New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-19
fimantiai.
The Financial World.

|
calamity Ike the hotel fire. or. in the s,,...
as Sugar stock has since Thursday. The suaa.,
whrI in that leading speculative burst ont in,
stagnant market. almost without warning. a.
though intimatlons had come from some sop,...
day or two before that something was com,,.
in Sugar. 1t is certain that the Democratic c,r,
had the tip; for on Tuesday last, the word cana
from there positively to certain Offices. to look
out for Sugar for II would sell at 200 vsrv
soon For a week or two previous to Thursaav
the stock had been churned considerably hr,
without attracting much attention. Therefore
the sudden rush Of buying orders Thursdav
morning for both long and short account and
the rapid rise in the price OF the stock came
largely as a surprise; but 1t was the sudden
Jump from 100 to 40 and the equally rapid
drop back the whole operation occupying few
minutes only which electrified the Street II
also strengthened the impression that the whole
movem, was nothing but a drive against the
shorts: which impression rot removed IN
the large and steady buying Of the stock next
day friday, showed there was something more
solid behind IT, yesterday | thought Il was
bluff. to-day 1t looks like business was the re-
mark Of a bank man.
When the movement was supposed only to
mean trapping Of shorts OF course some one
had to figure az the trapped; and equally o,
course Mr.. Keene was rusred TO the front and
alleged portraits Of him were published in the
afternoon papers with sensational headings
Anything sensational in the market is always
supposed to be- connected with Mr. Keene Now
/ It 80 happened that a few days before. Mr.
] alt do no "A fr and
/ took hold Of the tape when quotation Of Sugar
/ at ~ had lust been recorded and said: This
stock looks like going up. They seem to be able
to pay their dividend right along, and that
means higher prices. / think It's going up"
+ Considering the vigorous way Mr. Keene had
talked when he actually vas short Of Sugar
this remark might be interpreted as meaning
that he had changed his position
The truth seems 20 be. in the case Of To-
! bacco whose frs; sudden upward move was also
supposed 10 be merely against the shorts, that
the short interest in Sugar was not large. Some
there was but the bulk Of it had been closed
out between 1870 and l4O. when !, came to be
understood that the next dividend Wouid De a.
the regular II PEI cent rate
The prediction that Sugar VIII sell at ~.
/ mentioned as having come down from the Demo-
cratic Club last Tuesday. IS now common prop
erty in the Street Nothing had come out up 10
the close Of business yesterday to explain inc
/ buving Of the stock which closed above the
high figure nomentary made in thursdays
/ sensational squirt: but the Street accepts tne
runor that while arrangements win the oppo-
sition concerns may not have been actually COM
/ Melted enough has been done 10 justify INSIDERS
IN buvlrg Oficial denials 60 for nothing a.
/ against the evidence Of the tape.
Usually when some big deal OF 'hls KIM 10
made. 1t involves something more than mere
removal Of opposition New financial arrange
rnents have 10 be made to carry through the ne"
nlans. and when we see stock bought so eager
/ lv as Sugar has been the arrangements may VIC
| assumed TO mean that the stocknoloers are so
ing to get something more than regular u'''
! derd Something Of the kind may develop IN
c,,cor Even without IT, Sugar might easv
90, IN noar 300 in these times as a IL per cent
e,ock which has never failed to pay Its oiN'aeha
loxcert IN one quarter when payment was en-
ioned). and which now has formidaoIe opp0
! sition removed Surprising the Sugar company
has a continuance of the same aDe Hia""e
ment that it has had. what is to prevent II d.
WAYS paying II per cent? 49,
This touches the crucial question. IL - ''e
brains Of the management when nave i''1'
the company the paying institution '""' "
and which have carried ii through s'0'''e'
times than probably ever assahed any o'"e.
large corporation incompetent mahass
would have made the same wreck Vi II ''"'
made Of the Cordage Company
The popular idea at the moment j. '"'' o.,
Won have to do to make big paying '''u''','o'
concern. Is to get together the greatest nu..De.
Of plants possible. and the thing IS "ohe'
ont ~
will be many a Cordage crash come o'' - 49,.
v,horo GRO Won going to find the men competent
10 manage these great manufactures a.,
,,ors9 rbev are very scarce You can hn'
dozens OF men, hundreds perhaps VIM .,.
and can successfully manage comparative.
small plants: but who would ne 'oS' O. -" ~.
Of concerns whose capital was counted !" '"'
millions We have not trained "v M
ve, They will have to be trained al '"e
go. - tho investing public: just as men Ca
nah,e of managing great railroad systems w.
.ho 1ooode from 1850 to 1890, when OUT
railroad svstems were growing rap'"'' -
were some bad smeshes solely BECAUSE '"e 100
cou,d not he found competent TO grasp 'ne ~"
~, -, rrohlen,s which the growth OF the''
svsten,s presented. The right men are So,
numerous now. first class men never az ~.
they can b. had ard the class Is ih''e"'
oors. our railroad men are being ra'seu
ao,,ooi of great systems But how is II !" -"
Industrial world? Where are the men pr
10 be capable Of managing the ~" c., pro-
gregatons Of plants when 'n' 'V ,.a, n.
motors are putting together? BE sure ''@' a.,
rrohlarn Of the next ten years VIII " ~ 80,
these men, and IL - goihs u
Of money to do 1t. ~. re
,,,er,ion being SO entirely absorbed p' "
Go. ,,o,.a,,ert tho market generally was ~
activity appearing only in spots ana '"'' ,..,a.
industrial section The railroads were r,.c.
and their main tendency was do"""a. rra,-
,ion stocks were lively enough brooN'" new
ton going above par. and thereby "'HN'"s diyi.
record for a stock which has not pau ten
nend and Metropolitan ran up and down y,