New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-16
financial.
The Financial World.

1880 and 1881 Those were days when IN.
speculative crowd was big that the marie,
was worked both ways. with rapid and larg.
fluctuations Sometimes the bulls would nav.
H. then the bears would jump on II. then IN.
bulls got It up again; and between the two TIA
trading would be big and the fluctuations largs
But II requires a big semi-professionai crowd "a
Do this; and the Street seems - be- gettiny such
o crowd into IL now--peopIe who sell the rnarka,
as well as buy II. The way the market has hoo,
running the past few weeks indicates this :,
had been rising with specially aggressive M.
vances in certain stocks wherein tho specuatlo,
had most concentrated itself II about reachss
It's elimination Friday morning The watchts
professionals who had been waiting FOR N.
chance. and had seen the stocks they had IN.
loaded go to the thin marginel crowd jIrnues
on the market with n wild whoop that We vera
"on the brink OF with Spain" The fee,
had gone 10 Havana. Havana would be bonn.
barded within forty-eight hours
The real bombardment was In the make.
which fell rapidly under the fierce selling Of thu
BEARS not only on Friday afternoon bu, stll
more yesterday. when the war with Spain was
more acute than ever. 1t was a well planned
piece Of work. done in the best style: and I,
shows the shrewdness OF the chief ranlpula,ors
on thing about which the speculative pubNo
has become almost abnormally sensitive since
the Venezuela terror-namely. a war scare Il
it quite likely the war will still be on 20 some
extent on Monday, and the market be unset
tied; but II is indeed that 1t takes such a
sudden dip as It has without a quick and yfgor-
Gus rebound. BY Tuesday, or wednesday at TIA
latest hostllities with Spain should be over;
L., hot .bo.
have been declared by Monday morning. the
news being first given out In London.
The war fell upon the traction stocks with
special severity, and as Manhattan had had
the quickest rise II was naturally the stock
which was IN the best position for smashing
1t was claimed this stock would sell at 100 be-
fore the month was out and Il first crossed
that figure Friday morning "a rise Of seven
points since Monday when the storm broke on
II. Yesterday It was down 70 1lJ&. Ths
slaughter of the small men severe. Brook
Ign Traction also got a severe handling bu, not
much was done IN Metropolitan. Third Avenu,
stock, which had made a startling rise less on
its purchase Of the "IIuckleberry" road. as on
the evidence that the company has buried tho
Ratchet with the all powerful Metropolitan cor
poration. lost most OF the gain 1t had mad,
in the previous two days. All this. however,
does not necessarily mean that the speculation
in these stocks is played out. Far from II. Tbs
local crowd who are deep in these specuatons
are In for more money than can be made IN one
turn in the market There Is plenty 81 material
for keeping UP the speculation. On Tuesday
the contracts for the electrical equipment &c
the Manhattan lines will be given out There
is enough in that direction for several turns
These local speculative interests are disposed 10
exploit the stocks OF ell local companies. FOR
there their strength lies. They are on their own
ground There will soon be developments in tie
Consolidated Ice Company.
In the raiding Of the market Il was notcea-
| bic that the securities which large moneyei
interests supporting went of very littie
New York Central had. it IS true rather a sud-
den dip. but great many small people have
been dabbling In that lately. and they could not
stand the pressure. The Union Pacific stocks
! and bonds were specially strong. The surface
movements Of speculation 60 not affect thu
plans Of great syndlcates. The securities which
they are interested In are the things % watch
The new Union Pacific per cents. now Qp4,et
about 90. will probably get very close to par
| Their movement is likely 70 be faster than
! bonds Of equal merit In point az security, be-
cause Of the larger speculative interest In them;
which is all the time working TO broaden their
market and advance their price. We can SEQ
by the movement OF the Northern Pacincs what
can DO done when powerful and aggressive
people push things. with conditions fayoring:
and the interests involved In the reorganized
Union Pacific are in some ways tho largest In
the country. Practically. nearly every impor-
tant financial institution has an interest IN tho
scheme
AS the new Union Pacific scheme shapes ITSELF
out It will disclose itself part OF a grand
transcontnental line from the Atlantic % the
Pacific The line will be n Vanderbilt property.
It Will be the New York Central the LAKE
Shore, the Northwest the Union Pacific. tho
Oregon Short Line and the Oregon NAVIGATION.
which will carry it to the Pacific coast All
these properties Will work as one. under VAN
derbilt management. In connection with Treas-
urer Rosster's visit to Egypt 10 see Mr. Cor
nelius Vanderbilt. there rumors OF closer
relations to be established between the New
York Central and the Lake Shore the Treas
urer's visit being understood to be for the pur-
pose of getting Mr. vanderJilt'5 signature 10
the papers The rumors are rather vague and
indefinite at this time rs IS natural: but II
claimed that new deal as important in rs way
as was the famous West Shore deal Is In con-
| temptation The West Shore scheme did not
get beyond the inner circles until the securities
involved had had great advance. during which
there were many semi-oillc!al q malls given out
! which the market movement OF the securities
| contradlcted. II the same thing occurs now. It
would, therefore, be only according - prece-
dent.
Some large buying Of Texas Pacific bonds th'
! nrsts and the incomes by hrst-cass houses AZ
tracted attention. 1t appears that the company
feels itself justified now In paying something vi
the incomes. and a small dividend VIII be pai
soon The company is also about 70 fund i'S
outstanding land grant bonds, and otherwise
! put itself into clean shape The Texas Paci'!o
is a growing property. and there is room Tor
/ some advance in its securities. The incomes afo
! selling about 20 to 30. At that figure, and pay