New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-22
financial.
The Financial World.

buying TO cover shorts since Monday last sincs
with frequent dull spells the buying was nor.
sistent and the improvement in prices had no
setback except on Thursday afternoon, when
there was a sudden slump. The loss was re-
covered next day. and further strength de-
ve,oped Yesterday This. be It understood re-
fers TO the railroad shares mainly In the In
dustrials. there WAS little improvement except
In Sugar. which IS now so old established 4
security that Il is not considered in the class
usually understood as industrials Among these
latter. every week develops some new weak
spot Glucose Is the nntest addition this s,oc,
falling the past week much Malt fen the
week before
The advance IN me railroad share list va,
singuIary uniform. il being Just about two po-
cent for the week: bur there was an eacep,ions,
advance in New York Central ~ i've per cent,
The rise in Central really made r. the leader q
the market aud contributed considerably %
advance the whole railroad list. The cause o.
the buying is said to 0e connected with n.
merger Of The Wagner and Pullman companies
"a consolidation which has been on the cards
for time since I; is certainly over ;vo
months ago that holders Of Wagner stock got
a hint that something afoot which would
make Il advance considerably. More recently Z
was given out that Pullman was big purchase
and It was. as at that time the stock vas SELL
Ing thirty points or 50 bc,ow present figures
Neither Of these stocks. however, are in any
sense speculative. and therefore not OF interest
to the average trader. Tho idea that New York
Central was to gain something through the
merger. sufficient to start trading IN that.
a. Central IS q fairly active stock There seems
to be always some thing going on in con-
nection with It. since Mr. w. X Vanderbilt took
charge. II is claimed that tho stock will
eventually sell much higher Mayhe the Nickel
Plate will eventually b. swept into the Gen.
trails all-embracing arms
While the old established stocks have found
buyers both for long and short account, N.
situation as respects the newest creations ~
the market remains as stated last week.
Whether the public appetite will be whettei
again. or when It will ne II at all. IS guess hu,
Just at present there is sense % surfcit This
Is so palpaby the case that certain new trusts
which were planned to be brought ont in The
Fall" which would be about this time. az IN
definitely hung up. much to the discomfort ~
the people upon whom they are hung. one con-
Germ. which was rash enough TO recently oT,r
an issue Of bonds 10 the public, got subscrip-
about one-twentieth OF the amount offered
A substantial help to the market VAS n.
action Of the Bank OF England in reducing rs
purchas sing price OF eagles This at oncs
knocked out the contemplated exports O, gold
1t had been rumored that gold would soon go
out. and It was expected that the Bank in order
to draw money would pay interest on the ship
ment If this had been offered. the money would
ever Of all who were not in the inmost circles ~
finance. the Bank not only aid not do this b..
1t went a step farther the other way. Cable
advices from London intimate that arrange
ments had been made not to disturb the New
York money market. IL this be true. and the
statements to that effect very positive II
will account for the buying Of stocks By certain
big houses. which otherwise would seem strange
with the bank reserves here down to the legal
limit The banks certainly would hot seem 70
be in condition to stand the double pull Of a
drain of money to Europe. while the Western
demands are still. apparently. not wholly salts
fed
The question Of the return 81 money 70 this
centre after the crop movement IS over, IS one
Of considerable interest. The unprecedented &C.
,ivty Of business. as disclosed In the bank ex'
changes. is a bull argument but 1t has its other
side. so far az speculation IL concerned, In that
II keeps the money distributed that It's re-
turn TO the financial ltrcs in any large de-
gree Is a slow proc -, ,.s time last year.
the bank surplus &c., Nr. .yor sos 000W0
Now It Is a little vN~r rn million. Big bank
reserves TO draw Up'r atty provocative
OF the fotation OF n,A mt 81; rises but with
the distribution OF these o'ev the country to
take care Of current trad. speculation must
proceed cautiously even with tia old ones II
is difficult TO see how a SHARPLY rising stock
market at this time would not promptly send
money rates up TO 80 and 40 per cent again
Much Of the rise the past week was due 10
the covering Of what must have been a ver
extended short interest. Not a little OF this
had been made by commission houses during
the pinch In money selling stocks they were car
rying for customers. which Of course had to %
bought back: and which probably were bought
back hurriedly soon as the market gave IN
mistakable signs Of advancing. London was
considerable factor on the bull side: not only
through the action OF the Bank. hut through the
buoyancy resulting from the Transvaal war
news.
Indeed II might Do supposed from the rapid
end extended rise IN the Kafir shares over
there. that the route 10 Johannesburg was al
ready good open. and that the stream OF
gold (nearly SS0oO.O00 per month"; was ready
to pour out again into the channels OF trade.
But the route IS yet some ways from oeins
opened. and Kaffirs may slump again. They
probably will, for the Wild rise was due as much
to a sense OF relief in respect to the inyinciole
Boer" an to anything else. The memories OF
Matuba Hll on both peoples, filling one
with an intoxication OF prowess and the other
with a sense OF apprehension. When the bloody
fight of Glencoe disclosed the Boer. in any but
his own system Of guerilla warfare. as no moro
invincible than other men. the sensation OF re-
lief was shown sentmentaly In the wild
buying Of Kaffr shares as in the Wild cheering
around bulletin boards. But Glencoe Is quite
long distance from johannesburg. There VIII
10 Nled along tia rnuta. ana