New-York tribune., 1899-03-26
financial.
The Financial World.

ready dscounting It in the stock market II ia
tolerably evident that the big leaders were pick.
ing up stocks while there was so much uneasl-
ness at the declining surplus reserve OF the
banks and the rising rates for money; and hay.
ing now got themselves in shape for another
forward movement of the market. the movement
has started. The close yesterday after the bank
statement cane out showing no important losses
or changes was very strong and significant Of
what may be looked for the coming week
After the existing fluctuations In Sugar had
subslded and 1t required two or three days for
this. the Flower stocks came TO the front and
among them Brooklyn Traction proceeded to 80
through performances which made sensation
only second 10 what Sugar had done. week
or 50 ago ii crossed par. and yesterday II sold
at 11Sik making rise Of about ten points from
the morning before. This, for a stock which
has yet to pay it's first dividend. must he
acknowledged to be something new for Wall
Street But still more remarkable are the pre-
dictions which the people who are carrying
through this big scheme, make for the future.
It almost takes ones breath away to hear Mr..
Anthony Brady who Is the active man in II,
remark in his quiet, low tones: You VIII buy 1t
at 300 with more confidence than you oougnt 1t
al 40" At the Flower Office they are not appar-
or,,v eoual to this. and speak Of 10 Upon
what? This Is the natural question. Ihe an
swer Is simply, that group OF rich men, very
shrewd and successful, originally started TO
acouire a comparatively small traction property
in brooklyn; that when this had been bought
they saw further profit In extending their pur-
chases: that the scheme grow upon their hands
until II contemplated uniting the whole Of the
lines Of transportation i'm the lower part of Long
Island. surface and elevated, and when THIS mas
baen ACCOMPLISHED these men believe there IS
enough money 10 be made 70 make brooklyn
Traction stock sell whore Mr.. Brady says Il VIII
make il sell there as dividend payer. with
some considerable fluctuations on the way prob
ably.
VIII the scheme work out successfully VINO
knows? These men believe it VIII, and they
have backed their opinion with their money. AS
10 the present price of stock they say that Metro
nolitan sold at 100 when it was earning barely
. ner cent Brooklyn Traction is earning more
Insiders in Metropolitan were willing 10 buy
If on its future Here, by the way, 1t may os
stated that from the Metropolitan people II
comes that there will be ten to twelve point
rise in thei stock the coming week
Preceding the rapid rise in Brooklyn. Peoples
Gas went M. crossed 12o, and yesterday sold at
,sos for tho stock. He said it would sell at l2o
and over and it has. The Federal Steel issues
have been dormant for quite a time. They began
70 wake into life Thursday. and yesterday they
were in the full swing Of the speculative tide
The Governor is quoted as saying the company
10 earning at the rate Of . per cent on the COM
mon stock It looks as If both the common ana
nreferred are booked for A rise. and II Is prop
mon. go
pa,,er earnings are coming in from the South
orr, and Southwestern roads after the bad Pc
,iod Of February, and causing repurchases OF
stocks which probably were sold In the great
market Of January. Atchison preferred Is ris-
ing Southern preferred also: and there Is re-
Moved buving Of st. Louis Southwestern pre-
ferred and the income bonds. Among the smai'er
stocks. renewed activity was Observable IN Cni-
cago & Great Western.
Sugar became quiet comparatively arou"u
100 after selling at ls2 last Monday moih'ue'
II ,s Of course now denied that there was any
substantial basis for the rise. but the STOCK
still 20 points above where the big buying hIs'
started Continental Tobacco has engaged d
good deal Of attention. and is likely 10 engage
more The first part in the game Wnich i e'r
IDENTIFY going on in IT will be played "he" 'ie
stock has been sold-and bought-Which the pui'
chase Of the Ligget & Meyers concern neceSsl-
tated \ meeting will be held TUESDAY WIN"
may have results. -
Tho deadest stock on the list for long time
has been Leather preferred, although II mas pau
its : per cent dividend right along. II Was
therefore with some surprise the street noted
rather lively movement start in II YESTERDAY!
paonle connected with the trade say that 'he'e
has been an important rise in the price ol INC
company's products. and that it VIII earn "'o'e
money in the first six months Of TINS year '"a'
If ever earned in the same time before.
Holders Of Texas Pacific seconds VIII ne IN
formed bv advertisement Of the terms upo"
which they can exchange them for IRON Noun
tain Is. As a large majority Of the bohdho'uei'
are already pledged TO this conversion '"e'e -
no doubt about its success. The CONVERSION %
but part of more comprehensive scheme VIM"
has been patiently worked out by one u '"'
most acute minds in finance. IL may Oe
called that about year ago auehOoh was
rected in this column To certain important D-'
ing Of Texas Pacific incomes, then se"Ihs d'ouN
2S. ard it was stated that the houses ou''"'
them never bought things like tha'-lo' i'N
Pacific seconds were classed among the Cd'S "".
dogs of the market-unless there was SOME '
reason for IT, Al the time nothing couiu "
learned positively, hut 1t was assumed '"a'
some interest was going to be paid-ohe per 80
il was said When, however. the time came
paying 1t. nothing was done; neVertheess w
buying Of the bonds was seen TO continue 49,
have continued to work up slowly Win nv. W.
an important break. from ~ to oi; whl'h ave
price probably represents about what may "
calculated to be their value in the new oo"us'
1t is probable that the scheme OF which "'''
conversion is part. has been over two years u"
working out.
As above noted. the market closed SeS'e'"''
with strength and buoyancy which gives pl0"-
Use of lively times the coming week Inc pe'''
OF money troubles have subsided. althoush
shall have fairly high rates for a time yet "'0'
.-l..i-.,. nro cnrnina, ahnul the winter Mneae,