New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-19
financiai
The Financial World.

very small amount Of selling Observable in -
market last Tuesday morning so widesn,..,
and destructive a storm. as had swept over ~.
country. certain to have caused immense d.n
age but the full extent Of which could not ,h,.
be measured was just the thing TO start a ~.
selling movement had the public been anvu.
nervous over the speculative situation ys, ~
the selling Il seemed TO bring was a little in .,
Southern Railway stocks (the South bens s..
specially hard. which was quickly recovA,,,
from; and Tuesdays market as a whole hec.,..
strong and went higher under the lead OF Rr
llngton. This showed that despite the large real,
izlng Of late. and the distribution OF s,o,k,
among the public. there was little disposition Nv
the latter to sell. Under such conditions friena,
OF any special stock find its market handIr,
comparatively easy When the public does wan,
to SELL however II won't need a blizzard 10 s,.,
the thing going.
So far have been able 10 take care OF an
the foreign stock sent over: and it has been sen,
in such amounts that the London market Ia.
become quite bare in certain directions. s,
Paul for example. TIE only apparent effect ha,
been TO increase our bank loans, as the stocks
have to be carried by our banks instead Of n.
London banks. All the experts seem unanimous
In the opinion that the past three weeks expan.
sion in loans is due primarily 10 this. II shows
how large is the amount Of money IN the coun.
try when we can buy back our securities whole
sale and take care Of them easily; neverth,.
less. there must be limit somewhere. and con.
servative people are beginning TO shake Their
heads and advise caution.
The granger stocks have been the leaders 0.
the market the past week, and the leader among
these has been Burlington. whose market move.
ment is commonly credited to Mr. keene and
doubtless correctly. So confident was he that the
stock was going up that when II was selling
around 1875 some ten or twelve days ago. he toll
some friends to buy 1t. adding: III II does n1
sell at 145 next week, you can send II IN 10 me-
that is he would take the stock or their hands
at the purchase price. on Thursday u sold, 81
dividend OF IL per cent at 14i; and yesterday
II sold at 149l4. which was 5s4 points above II.
figure Mr. Keene had named for the week There
are 100000 shares OF Burlington, and such rss
Is remarkable but probably nearly iOoOW
shares are locked up in investors boxes. Invest
org are not likely to sell now when they natu
rally expect to hear OF something which will &C.
count for the advance for IL goes without say.
ing that a big stock like Burlington could no.
rise as It has unless there were some substantial
cause for it. The cause will appear in due tine
but it is quite possible there may he some livy
market fluctuations in Burlington before II do
appear.
st. Paul. with considerable snap in f. FOLLOWED
Burlington up with rise Of FIVE points or
thereabouts selling above 1872 yesterday Will.
Rock Island hung farther behind. moving rather
heavily as If the interests pushing II were nc,
specially enthusiastic at this time.
The special sensation u Yesterdays market
was the skyrocketing in Tobacco stock which
shot up from an opening price Of al 70 l5s;
making a rise in two days OF - points. from
lowest 10 highest. Which is a dreadful warning
not 10 go short Of stock concentrated in one
office. Probably eight out OF every ten shares
Of Tobacco sold short ia the long and slow de-
cline which preceded the sudden squeeze was
borrowed from one prominent firm; so when its
books showed by the amount OF stock lent thaf
the time was ripe the trap sprung and tns
short sellers were caught. This sort Of thing.
however. does no good TO the general market.
The coal stocks have naturally been strong AS
said last week the consumption Of coal is meas
ured by the ability TO get it 20 the consumer
4 The exhaustion Of reserve supplies is complete
/ THE cor1panies Will have all they can 40 tor
| long time 10 come merely 10 MI them up. When
the scheme for regulating the trade Is many
! CONNECTED the coal stocks will be selling hghe'
/ than they are
Another corporation 70 which this severe VIM
ter has been a blessing is the Rubber 'omPah''
1t is not with this concern question o. se'lns
their goods. or Of price for them the d''icu'i
Il Is under is 10 meet the overwhelming ueiha"''
The Federal Steel stocks joined for while IN
ouite lively fashion in the bull movement ou'
thew halted; and doubtless we shall have 10 wax
until the dividend time comes nearer oeio'e '"e'
oct another lit. At the Flower Office they axe
inst now talking specially bullish on PeopF'
Gas.
dividends on international Paper, common anu
nreferred. are expected the coming week " W.,
take A little time for the public 10 uhue' ''a"l
49,. porer common IS a steady dividend payer
but the dividends themselves VIII ne the 'ss'
teachers. ,,.,
Steel Wire has been comparatively q''~
There IS no harm in that. The compah! JUS.
ness Is not quiet For the first hall OF eO'uas
Il was the largest in the history OF the coie '
! companies. This means fat DIVIDENDS II W."
noted. by the way. that the iron ano steer -
are az abnormally active in England anu w
many as they are in this country anu '"''
! never more so here ,,.,
II IS beginning TO appear that more oolp"-.
than those already publicly named are lh'e'.'.-
IN the Chicago e. Alton purchase ana us W.
nletion IS likely to affect their securities
oblv One phase Of this c. & a. affar 'ause'
amused. or rather a plying smile In " a" - '.,
This was President Blackstones InaN'.s.
against the proposal to sell the stock o' INC 80
ar 175 and 200. for the common ana pie'''..
yesnectively. He gravely argued that INC 49,.
could earn dividends OF 10 per cent '"e'e'
tho offered price was too low, II youhsei 49,.
had set his name 10 such statements =,
street would have roughly set MN "o" "a,
either a fool or fraud; but II Is Aho"" ",.s
Mr. Blackstone is a very aged ana 'e'!
man: and doubtless the idea OF 'ne ~,
nassing away from his control after ne h"s ,o.,
a long life with IT, affects him as wou'o '"' "a.
,-,,l A.. n fn,A M rent This however, -