New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-05
fiuanfidl.
The Financial World.

like an ague NJ. The 1T did not last long. how.
ever. The sudden break which followed the ap
pearance Of the statement brought in a rush ~
buying orders, and the rally was prompt But
it is to be noted that those orders were not
broadly distributed They were for special
stocks
The market has. in fact reached point wher.
the bull force In It IL no longer general az II
was recently; but has contracted. and become
concentrated in certain stocks ard groups OF
stocks. These advance while the others either
stand still or decline. This Is the sort Of marke.
we are likely to have for some time 70 come
II means that various Of the big operators have
sold out considerable lines OF stocks they held
and are either buying others or are standing OF
in more or less waiting attitude
Some u those operators think that most Of
the leading railroad stocks have had all the ad.
vance they are entitled 10 NJ present. and that
il is not wise 70 load up with them again until
something can be known of the prospects FOR
tn, winter wheat crop. Opinion on this point
now Is valueless Nothing sure he known
until the earth has begun 70 warm little and
the color this gives 70 the plants appears The
color shows d0a the plant has stood the winter
The coming week the 81 PAU company de-
clares its dividend and does the Sugar com.
I
dividend will be changed-St Pau viii pay a,
the regular rate Of : per cent ana Sugar at r.
There has been some uneaeiness about Sugar
for obvious reasons II has not quite abated
yet and this feeling has had something 70 DO
with the occasional spells Of weakness the mar
ke has had lately il is notable that Sugar.
which only recently was so scarce in the loan
crowd as IN command a high premium is now
pressed on borrowers at regular money rates
or shade above them. while certain houses
which were lenders Of the stock have parted
with all their holdings-pretty good proof that
they were a little scary 10 what Mr. Have.
meyer intends to do.
Outside the industrials the stocks upon which
the bull feeling is daily growing stronger are
the coalers This group Of stocks have. to a
| large extent been left behind and rather out q
the bull movement. There reason for this
As the movement was founded primarily on
prosperous crop conditions. the securities Of
roads IN closest relation to the agricultural in
dustry were obviously the first to attract specu.
lative attention. The haryests have to be gath
cred and the grain sold. not Of one but Of two
crops. before the industrial revival which this
would give rise to. would make itself thoroughly
felt in the anthracite trade. This in itself would
make these stocks late in moving. just as they
/
addition there were special reasons why they
Jagged: as the succession Of mild winters We
have had up to this winter which made poor
earnings and also a state of internal affairs
among the companies which dehed every effort
to maintain steady prices for their output.
All this is changed or changing. Every one
knows what sort Of a winter II is and has been.
The coal com oanies have found their main diff
dcultv in getting out enough coal 10 meet the
urgent demands upon them. The surplus stocks
| of coal have vanished. The yards are practically
hare all over the country; and the producers are
in the assured position Of having all they can
do for the remainder OF the year in supplying
current needs
As to the regulation OF the trade, It is DIFF
fcult to speak in detail; because Tor reasons
which will occur to any one who remembers
how easy It Is 10 start 4 public howl ABOUT coal
barons" and to throw the State legislatures into
fits over "trusts"-fo such reasons the arrange
ments made TO regulate the trade have been
conducted as quietly "a possible. But as one
party in interest says: We have got the thihS
done so that the anthracite trade VIII be resu-
lated as It never was before since anlhFa'l"
was discovered" The change in the Lacka-
wanna management will he noted IN connecuoh
with this and the new capital going into the
| H.
final arrangements only await the return OF MI
Morgan who is on the way here
Taking all things together We may expect to
see the coal companies making big money this
year and their stocks go up 70 corresponding
prices.
Federal Steel preferred assumed its place on
the dividend paying list on Thursday. when the
first quarterly dividend Of liz per cent was DE-
clared The common has still 10 climb 70 a IKE
place OF honor.
Steel Wire. common and preferred. are acting
well. The preferred stock pays per cent
I'VE regard it as good a bond, says MI
Gates. The same authority says the common u
to go on the dividend list in July THIS Is INC
thing 10 keep In mind. because the buying OF 'ne
stock has this basis there IS nothing 70 H.
What the rate OF dividend will be, II Is perhaps
too early to say: but the assurance Is given 'la'
il will be a rate satisfactory to buyers Oh INC
stock at higher prices than the present. Inv
handling Of the stock in the market mas oeen
good A n aw stock requires. however intrns'a"
valuable It may be- no little skill 10 make i popu'
lar with the speculative community. II II qu"'
a feather I'm the cap Of the house OF He"s"
that they have handled this new slock 30 We"
It seems to he their programme to let s""e
with the general market FOR small FLUCTUATIONS
| back and forth. Whle the main ""'N !.
be upward to that level which the DIVIDENDS 10
be paid will justify. This method VIII "
those wild movements either way which S@'
people very badly when stock Is ne" u w
market. After the stock has become steaa.
dividerd mayor as ia friends declare It WILL Is
| Will take care OF itself. =,
Apropos OF industrial stocks. II may ne sou
that a feeling Of genuine alarm is spresdns
through financial circles at the existing W.. w..
craze to create trusts and combinations -
promoters Of these seem To have their eyes OnE
on Wall Street and are preparing 10 move 'O"
on 1t in battaons with capital stocks 10.
! i'm any number Of millions you please luz
! Ill uerv we'll II makes business Inr uIun