New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-16
finanrial.
The Financial World.

=, o.. o,o.o n, last week looked foi a dull time
with sagging prices after day OF TWO OF fever-
ishness: this being the customary course AFTER
a smash which cuts wide swath through the
margin books OF the commission houses There
has not been much dullness. however. on any
day: and prices yesterday were all up again. in
some cases higher than the highest made Jus,
lefore the drop. Doubtless one Of the causes.
uerhaps the main cause OF this In that the banks
were and are In easy condition. the standard
stocks are not too high for the dividends they
nav or the earnings reported: and In the more
volatile stocks wherein the worst Of the smash
took place he pools supporting them are strong
and able 70 take back easily the stock they had
sold In these stocks the recovery has been 80
ouick. that while the solid stocks nave been 20
ouiet that Il really seems as H. 10 make money
under present conditions Of the market IL we're
necessary to deal in the most dangerous things
on the list. In other words. take gamblers
chances
The head and front If the dangerous things
will be conceded 20 he Brooklyn Traction. which
yesterday sold higher than AZ any previous time.
Two weeks ago IT sold at 1877 Friday a week
ago al 100: and yesterday AT l3T ex the rights.
being equivalent 20 l39 The experience Of the
two weeks has demonstrated these facts: that
the bulk ~ the stock Is held by Flower & Co..
and this the Governor in a recent interview
says Is the fact that owning the bulk 81 Il. the
market quotations are in their hands; that IL IL
only necessary for this powerful house 70 with
nraw ito supporting orders. and the stock may
AT any moment break as II did before. wnen IL
dropped sixteen points in thirty minutes. mere
fore whether Brooklyn Traction Is to sell al lvo
next week or at par depends upon what the
Governor considers expedient. When il was
known that two large houses had become over
loaded with a certain class OF stocks WIN
dra,val Of supporting orders in all the Flower
stocks sufficed TO force these houses 10 quick
Liquidation.
Az 70 the railroad stocks which are cornpara-
lively quiet II may be said OF most OF them
that they are selling at about the level or thelr
earnings: and unless IL shall appear that ines"
earnings viii much increase over last year.
which largely depends upon the crops. specula-
ton I'm them is not likely 20 be active certain
q them which represent properties coming up
again after "a long period % depression. ought
10 he good TO hold. Missouri Pacific looks Ike
one Of these. Any intelligent trader can pick
out others.
The coal stocks ought 10 DO better Some live
" buying Of Delaware & Hudson yesterday.
both for long and short account is understood
company Is earning at the rate % to 10 per
cent on its stock. partly due to the improved
condition Of the coal trade and part 70 some
radical economies in operation. Friends Of the
property assert that the next year will see the
stock paying per cent again.
The trend Of speculation In the future must
N the nature 81 things continue 10 be more and
more toward the industrial stocks; and one has
only TO glance at the number ~ these already
on the Exchange and the still larger number
quoted the outside market" but des-
tined 10 find their way 20 the Exchange. 10 APP
preciate how large and important a branch ~
the market the Industrial department is bound
10 become. The more important OF these stocks
may be divided into two groups. viz. those
representing manufactures Of metal. and those
representing the manufacture Of articles OF per-
sonal use and consumption. In the former
group have the Federal Steel. the Steel
Wire. the National Steel and closely allied with
It the Tin Plate companies: with aggregate
share capital of about S269 millions These are
listed stocks. There are five other companies.
including the Smelling. and Car and Foundry
companies. whose stocks the way to the
Exchange. and their aggregate share capital is
about S1s7 millions. Total, S456 millions. Here.
it will be SEEN is enough material for a good
sized speculatiOn-all in metal stocks.
OF companies manufacturing articles Of per
sonal use and consumption. there are the
Leather and Rubber. and Sugar and Tobacco
companies. The three first named have their
established place The Tobacco companies have
yet 10 make them. II may be Well for the
traders 20 try and post themselves about the
tobacco trade. as they had to about the sugar
business; for It is certain that there will be
none OF the industrial stocks more prominent
in the speculation Of the immediate future than
the stocks of the tobacco companies These
companies are now controlled by some Of the
richest men in the country and great specu-
lators. The American Tobacco Company the
first to come to the Street. has now a common
stock dust doubled. Of S42.O0OO00 preferred
stock. $14.000000 This company does exclu-
svely cigarette business The Continental Com
pany is an outgrowth Of IT; and its business is
wholly in smoking and chewing tobaccos. II
will have. when the issue OF new stock is for
mally approved on the Dist. a common stock OF
$o0OOOOOO and preferred OF like amount.
1t thus appears that a share capital of $780,
100000 represents exclusively the business in
cigarettes smoking and chewing tobaccos. The
cigar industry is not yet represented by any one
great company. II is probable that OF the two
companies referred to- the stocks OF the Cont
mental Company will be the more prominent in
the speculation. The assertion is confidently
made that the common stock will become divi-
dend payer. and OF large dividends inside Of ten
months. Also that dividends OF per cent will
be paid on the doubled common stock dhe pre-
ferred has not been changed Of the American
Tobacco Company
These companies have no bonds. II is all
share capitalization. Insiders claim that the
preferred stocks will find their way into the tin
boxes of investors the same the preferred
stocks and bonds of good railroads This 10 a
matter OF time however Meanwhile they will
be more or less speculative; and. as before said.
it may be we'll for the traders and others to
learn something about the tobacco trade. so