New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-05
finanriaI
The Financial World.


came out when the market was enjoying good
rally n II had come out the morning before
Friday. when slump was in progress margin.
would have disappeared with alarming rapldnv
under the increased velocity II would have given
10 the selling movement And we may Just as
we'll recognize the fact now. that some i'm
portant bull interests have sold out The mar
ket shows IT, No one. however. is a bear; and
though certain lines Of stocks have been realized
on and the foreigners have unOaded 80 tha,
each incoming steamer Is bringing a cargo q,
securities, yet the money realized on the stock,
sold is going into Others Hence that irregular
look to the market which was referred 10 last
week.
Extensive selling was apparent Immediately
after the opening last Monday and the lowest
prices OF the week We're made Friday morning
when a quick rally started and continued un,n
IT was chilled by Yesterdays bank statement
II was not the small decrease Of about 81 s00Do
In the surplus reserve which caused the chill
for that decrease still left it at the high figure
Of 81 millions and more. II the II millions
increase IN the loans That the loans should
increase while the market had been declining
was pulling Anyway the traders seemed to
think the big increase In one week a bad
omen and they hastily threw over their stocks
causing a rapid recession and rather heavy
close. Bank people. however did not seem dis
turbed The dominant feeling = some seemed
to be disgruntement over the continued low
rates for money. ard wonder at the unprece-
dented volume OF deposits. whicA amount to M
less than $50 millions Nothing Ike il has ever
been seen before. and the gold vaults n the
Clearing House are filled % overflow with bull
ion. This is a physical fact. one bank presi-
dent instead Of being worried by the size q the
loans was inclined 70 grumbe al the size u
the surplus reserve. Thirty seven millions"
said he, is a rather large amount 70 have lying
idle, with no better rates for money than ga
per cent to make a living out Of"
While the market generally was IN a mix I'D.
Metropolitan went up and Manhattan went
down The leaps and bounds by which the
former advanced reminded che u some of the
performances in Standard Oil It looked as II A
corner were about TO develop. but the report is
that another melon" Is about 10 be cut one
is inclined 10 ask II the Metropolitan people have
found a gold mine. Of Isabella richness. in the
streets Of New York Their stock sold az 23J
Yesterday Manhattan went up while II was
rumored that the electrical equipment scheme
was approaching frution selling above III
and when it was known that the scheme would
necesSitate an Issue on - hiilIlDnS 'l new STOCK
it dropped back. selling at III yesterday
Doubtless there some short selling on the
idea of tine greater supply Of stock, and doubt
less, also. there selling by people who ex.
meet 10 take a considerable portion Of the new
issue, and willing 70 market some in sd-
vance OF course il has already cen arranged
how much Of the new Issue the directors ~ the
company will individually take: what amount,
the general body Of the Manhattan stockholders
do not take will be taken boy a syndicate headed
by Kuhn. Loeb & Co The price is par When
a house so thorough in its investigations and
so conservative and careful in its management,
as Kuhn. Loeb & Co. are willing TO buy Man
I haitian at par eess Of course the customary
bankers commissicn) it may be assumed that
par is bottom price for Manhattan. II that
house did not think so, it would not be buying
II there II is something Of new departure for
them 70 do anything in a pure stock transae-
! ton; aud on that account they doubtless have
been extra careful in making their search for
bed rock value
incidentally, 1t may be remarked that New
York Central holds amazingly strong for a stock
which has only a per cent dividend to support
IT, Of course there Is no truth in the rumors
about that consolidation scheme. for have they
not been officially denied. still, II is curious
how strong the stock holds.
The coal stocks dropped back when the gen.
eral market fell. and probably will have their
full share in its future fluctuations; but peopls
/ who are excellent judges OF such matters con-
! tinue To buy them on reactions. on the theory
which has been JUSTIFIED 10y past experience
| that the anthracite trade must have us fuI
share in the expansion Of commerce ana indus'
| try which is coming on the country TO THIS
natural movement there will Doe added the I'M
| provement derived from the regulation OF thr
| trade by the consolidation Of hitherto more or
less antagonistic interests The coming change
! in the directorate Of the Lackawanna road Is
an important step in the direction Indicated
Among the Industrial stocks there has been
! rather a lack ~ vitality in the Federal stees
and exceedingly active trading IN the steel Wire
| stocks with an advance Of five or six points In
! the common for the week. II is difficult for peo-
pie not actually in the metal trades 10 appre-
! cate the enormous demand which has sprung
M for all varieties Of metals Boston has gone
derious with speculation in the copper stocks
bat the eager demand for the metal at prices
higher than ever were heard Of even in the
famous and most disastrous French syndicate
SPECULATION. seems To give solid basis 10 TINS
apparently crazy speculation The IRON orc
sales Uhs applies TO the Federal steel COM
pany) have been more in days than In moh"''
in former years The Steel Wire Company i
getting orders from Australia, Japan twhlch was
never heard OF in the markets five years as"
and South Africa. II Is turning out ~ H'''s'
OF woven wire fence daiiy-this in the winter
and is 80 days behind its orders. II has sihs''
contract for 1000 miles of barDed wire i'o'"
Australia and is now negotiating coh'ra.'
for wire for railroads in South AFRICA WHY"
will when completed. be the largest single o'u''
for wire that was ever known 10 the Tade'
These things give u some idea consiue''He
what barometer OF industry the metal ua''.
are. OF what was meant when II was sau 'A''
summer that the country was about To enter W
an era Of industrial and commercial eNp"hS""
greater than this generation had ever seen
The market has been somewhat aEsc'eu "',