New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-19
Financial.
The Financial World.

cd on the inside workings Of the great VINES.
deal-and they seem to be very few indeed-,h.
supposltion was that Letter was practically so;a
out. The market would have gone up last Mon
day morning had II not been for the urgent eel.
ing of stocks by houses with Chicago connss.
tons Very soon the dispatches from that po,r,
told Of serious trouble and a probable inpor,.,,
assignment before the day was out: which ~
course. explained the selling. Mr.. Keene wa,
! quoted as saying that the wheat crowd haS
about sixty or seventy thousand shares % steel
and that the effect Of their selling would n
over in day. 1t was not however. the seni,,
Of their stock holdings which really hurt n.
market for that as Mr.. Keene said. would hav.
no influence over the day. What dl hurt ana
took the snap out Of things. was the feeling TIA,
the high prices for grain upon which the s,ocl
market had been pulled. were in fact largely A.
t,hclal; that they mad been persistenty inflated
by reckless speculation. and with IS collaps.
a permanently lower range would be established
The conviction that the next crop Of vheat. nov
beginning to come on the market would hav. "a
( be sold at a lower level than had been expected
vas a bear argument Of weight; and that N.
stock market should get a chill in consequencr
was quite natural
1t was seen. also, that with the fall in prices
tho rush If whoat T. the markc' would n.
| checked; and the earnings 81 the railroads Womb
/ be correspondngly diminished. This has areadv
happened Grain deliveries have exnerenos5
sudden shrlnk4ge, which must he reflected IN
the traffic returns II will be seen. therefore
that the Letter business was a more serious al.
fair for the stock market than the selling Il
forced Of such speculative holdings as the Chi
cago wheat bulls carrying.
II IL too carly yet TO measure the FULL effect
So far the market has only gone Of about q
couple Of points from last Saturdays closing
prices. after some liquidation and a great deal
Of bear hammerng: for the room traders have
turned bears, one or two OF the larger operators
also: and some houses which were buying az.
excessively nave stopped that and are buying
now only on a scale down. There is nothing 10
the weeks loss generally which would not he re-
covered in a day IN some good war news. SUCH
for example. as the fall Of Manila. or the capture
u Santiago The Government also VIII be spend
ing a couple Of millions a day for some time to
come and the trade activities this represents
offset many things In the situation making Tor
a lower market. 1t f. probable the coming week
will be somewhat Of repetition Of the past
viz. considerable irregularity with duh spells
The only present effect Of the war loan has
been a slight hardening Of money rates. ~ no
practical importance: and a restriction ~ deal
lngs in the railroad bond market. When the
Government calls for money: or. in other worda
issues now securities. others have 20 fall hack
20 second place. OF course the loan will 10
largely oversubscribed 4 per cent Govern
men, bond 10 be subscribed for al par. while
bids ~ 1Ol are already made for the bonds in
the open market Is likely not 70 lack for bid.
ders Those who don't get in on this issue. may
have chance AT the next: which IL certain 70
come II the Government finds IT necessary 10 call
out another 10000 men.
War Is costly luxury After the first n mex.
month. the beginning Of the fiscal year. the new
taxes come into effect. Wall Street has beea
hit hard 1t was quite unnecessary for the
Street to prove ts patriotism by subscribing to
enroll and equip regiment. The Government
took care Of the patriotic part Wherever one
turns in the brokerage business he has
hinder in the way ~ a tax of the cost ~ freeing
the Cubans. The license tax is OF little moment
but the So tax on every sale Of 100 shares Is
pretty severe and after that comes the ten
cent tax on memoranda ~ such sale Whether
the customer or the broker pays II operates the
same way II the customer pays. the tendency
Is 10 restrict his dealings by making them more
costly and the broker loses the business II the
broker pays IT directly cuts down his profits
Either way he gets hit. But this is war. ard
there is nothing TO do but bear the burdens OF Il
az cheerfuy as circumstances permit In pow
Arty-stricken Spain they starve. raise riots and
get shot by the police So we ought not 70 CON-
plain.
The Baltimore & Ohio reorganization plan
will he out tomorrow or next day. II IL the
last Of the great reorganizations made neccs
sary by the disasters OF the past seven years
The plan will he confined strictly 20 the b.
q system Associated but independent COM
panies like the Staten Island Rapid Transit
will he dealt with later. and separately The
plan has been underwritten. Of course and VIII
60 through successfully The houses which have
it in charge do not make failures in their
undertakings Of this character.
II is rumored that the reorganization Of the
Union Pacific Denver and Gulf viii he an
nounced in about two weeks. There have been
large dealings in the company's bonds the past
week Mt rising prices.
The Oregon improvement reorganizers. 1t Is
gratifying to state. have So far recovered rom
the nervous prostration which had come upoa
them. that they able To announce the"
readiness to distribute the new securities on the
2Oth inst There is yet lacking an announcement
Of "A day for the election of new directors lhe'
may be able To inform the stock Exchange LIST
ing Committee on this point next W1dnesdH'
and also 10 give other information proViaea '"'
right questions are asked and they are IL y
to be.
Brooklyn Rapid Transit stock has had such
rest through the week as seemed prooap'e
would after its rapid advance. The Flower pew
pie still confidently advise It's purchase. on u.
ground that the rapidly increasing eaIhihss -
the company will make higher prices fol H. Inv.
also continue to advise the purchase Oh w.
Island which has been the best supporter "
The granger stocks The support must nave
como from them. II is probable both stocA'
will 90 off II the general list does. but they a'
likely to be the quickest in recovery 49,,
As 70 Chicago Gas the remark made mere 'a''