New-York tribune., 1900-08-19
financial.
The Financial World.

a fiat. spiritless way suggestive Of duIlness
with sagging prices. The first part OF the wssk
it was strong. and about Thursday some OF the
bigger traders took advantage Of this to unIoaa
what they could conveniently SELL and there
after there was slow decline. The amount -
stock sold was not large. but II was enough.
for there is only a very limited public in the
market and therefore not many to take tia
stocks when the traders sell On the other hand.
these conditions are against decline OF more
than a point or two. Thus you have what 4,
called traders market-after 2 points I'd. u
down.
II is difficult to say how much either the buy
ing sellng-what there was OF twas in anv
way affected by the news OF the week Mr.
Huntington's sudden death did not cause a
ripple; the gold exports. the news from China
and yesterdays bank statement. seemed 10 ba
received with the apathy. II Mr. Hunt
ington's death had occurred IN the same wav
some years ago. when he was one OF the largest
borrowers Of money in the country. IT Is certain
the stock market would not have received the
news in the impassive way IL did the past week
There would have been a spasm such as han
pened on the announcement OF the sudden death
of Governor Flower. 1t is not 50 much how
large a mans interests may be in the dnanciar
world. as their special relation to the market
which determines the amount OF disturbance
his death may make Mr.. Huntington's interests
of late years had been largely turned over %
the care OF powerful banking firms and syndi-
Gates; and it is said that when he died he was
a lender Of money. instead OF the heavy bor-
rover he used TO be- There was. therefore
nothing in his death to cause sudden disturb
ance- When Governor Flower died he was the
recognized head and front OF wild speculative
movement, which was at it's climax, and IN
which the prices OF many stocks had been car
rted away above what their intrinsic merit
justihed-Brooklyn Traction being the leader
His sudden taking off. therefore. knocked the
king pin out OF the speculative structure. and
the collapse was immediate Yet Governor
Flowers interests as a capitalist were at all
times only small per cent OF Mr. Huntington's
gigantic operations. If both men had died ten
or twelve years ago Governor Flowers death
would have been without effect on the market
while Mr.. Huntington's might have caused
something near panic.
The Southern Pacific system may be said now
to be in the control Of the bankers. They
have the securities. II is out OF the question
to suppose that the public holds the 500
millions Of stock Of this road. In the same
way that st. Paul. or Burlington or Penn
sylvania is owned The stock is held in blocks
and now the block Of Huntington stock win
have TO be taken care Of There is a long puu
ahead OF the people who have to carry the load.
and probably weary pull As a railroad sys-
tenn the Southern Pacific is still in its infancy.
The prospect Of dividends on the stock is rather
distant
The annual report OF the Brooklyn Traction
Company was not received with favor BY the
Street The stock declined. and probably the
traders would have jumped on it with euthu-
siasn were they no, afraid OF getting twisted
through the making Of an excessive short in
terest II is noted that this report which hg-
ures out little over I per cent earned on the
stock. covers a year which the last rsport
claimed would show not less than { Per cent
earned; and the feature Of a floating debt was
much and unfavorabIy commented On In fact
the feeling in the Street in these days is SO ad-
verse to Brooklyn. that II may be said 10 have
no friends outside of the immediate circle OF
the directors. Everybody seems down On il.
How 1t would be with change OF management
Of the property, is a question. The call for such
a change is getting pretty distinct.
Discussion OF the bank statement. which
proved TO be very much what had been antici-
pated. has reference mainly to The high figure
at which the loans stand. The Street is art 10
get uneasy at times when it looks at the record
breaking total 1t don't seem TO accord with
the acknowledged facts OF a general Slackenins
of trade. The increase the past week is ac-
counted for by operations in connection with
itself; but how it happens that the loans should
remain at high water mark so long, in the face
OF falling prices for commodities. reduced vol
ume OF business, and considerable decline IN
the quotations for al classes OF speculative
securities-this is still puzzle. and none OF the
bankers even have been able TO explain it
As noted above. the market received with
apathy the news from China. 1t took very little
note Of the original outbreak there and there
fore its indifference TO the news OF the rescue
Of the legations was logical The inference is fair
that the class of people who own securities were
never much disturbed by the alarmist outcries
about China; and that despite the public cIamor
they saw with reasonable CIearness that nothing
had occurred indicating China 10 be more OF
yellow Terror than it had ever been. A nation
formidable in arms does not begin to show itself
such by riotous attack on all the foreign am
bassadors at the capital That very event. the
start OF the whole trouble. was in itself con-
elusive evidence that it was same old China
We were dealing with: and, just as on former
occasions, when the first line or defence was
broken through there was practically nothing
behind. Wall Street now is much more con-
cerned as to what policy the Government viii
pursue in the common settling up. wherein all
the nations are concerned The general desire
seems to be that the Government shall show
no favor TO any propositions for partiJioning
China; but shall insist that. in any event there
shall be no closing Of its ports to our trade
There must be no more Port Arthur business
the doors must be left open 10 all Incidentally
it may be added that the Government is praised
on all sides for what II has done so far in this
China affair.
In respect to domestic politics. and their in
huence on speculation. it is becoming apparent