New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-16
finanfidi.
The Financial World.

| There are few bears. MI Keene IL reputed 70 b.
acting on the bear side. but, 10 al appearance
no is really bearish on one or tw stocks only
ThV dizziness Of the market anc the evident
! apathy OF the public. dispose the general run
OF traders to sell: and the creatbn Of A pro.
| fessional short interest AZ resul Of this has
/ given the opportunity TO the Flower people 10
make turn on the shorts the pat week Jus,
as 1t did the week before For a ew days N.
market-what there is OF 1t. for it Is worry mar
row as all purely professional MARKETS are-uas
| remarkably strong: and then shor,s ver.
| covered 1t sold off. 50 that the close yesterday
| found the prices Of railroad stocks just where
they were a week ago. with only one or Two
unimpOrtant exceptions. The induarlals we're
| irregular.
It is. however bull indication that FOR two
weeks in succession the temporary movement
! Of the leading railroad specustives should have
been upward and not downward. This last mid
! week rise started the great Increase in
the EXPORT demand for wheat and the better
prices for it. while the continuance Of very large
! earnings by the ST Paul road elinching
| argument. Reporting It's earnings weekly. St
! Paul furnished sort Of barometer for the bust.
ness of the other Chicago roads, which report
/ at longer intervalc. and the record is one which
in the main be west bound traffic This traffic
is general merchandise. and that means active
trade. In the face Of these showings II is hard
to be bear on Western stocks AZ least. but
the common complaint is that the East has rad
less share i'm this trade expansion than Il
seemingly ought to have; and the trsfric re-
turns Of the Eastern roads are not nearly N
satisfactory as they might be. The fact seems
to be. thar while a couple Of good crops with
fair prices for them. have set the West m II,
feet, and incidentally knocked the insdes ou,
OF the silver agitation. other parts of the coun-
try have as yet shared only slightly In this I'M
provement. II will come in due time but IN.
time is not Yet.
In reference to the Eastern roads it is 70 hA
noted that people are beginning to shake their
heads again over the outlook FOR thu Erie This
is specially noticeable among the bond dealers,
who as a class quick in seeming danger;
and they also talking about Readins-.hs
chronic sick nan Of the Street-which Is suffer
ing from the depressed condition Of the anthra-
cite trade. This condition is due MOI 70 tenn.
pOrary, but what appear to he permanent
causes.
Among minor incidents may he mentioned A
quick drop. and partial recovery in the preferred
stock Of the Lake Erie e. Western ex-senator
Brice's road on the reported intent - reduce
the dividend froni to per cent There vas
also some selling Of NJ. X & 7 preferred. which
carried the price below 81. on tho revelation
made in the annual report that tho company
during the past fiscal year had sold some ~
100000 Of it's common stock at ~ 20 II cents
on the dollar. Very severe comments we're made
such financing. II is to he regretted that
this thing done it damages the credit
Of the company ten dollars for every dollsr
raised by the sale Of the shares.
The most active stock in the railroad list has
been Northern Pacific common. which there
seemed a perfect rush 10 sell when the ron be.
tween Mr. Hill and Mr. Morgan became known.
As the price OF the stock went off only from ~
TO 3St. and then rallied to ~. it is evident that
some interest must have taken a big amount ~
it on the way down otherwise the decline would
have been very much larger for there are
500 900 shares Of y. +. common. and the amount
anoat is pretty numerous. Now as 10 this row.
things are turning out il said here last
week that they would. The interests 81 the
two principals in keeping the peace are 50 great
and the injury they could do each other IL they
engaged in open hostilities 40 denp that they
could not afford To carry their quarrel beyond
the swearing stage. This is about the way me
thing stands Feeling has been rather hot be-
tween the two mon. but nothing has been done
10 hurt and there Will he nothing. They have
taken it out in swearing
The industrials have given tn the market
large degree of such activity a. II has had IN
them the trading has been big all the Veeh'
end their movements have been lively enough
TO satisfy anybody. Sugar which closed asst
week at III took a dive on Monday n losh
Here it became evident that the short interest
~
to be selling Sugar: the loanins rates on the
stock ran UP and thres tened to 20 higher A
day or two more Of such selling ard the stock
would have commanded premium OF = nsr
cent a day. It became necessary to reduce mo
short interest and rally to 1888 did the ou'i-
moss II reached this price Friday mornnS ana
the shorts being filed sudden slump in me
afternoon 10 l1O3, gave shake-Jp 10 tho iran'
ers who had been buying for an advance "
l2U
Tobacco has kept pace with Sugar in the trad
ins but covered a much wider range IN QUO
tations II VAS III last Monday. I'D YESTERDAY
and II has danced UP and down between thes'
extremes with acrobatic agility The only IRE"
doveIopn1ent is the new form the old plug t.
hacco fight has taken the attack nov oeTk
directed at the Light & Meyer concern thr'us"
the Drummond the latter having been tn any
of the other until II was absorbed 10y the Irus'
the other day. Light q Meyer have All aio"e
refused TO come into the combination.
There is some hearish talk on me ma'H''
generally in reference ~ election u1cer'dh"e"
and also about the disturbed condition ol wv
foreign markets The latter, however Is ho' .,
much account for when the Bank OF hhs'd"'
startled the London market al THURSDAY "
raising its rate OF discount 2 full per oe"'
from :; to t. our market advinced ana Al ="
gaeement ~ gold was reported lmme'id''H
after So the trade balan'e must ne nea>"'
in our favor At this time; and whether 'he'e "
political oVerturn In France OF 'o"ii''
crisis in Germany. it L. AL the same
Some Of the large operators sn'" nm
clinstion ~ do much pending th' elections