New-York tribune., 1899-03-12
financial.
The Financial World.

counted out from present consideration in ~
market. so neglected are they as compared ,,..
the industrials. gas and traction stocks IT,
speculation IL all I'm these latter which 0t,..
the market that spotty look upon which evo,,.
body Is commenting The great wave q, h,.,,
speculation took np the railroad stocks Are,
they were the old stand bys: and carried ,h.,-
along until they are now at a very high low,
probably az high as they can go n, ,his ,
when we are between seasons As the foroo =.
the wave wes and is still undimloished 4, -,
70 overflow somewhere. ard IT has flowed 60
into the gas, traction and inGustrials rb,ot
from various causes give wider scope FOR sneo,
lation than old securities about which evo-,,
thing Is known. The present positlon q, ~.
market therefore, Is entirely logical The o,
group Of old stocks which stlll present onno,.
tuniti's for big speculation are the anthr,c,,.
shares; both because they have 80 far hoe,
rather left behind and because the anthraci,.
trade Itself = In process cf Transformation.
With speculation running high in the class y,
stocks mentioned the market has naturally b..
come neryously sensitive. 1t puIsates quickly 70
the declaration Of Sugar dividend. or to a
bank statement: but the declaration u the g,
Paul dividend at the conservative rate Of psr
cent, and Of the Union Pacific dividend AT no,
pated The conservative element IN the Union
Pacific DIRECTORY steadfasty refused 10 be
moved from he line Of policy laid down las,
year as given cut in this column. before the frs,
dividend was declared. Union Pacific preferred
and Northern Pacific preferred are now selling
at the same price: the first paying 3. the second
i per cent II viii he interesting 20 watch the
future market movements Of both stocks: the
h, ,Io
ment the other by aggressive men who are m,
for a Il there is in IT,
a notable transaction Of the week has been
the sale Of $G,0OOOOO Missouri Pacific bonds by
the Could estate to certain rich and influential
men who are understood 10 have taken other in
terests in the property. The estate owned about
G14OO0O0O Of this particular issue and an offer
was made for the whole lot; but Mr Gould
would consent to sell only the amount men.
toned This he did only because he needed the
money in financing the new Manhattan stock
issue The purchase of the bonds means that
there are people interested in tho Missouri Pa
cifc Company now whose names heretofore
have never been associated with II. The affair
is probably outgrowtR Of the Chicago
Alton purchase.
only those in the inner circles can know the
causes for the rapid advances and wide fuctua-
tions I'm Metropolitan stock and only those who
have the deal I'm hand know why Brooklyn
Traction. before It has paid dividend. can sell
close to par. and why II should 60 to 10 before
It does. these gentlemen claim it will out
siders have to take these things on faith, which
is sometimes justified by the event and some-
times not Predictions on the Brooklyn stock
have been considerably more than justified 50
far; on international Paper they have not.
There will be slips sometimes. The Federal Steels
have done well. No one has any right 10 com-
plain of the way they have acted All the metal
working companies will make big money this
year 1t has become almost a matter Of con-
science with us" says Mr.. Gates. Of the Steel
Wire Company. what prices shall ask our
customers for goods. Prices have been put up, but
II only brings in more orders and everybody
wants immediate delivery" The question Of the
rate OF the July dividend the common H.
derstood to be still unsettled. A report current
in the Street-but not here given as correct-is
that the company will be able to show the whole
years dividend on the preferred stock earned in
the first three months.
This however, would not be surprising
suggestive table of yearly earnings for ten
years ending July last is given in the prospectus
of a small steel company whose $4,000 Of
preferred stock Is now offered for sale. II shows
that while the average for the ten years was
S4GOOOO or about per cent on S5O0W0 the
amount varied from II per cent in one year to
23s per cent in another II earned -. per cent
one year per cent the next and lOhi per cent
the year after. This ought to be the 10 per cent
year with all metal companies.
In the list OF stocks dealt in in the outside
Board" that Of the Electric Vehicle Company Is
worth looking after Some notable peope-peo-
pie one would scarcely expect 10 find in sucn
thing-have become interested in the property
They have great ideas Of its future Inls Is the
company which owns those horribly clums!
looking but swift and smooth running electric
cabs which are seen daily In increasing num-
bers on the streets. There is no mistake d"ou'
their great superiority over the ordinary Ho'se
drawn vehicle: and it won't he many years pe-
fore the horse will be relegated to country roauS'
and all city traffic he done by electricity. The
electric storage battery has made this possiple
Warnings enough and 10 spare are being given
about the flood of new industrias ana cohpa"!
promotions threatening the financial Worlp' anu
II these have the effect Of making the lhtehu"e
investor cautious. they are good But ihdlsoi'"'
mate condemnation is out OF place peVeu'
there may be-there are-good. had ana lhu'i''
ent among those new enterprises. Inc '""'e "
do is to make warnings Specllc Nhei'
to be necessary Here is one. The BAKING io"
der Company promotion Is yet In It's hrs' S'ae'
The stock is still TO issue. There are u w
both kinds. $2OOO0O0O. The capltaHzauo" "a y,
the firms consolidated. which this s- s-""o,Oe
represents is asserted To have been F"Vo'VV"
on this capital they are understoon !"
been very profitable concerns To theH o""e
II is reported that the promotion ol "'
company is the work Of banking i'" -.
most notable exploit was the unoad"e o" os,,
public Of the preferred stock OF ''' -.
railroad We may therefore. evolve a ie" 'o
tions based on the painful experience the 0'.
,oI ,,th ,bo, stock which may be formua'ea
as follows: ,,,,, .r-
.Don., he fooled hy the pfiya,, ani ''n'ie""a =,
.,,,,,. -, an in,rc.rg list ~ names q nsiie'S -