New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-06
financial.
The Financial World

list became Iifeless. and yesterday IL reached It's
last depth Of dizziness The popularity attend
ing the strongest advance and most rapid move
ments in Sugar was that the general list de-
cllned; so that the suspicion was sometimes
aroused that the fireworks N this stock We're
let Off TO cover selling; IN ether stocks. The sell
ing, however. could not have been very large Or
the market would have gone down more than Il
has Generally. it may le said is present
condition is satisfactory neither % bull nor hear
since Il frags along in uncertair sort 0f way.
and naturally with the trading showing daily
diminishing total II was. thcrr.r1. with con
siderable surprise that yesterday bank state
rnent was found TO snow the eEt~acrdlrary in
crease Of over $4,000 600 in the leans Neither
the business done In the Street. nor aercantile
needs. accounted for this unexpected develop
ment. and the explanation given Is tbat II is
money lent abroad. through czcaange opera.
lions. Money Is cheaper here than IN Europe
leading exchange house calculates thai We may
send out 4O00G0O0 % gold this season; but
that all this. and more. viii come back IN the
Fail
r The Sugar mystery remains as much a mys
terry when the stock first started upward; but
though II is sti1 some ten To twelve points above
the figure at which il may be said The start was
made. Il is rather against the idea 81 settle
ment having been made that the .rading in the
stock has dropped back 70 what nay be desig
I mated, normal pFOpOrtOnS--tnat 3. nFChlnS more
than takes place in it when there IS special
excitement This has suspicious look The
next dividend has been offered 5y some bold
trader at 1 per cent, and the offer was taken
This. however is not Observation-Disclosures on
Sugar has over and over again been the subject
of speculative bids and offers before they wer.
declared. On of the days when Sugar was
specially rampant, Metropolitan had a consid-
cradle decline. 1t was generally remarked that
1T, I,:,L.,
iooded with reports that Keene was raiding It,
vas the fact that he was about mid-ocean at the
time.
In the steel stocks there has not been a great
deal doing. or much change in price This ap-
plies to Steel Wire and Federal Steel \ less
known stock, Republic Steel, has been dropping.
and the wonder IS who the buyers any
price. When this concern was organized, il
noted in this column that the men in the metal
trade said it was put together OF the rejected
remnants of the other companies. 1t is under
stood the organizes were day late with their
Job When the stock was ready for issue the
public appetite for steel stocks had been sat
isf1ed; hence. there has never been. it is as
serted. any distribution Of the stock Poor as the
concern was. however. it is said TO have made
money while the rush in the metal trades was
at its height. Now that the big rush is over.
there is doubtless different story 10 tell-as
evidenced in the price of The shares. II was Of
one of these metal concerns which was claimed
to be earning % per cent while It's stock was
falling below so. that one of the Stock Exchange
humorists remarked-''We had better be careful
here. or the earnings viii cross the stock" In
ternationaI Silver preferred-less known even
than the stock just referred to-had a triffns
break Of ten fifteen points the other day or
course officer OF the company promptly
explained that there absolutely nothing in
the condition Of the company to warrant the de-
cline. 1t viii be remembered how often the like
assurances had to be given about Malt pre-
ferred at its various stages from the Cos to the
20s. or West Virginia coal company. recently
organized with considerable flourish of names
you cip buy the first mortgage bonds in the sos.
and the sellers won't Sickle for point or two
at that.
These various little incidents showing that
the sitting out times have begun. Things organ
ICED to be foated on the top of the wave. are ons
by one getting stranded the wave recedes.
Nevertheless. the things not organized for that
purpose. the established concerns which ara GO
ing doing their proper business. these are not
affected by the wrecks OF the rotten. The rail-
road earnings continue 10 come right along at
the most satisfactory figures, and the rule with
respect to all the old establishments those who
have had their signs out in Wall Street these
many years. is to hear that this one is about t.
increase its dividend, that another is about 10
pay on some contingent liabilities il has
not heretofore paid on, is said Of the
Wabash; that some one Of the giant systems has
bought some smaller property. the Pennsyl-
vania has acquired the Long Island with ac-
complaining advance Of the latter stock. OF thar
some stock which has not hitherto paid a divi-
deud. is about TO become dividend payer. as IS
now claimed for Minneapolis < -. Louis com
mon, which it is said will he so promoted In
July. In the line of bonds small ones il looks
as II there some money In buying Detroit
Macknac and Marquette land grants They are
selling about 29. pay per cent. and can pay
81. There is always a good market FOR them:
and simply real estate proposition they are
perfectly sound.
Missouri Pacific seems some distance away
from getting TO that figure OF 40 which some en-
thusiasts We're predicting for it, CONSIDERABLE,
disappointment was expressed because al the
meeting when the refuuding plan was foruu-
lated nothing was done about declaring a ayi-
dend. The directors however would have mad.
a queer exhibition Of themselves as dnanciers ~
while they We're providing for an additional issue
Of bonds, they mad paid out money sor dividends.
All that can be said % the company az present.
Is that the recent financial operation has put n,
compaAy's finances in cleaner shape than they
have been for many years, and really started
the concern on the way 10 become dividend
payer That with ordinary business prosperity
It Will attain that position in the near future.
may be assumed as certainty. and 10 may pa
added that the people who have lately acquired
so much Of the stock are those who 40 TN frr a
long pull
The outlook for the coming week is unf,rtu-