New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-07
3iHansiaI.
The Financial World.

taik ABOUT the good effect Of getting a disturb.
lrg event out OF the way. Probably IL Low had
oeeh elected We at least should have had a
traders rally. for the prevailing sentiment in
the street was for him. As II was the Low
men were disappointed the straight RepubIi.
cans VINO had voted for Tracy were enrAs4a
the western elections seemed at first sight "A
indicate renewed vitality Of the silver cra,..
ana London had chill over the hasty cable
messages Of Tuesday night, which certainly
gave an exaggerated Importance TO the events
or the day. SO far. therefore. from the marks,
getting material for a rally out OF the election
1t was put into good position for a decline -
something should hit it, and something did hit
II IN the shape OF Ave point break in SUGAR.
the cause Of which was not known till next dav.
when Sugar broke the granger stocks also fell
away. and In most Of the leading speculatiyes A
loss OF couple Of points or so was recorded.
The day after election. consequently, was not 4
cheerful one In the stock market
After that things rapidly improved for the
worse. Two more points were knocked of tho
price OF Sugar Thursday. with further depre.-
sion in the general list; and when the papers
had spread before the public on Friday morn.
Ing what was the trouble with Mr.. Havemeyer,
food OF selling orders in Sugar broke Il from
135 to 100 Here was drop Of thirteen points
since Monday noon. wiping out margin holders
Wholesale. This In Itself was enough to make
hole In the market, and then the regular
Cuban war scare was sprung on the Street in
the most acute form To the great astonish.
ment OF its members, the innocent resolutions
Of the Chamber Of Commerce (pendins since
September urging the completion of the fortn-
cations Of New York, were held up to the Street
,A.xx X~~ ILL.,
fcations, Hannis Taylor, Spanish reply Of de-
fianee. recall OF WOodford, everything short %
the actual booming OF the guns outside Sandy
Hook few about the Street on Friday: while
thu whole list. led by Sugar ,umbled 80 that
panic was talked OF. The power OF this ever
lasting Cuban war scare is significant testi-
mony to the deep memories OF the Venezuelan
panic which Wall Street will not forget in a
generation. But the real trouble with the mar
ket was not Cuba. 1t was appendicitis
No Cuban war scare. stale as the subject has
become, could have broken the market as il did
break had there not been the damage done by
the rapid fall In sugar which but recently was
selling close to 100 The Sugar Company has
become so identified in the public mind with the
personality OF Mr.. II. Q. Havemeyer that when
the possibility Of his death suddenly became
known the immediate impulse was 70 get out Ok
the stock. The very few who had early informa-
ton went first, and the many came later when
the news was general Assurances that he was
progressing favorably did something to check.
bu, could not stay the de line. II the last
Of the hard blows the market has had since the
great rise Of the summer vas arrested by the
wholesale unloading OF several large operators
the principal being said to be Mr. Morgan. The
first blow was when the bear movement vas
started against Chicago Gas: another and more
serious when the Government threatened
10 upset the Union Pacific reorganization plan:
then the elections were depressing In their re.
suits: and lastly. had this fright over Mr..
Havemeyer's illness
The market. Of course. rallied yesterday The
100000 shares done the day before indicated
that the turn was being made. II was notice.
able that Mr.. keene who has seen the Cuban
lion very large in the path or the bulls for .
month past came out with statement that
the fall had fully discounted the animal, and
all that he could do 1t we'll understood
what this meant Unless the Nebraska decision.
expected TO be handed down tomorrow. upsets
things again. We ought 10 have stronger mar
ket next week. The decline OF prices has been
severe and a rally is fairly due. But this mar
ket will have 20 discount the meeting OF Con.
gress. There is always apprehension OF what
may come out Of that. and a level will prob
ably be established before 1t does meet OF which
the big men will be willing to accumulate
stocks no matter what Congress does.
Just such disordered market as we had on
Friday or much worse. would have been seen
Monday two weeks ago when Attorney General
McKenna sent that telegram TO the L. p. COM
mittee. II the committee had not boldly met the
emergency. As the Financial Chronicle" said,
the possible consequences were momentous,
how momentous those not conversant with the
facts can scarcely appreciate" II any one will
reflect that $l5OOOOOOO Of securities we're al.
rectly involved and possibly S5O.OW,OOO more
indirectly. he may get some idea Of IL: ana he
may also get an idea that the decline OF the
market which has been spread over the two
weeks since. might all have been crowded into
one day. That would have come dangerously
near panic for the difference between panic and
quiet decline Is merely one Of time. Indications
are now that the reorganization scheme will go
through smoothly. The main line has been
bought and provision made with respect TO the
Kansas Pacific. With this the Union Pacific sys-
tenn will be wholly freed from Government en-
tanglements. while the Government ITSELF gets
back all that it invested in the property.
The new Union Pac!nc COMPANY WIG" II uoeS
start Will have a heavier burden OF nxed
charges than was originally contemplated, ow-
ing 10 the adroit way in which the Government
soue.zad tho syndicate. The burden. however.
ia one that can be borne With the property
definitely in possession. and as clear or en-
.ars,em.nts As Northwest or Lake Shore. the
new MANAGEMENT will proceed TO develop tho
.v.te,, 10 the fullest The plans OF the synd!-
cat. are comprehensive. and the Vanderbilt In
tsrs.t will be predominant. as indicated by Ito
on the committee. The North
Was, will work In close connection with the
ro.d. indeed It looks as II the Y. p would be-
como in fact the Pacific extension OF the Van
6,rbilt system. The safe and conservative man.
srement which ha, built up the latter making
A.. ..o,r,tisa the silt-edged investments they