New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-29
finanrial.
The Financial World.

with the wild craze II did last Monday r,.,
was like a panic with the difference that II va,
panic RICE instead OF a fall. II Ia not easy 70
recall similar opening except on the rare coca
sions when something approaching corner has
been sprung in two leading stocks This
was done once In the Northern Pacific stocks
and twice at least in Lackawanna in the dav.
when that an active trading stock In each
instance II was engineered 10 stampede an enor-
nous short interest: but last Mondays opening
was simply a spontaneous public ou,burst-an
enormous rush Of buying orders from all parts
OF the country: large majority Of them, prob
ably lat the market" when seventy millions
OF people are all running one way. surprises will
happen.
Here word OF caution may be addressed from
inside the brokers' ONCE 10 out OF town clients
Don't telegraph your orders 10 buy 10 sell at
the market" that IT, without specifying price
II IS safe in quiet times. but most unsafe IN
times Of excitement. either I'D or down The
best form is one like this: buy sell 10n X
Y T. no; above or not below-whatever figure
you are willing 10 give or take. Neglect NJ thi.
precautIon landed some people with Canada
Southern at 20 last Monday morning. and Pan
handle At IS
7, is only fair 10 say that the people behind the
latter stock were taken entirely by surprise and
Il certainly no desire of theirs that should
skvrocket that way as everybody knows this
sort Of thing makes difficult the subsequen,
handling Of a stock In the market They De-
clare however that no one who bought the stock
at any time last Monday will he A loser II he
holds on. Those who paid 20 FOR Canada South
ern may console themselves with the reflection
that IN the 1880 tmes-and we bid fair 70 90
far ahead OF those speculative days-Canada
~. = 1~F
and one fine day spurted 10 90
The market continues to show the same move
ment that was noted last week-realizng IN
some groups Of stocks causing them 70 De COM
parativey quiet and tend lower: while new buy
ing goes into others. In this way. the market
occasionally takes on an Irregular look The
/ total volume Of trading continues so grea; that
the machinery OF the Street has broken down
under It. Clerks are working day and night
clearing house sheets are hours behind time and
there is considerable confusion. All this where
barely two years ago we were almost starving.
/ For the coming week there are indications
that the coal stocks will occupy a promlnen.
position AS noted last week these stocks
were among the last to swing into the great tide
Of lsS0-s1 because the industrial revival which
began In 1870 Ghe trade news In the papers now
reads like a repetition Of that time on a grante-
/
comparatively late, and this kept the stocks
slow. They went fast enough afterwards The
anthracite trade now IS just beginning 20 feel the
rising current. From Chicago we get dispatches
/ that an advance Of % cents per ton has been
ordered for February lst This will be the sec
! ond advance We are not likely 10 hear much
In these quarters Of the details OF the new coal
! combination The effects will be shown in the
earnings OF the companies. Speculation won't
walt till these larger earnings are an accom-
pshed fact. and therefore as news everyoody's
property. 1t will anticipate them. as II always
does; and may expect to see the Goa.
stocks TO the front without much delay
The Southern Railroad earnings are making
good showing The reports show that 3 per
cent has been earned the preferred stock in
the first half Of the fiscal year. This IS the
effects OF good management on rising tide OF
business. The stock may not be as active as
some others in the market. but 4 Is safe TO bet
on President Spencer and General Manager Gam
non. They are first class men, and will build up
that property.
The ST. Louis Southwestern securities did not
do so badly. The preferred stock was decidedly
lively Yesterday. The first mortgage As are on
their way 70 30; and the incomes ought 10 be
good speculative purchase for ten points or so.
Chicago and Eastern Illinois which it Is calcu-
lated will give IL very large increase OF traffic
and the great advantage OF this is, that it Will
send down the road fully loaded cars which have
now 70 be run down empty TO bring UP freight
In other words, its trains will run loaded both
ways instead Of only one way This explains
/ why the Flower poole have been buyers OF IS.
/ securities
/ International Paper has not moved much yet
! 1t will. Governor Flower has shown what the
earnings are and has said that In his judgment
they justify higher prices for the stock He
has said positively that the stock will go up
and the Governor is not the sort OF man who
goes back on his word.
In respect to the Federal Steel stocks an I'M
preston has prevailed in some quarters that the
Federal Steel Company and the American Steel
and Wire Company are likely to come into COL
l!son. This is entirely erroneous. Both are
very large corporations, both deal In steel out
| the finished products Of each are wholly clr-
feren,. They occupy two distinct fields and the
companies could only come into collision by the
directors Of each going out Of Their way 10 seek
| a fight. This they are not at all likely 10 90
both for public and various important private
reasons The principal products OF the federai
Steel Company are still billets and rails; OF the
| American Steel and Wire Company nails ana
every sort and kind Of wire This latter is and
always has been an enormously prontaole manu-
faeture. Every shape in which wire appears
barbed wire plain wire woven wire all ana
everything come from their mills; are known by
their respective trade marks and the methods
| Of manufacture are covered by a library Of pat
ents II is the established trade marks and the
! patents which make the company so securs
against outside attack and az numbers OF THESE
patents hold abroad the company has Dig
| trade in England. It's London office does busi-
ness Of from twenty-five to thirty thousand dol
lars per day
the advertisement OF the underwriting
bankers tells. the company is In progress OF en-