10
work the market on-when accompanied oy dlvi-
dends. The stock is selling at 130 1t may DO
worth 200 as claimed by some. or less than half
that Only the insiders know. Mystery also
plays Its part IN the manipulation OF Manhat-
tan. There is a mystery on now. The Tam
many magnates are buying the stock on some
thing great which the company Is to get through
them. 1t is not worth while to inquire particu-
larry what IT is. and the quest would probably
be fruitless; but the Street knows from past ex-
perlence what can be done with Manhattan
when the Tammany crowd get into IL. On a
former occasion 1t was carried up into the clouds.
and II may have like experience this time. IL
Manhattan. now quoted about 100. should soar
10 or 80 points above present figures, 1t would
he only repeating what 1t did before under like
conditions.
Next to the traction stocks. the coalers have
been the bull cards. A short interest has again
been captured In Jersey Central, and the houses
lending the stock say that there are still twelve
70 fifteen thousand shares of shorts out which
will have to be covered. Reading. Delaware &
Hudson. and Lackawanna have all been rising;
and q dividend on Reading first preferred -
talked OF 1t is highly probable the COM
pany will be able TO show. on paper. that II has
been earned and it is not wholly improbable
that one will be paid "All the coal roads" said
one OF the coal magnates. without exception.
have made more money in 1897 than they made
In 1896" In addition. there Is the gigantic coal
combination to talk about which Mr.. Morgan Is
credited with projecting. The familiar scheme
Of single central selling agency turns up again
in connection with it. Many men have tried 70
work 1t and have failed. Perhaps Mr.. Morgan
may succeed.
In the granger group OF stocks Burlington
continues to hold foremost place in the trading,
and in strength A price between 10 and 1lo Is
talked OF as a surety. Rock Island seems 10
lag a little but II the others advance this must
follow, and the prospects look bright for an
active week and January boom.
CUTHBERT MILLS.