New-York tribune., 1900-05-20
financial.
The Financial World.


are not to be measured merely by the effects
on the securities OF the companies Immediately
concerned The influence may be much wider.
In this case, we have TO consider that number
of capitalists We're practically carrying the
securities Of the New Amsterdam Company on
their own shoulders. The public had but
small proportion of them. and they were not
good collateral at the banks The burden is
known to have been very heavy one for some
of these men. spread out as they were in other
directions; and the relief given by the con-
cluded arrangement has been very consider
able For an unavailable asset they have. or
will receive an available asset: that IS. de-
benture bonds OF the Consolidated Company.
which are already quoted on the curb at a large
premium. The bonds may be sold or may be
borrowed on at the banks. In either case, These
people have a large amount OF their funds re-
leased and are therefore able TO give better
market support TO other securities in which they
are heavily Interested and whose market pro
lection depends upon them. While they
weakened by CARRYING the burden Of the New
Amsterdam Company. the raids OF the traders
whenever they bearishly inclined. could
not be effectively met.
Besides this the settlement Of contest ot
which the end could not be foreseen. nor its
consequences fully measured, removes a cause
Of anxiety which affected even people who were
a help to the market The Consolidated Com
pany. or it's managers have been severely
criticised for proIonging the fight they did
People In a position know. say that thess
managers insisted having everything their
own way; but having your own way at a cost
OF $4,000 per day gets monotonOus at last"
and the end has been reached by more or less
of compromise. such conflicts nearly always
do end The Consolidated Company may now
--4I
confess has not been the case since gas was
cut to 60 cents per 1000; and it is left free to
carry out certain comprehensive plans which
the efrectually blocked
The Street is again turning its attention
to the other trade war. in the sugar trade. and
speculating whether not this war has not
been also settled, or is near settlement OF
course Sugar went up when 1t became known
that the other fight was over; but in this there
is nothing one way the other, since there was
a large short interest in the stock. which would
naturally take alarm on such a development
1t is certain. however. that the Street is dis
posed to believe that the settlement OF the gas
fight was not an isolated event
1t was not generally known until Friday that
an agreement had been reached. but enough
people knew it before then to have perceptibla
influence on the market which in the early
part of the week had been very ragged in
still more ragged as the week progressed, had
it not been for the event referred 20. AS it
was there was a very general Improvement IN
prices and in the tone of speculation; and the
closing figures yesterday are well above those
OF the previous Saturday. In the grangers, the
improvement about three points; in Atchi-
son. Northern and Union Pacific about four: In
the trunk lines two to three points. Consolt-
dated Gas up twelve points. In the
fractions, the largest gain was IN Metropolitan,
and it was very considerable The steel stocks
were slightly lower: and the Tobacco stocks
very much The weakness IN these
latter has been one OF the features OF the
market: and they were weak yesterday when
nearly everything else was strong
In the granger group OF stocks. most atten-
ton has been given to the buying OF Burlington
The demand for Burlington from sources usually
regarded indicating that the buying Is for
keeps, has been noted for some little time: and
it had the effect Of stifening up the other
western stocks when the break in Tobacco and
the steel stocks hurting the whole market
The usual rumors Of a refundtng plan were
started early only to be abandoned in favor OF
the Pennsylvania Company buying for control.
About this it can only be said that IL Is very
reasonable thing the Pennsylvania should desire
representation in the Burlington directory. and
a respectable holding of the stock would bs
necessary for this.
We have IL the best authority that the
next dividend on Atchison preferred will be at
the rate Of 5 per cent.
The meeting takes place the first Wednesday
in June-something less than three weeks OF.
Rumors that the dividend would be raised were
current some weeks ago. but they died out with
the general decline in the market The pur-
pose of the directors. however. has not been
changed and an inquiry the other day addressed
to an authoritative source received an afirma-
tive reply. viz it is safe to say that the dividend
will be raised. It is TO be expected that 4
financial statement will accompany the declara-
ton; and IL will be which will surprise all
but those who have kept track OF the enormous
growth in the earnings Of the AtchisOn system
One can speak with less certainty about the
Northern Pacific dividend. which rumor has said
will be raised from 3 to 4 per cent The stock
acts if 1t would: but diverse views are ex-
pressed by people who might be supposed 10
know what it is intended to do. Whether. how
ever. the increase is or is not 10 be made on
this occasion, the opinion IS confidently ex-
pressed that the stock will go up II either
event
In respect to the steel stocks. the best that
be said is that they stopped going down
when the general market rallied Also that
there are rumors of late large sellers having
covered their shorts and begun 10 buy for thu
long account That the metal markets have noe
stopped declining is certain Yesterdays trade
reports their movements conclusive on
this point. But il must not be forgotten that
Wall Street discounts in advance; and thanks
10 the style in which Mr.. Gates rOared out the
unwelcome truth about the trade outlook. the
discounting in this particular instance was very