New-York tribune., 1899-07-16
Gndnfidl.
The Financial World.

900: which brings the total of that fund up to
S10.60O.O0O. 1t $i9.3OO,000 in the CORE
spending week last year. The appearance Of the
statement caused a traders rally In the stock
market. mainly from the relief afforded from
certain anxiety that the reserve would be again
decreased; as 1t had been figured out by some
bank statement expert on Friday. that II would
show a loss of $2,500O0O. The heavy decrease
OF $l7 100000 in the loan item could scarcely he
from liquidation in the stock market. for II has
been too duh. and too steady, for that II
probably comes from some shifting OF accounts
in connection with city finances. and the same
with respect TO a couple Of big Industrial promo
tions. 1t is said that certain large loans which
had been made in connection with one OF these
paid of the early part OF the week
The money market at this time. because OF the
low condition Of the bank reserves is a subject
Of such interest that the Street is nervous about
anything which may affect 1t adversely; and
the stock market reflects this state Of mind. Il
was made specially anxious by last weeks bank
statement; 50 when on Monday the City Bank
called some loans it had out. there was a rush
to sell stocks. which knocked prices down in
lively fashion for a while. As this bank is the
largest lender in the Street, it may be readily
surmised what the effect would be II 1t seriously
contracted its loans hence the temporary
fright However the market recovered itself
next day, and for the rest Of the week 1t
knocked about in an uncertain. irregular sort OF
way with long spells of dullness, and wound
up yesterday just about where it closed last
Saturday. In the main it was waiting
ket such as many people had anticipated 1t
would be. Therefore. frankly it is horribly
stupid market to write about
We shall have some reports Of big railroad
good month for them. Some roads which did
poorly in May. picked up greatly in June. The
Rock Island. for example. great showing ig
expected to be made for the month by Atchlson.
1t won't be in gross increase but in net through
reduction of working expenses 1t is notable
that the increase Of New-York Central for June
about $500. .000-made the increase the whole
years statement showed. The st. Paul is ex-
pected to continue its business OF piling up
weekly increases; but there is less talk about
raising the dividend rate than there was.
1t is stated that among the coal roads, Della
ware & Hudson is earning at the rate OF be-
tween 0 and 10 per cent on it's stock. II this
be tr,le-and it comes from good authorlty-the
company will undoubtedly. following precedent.
raise its dividend rate for next year, either to
or per cent This company fixes its dividend
q wear I'm advance from the earnings OF the pre-
vous year.
The traction stocks haze been as active as
any on the list, perhaps the most active Man.
haitian dropped some points from the ngure II
ran I'D to on the reports that Vanderbilt in
terests had taken over the Gould holdings, but
IL has been working back again. Mr. sage was
careful 10 inform the public that SIX miohs
of the eighteen millions raised o electrically
equip the road had been used to pay OH iand
damage judgments, which were drawing per
cent interest. A good many people thought 'h's
interesting item of information was not gwen
ont IN huu the stock on Brooklyn Traction las
naturally been depressed by the abundant dis
cussion of strike possibilities. Every one remem-
hers how serious a concern the last strike was
and the danger of anothc- such AFFAIR as tnat
would have put the stock very low indeed were
II not so largely held by strong people Indeed
the whole market shows by its action tnat the
bie men have the stocks 1t has been frequent
remark Of late in the commission houses that
% stocks were extensively distributed among
the speculative public. the recent Tightening up
Of money and depletion of the bank reserves
would have sent prices down ten to twelve
points.
Rumor is current that the steel wire uireS-
tors will shortly present a complete statement
/
! preparatory to listing the stock. and that Mr.
| Gates is about to become deacon in the First
| Methodist Church of Chicago These symptoms
| of reform have been noted with much satisfac-
ton.
larger trading in and an advance In the
nrice of Amalgamated Copper stock. is held to
mean a nearer approach to closing up some ar
rangements which il supposed would De
| completed about the time the stock was offered
FOR public subscription. There were some
bitches: one effect of which. 1t is said. was to
v,ostpone the listing of the stock on the Stock
Exchange. The stock at present is dealt IN only
i'm the street which for so large volume Oh
shares is an undesirable arrangement For
smaller stocks it is we'll enough In this out
side, market the smaller stocks are at home. IL
is remarkable, by the way what large inv0''-
menus have been made in the stocks OF COM
panies which far have not got beyond
the "cairb" market. The various electric vehicle
sharesAhave especially been bought by large IN
vestor, A sale of block of stock or the Chi-
cago company is spoken Of. which has gone 10
one OF the richest and one OF the most conser-
vative CT the rich men Of the co -. Chcago
,s considered TO be specially good city for the
operation. Of this vehicle, 1t is all built on
prairie level.
Iron Mountain is. were distributed last Mon
day. They had been dealt in previously only
when issu ed" a contract which does not re-
quire any money to be put up. With the distri-
button. the bonds have to be paid for. 1t Is rea-
sonable TO assume they will now work up to
| level corresponding TO their value as security
So long, howtser as the money market con-
tinues a source~of anxiety. this progress VIII DC
slow. The dist. .,Ebuton OF these bonds. the CLOS.
ing up OF the b. o. syndicate operations ana
some other large financial operations, calls 10
mind that all theSsecurities offered to the pupnc
by Kuhn, Loeb &vCo.. have been most prohtao'e
purchases to the buyers. Whatever this grea'
/ house has advised people to buy at the price
. It was willing to SAL has turned out most sat
! isfactory investme mt for the purchaser. Ihose