New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-18
financial.
The Financial World.

week has moved upward to some exten, r.
Improvement has been generally about t,xo
cent. Irregularity has marked the trae,,o,
stocks which have been one Of the most ac,,-.
groups on the list. Third Avenue is I'd Afts.,
points while Brooklyn and Manhattan sta,a
about the same; and Metropolitan Is sevsr,,
points lower. The rapid rise IN Third Avsns.
which became the more pronounced after Re-
ceiver Grants report came out. is generals
credited TO the short interest which had bee,
made in the stock: but there also ruupor,
fiving about that Mr. Yerkes has been borrow
ing on the stock at several banks. the loans Do.
ing made on IT at 80 II Is a fact and no, a
mere rumor that unusual number OF money
brokers have been trying to effect loans on tia
stock during the past few days II would b
easy for stock like Third Avenue to become
oversold OF the s16.OOOOoO there are probably
quite 100000 permanently locked up: and
with everybody bearish on il, 100000 O,
stock could be oversold readily enough The
daily feverish movements in the quotation,
therefore amounting sometimes 20 ten points in
a dav must be attributed mainly this cause
There is nothing in the known conditions % tho
property which could Justify price Of H.
which was it's quotation yesterday hut su,-
fcientiy large short interest might be the cagss
of a quotation at par as readily az one az 30
Brooklyn Traction has remained compare
lively steady and did not seem 70 be affected
TO the extent that might be expected. by the
publication of its last quarterly report The
State Railroad Commissioners had 10 insist on
this being filed. after the company had vainIy
begged for delay The report caused much
comment In the Street. principally because Of
the attention directed TO the affairs OF the COM
pany through the Grand Jury proceedings. II
r,ust he confessed the comment was not favora-
BILE IT is we'll enough that little gang OF what
may properly be designated. the scum OF the
Wall Street gutter. should have been scoopet
into the net Of the law: but the question 10
mooted whether IL was worth while by these
proceedings to set people talking about a com
pany-whose stock had been put up 20 l35 be
fore il paid a dividend-at time when ia
quarterly report shows that less than half Of
one per cent was earned what stands out
conspIcuousIy in this affair is. that all OK TIE
worthless GosIin's sure tip and telegraphed In
side information. would not have amounted 20
row of pins. IL the earnings OF the company
had no. been so utterly out OF proportion 10 thu
market quotations for the stock. As the case
stands you have a fellow again in the clutches
of the police where he has been before; ard
against this you have every office in the Street
wondering how on earth that stock could nave
ever sold up at the prices Ii did
The railroad stocks have been strong in the
face of rising rates for money, that one "a
justified in looking for higher prices for them
as the money market grows TO a condition OF
ease which should be when the April settle
rnents are out OF the way Yesterdays oanx
statement was considered by some as being low
water mark for the season Even II II is not q
srrPh
of bank reserves as TO make trouble IN the stock
market. There may be some check TO the mar
ket for a time but the new currency OUTFLOW
resulting from the refunding Law. viii soon
produce an effect the other way. The varieties
Of opinion among the experts. as to how muea
new currency the law will bring into eNistenes
are many; from which at least IL may De n
ferred that there will be no OutTush-which
lust as we'll Too much paper money would
soon give US an export OF gold; and sold exports
from that cause would soon start a CITY OF aiara
The great reduction IN the loan and deposit
items Of the bank statement were considered 10
have something to do with the Distribution q
the S2oOO0OGo Tn dividends the STANDARD
OIL stock; and il may also be surmised that
no inconsiderable part of this sum. was promptly
reinvested in railroad securities.
In railroad stocks buying appeared largest II
Atchison preferred and Burlington The strength
of the former stock has been conspicuous far
a long time, and is justified by the earnings OK
the property. Its management in these DAYS .
a great contrast TO what II was some years aga
when it was a stage joke in Denver theatres
that a man unsteady on his legs must nave
been riding over the Santa Fe a private 1s'-
ter received from gentleman who has just hsa
occasion to travel over the road. expresses
qualification at the neatness. order and strio'
attention TO detail which now marks every de-
partment of the Atchison. from the smooth ana
solid roadbed to the well managed refreshments
stations along the line. The particular cause
of the large buying OF Burlington is not known
There were the usual refunding rumors. but me
old Is do not fall due for a couple OF years Jet
Burlington sold up TO no last year. and as
things go II is worth that now. Union Faciii'
has stood still 1t is slow moving STOCK -
everybody knows; but it viii get there all right
As the company could afford 30 lose s3,oo1""
from present earnings. and then pay per cent
on the stock. il is not likely that IL viii Iohs
remain hanging around 5O-that being prss
which nets per cent TO the investor Win I-'
5 per cent dividend it is now paying
The coal stocks have been dull. except len
nessee Coal. The directors of the latter COM
pany yesterday put their stock the dv'deha
paying list with the declaration OF a per cent
quarterly dividend. OF the general run OF N
dustrials. there is not much 10 be said for us
moment Sugar has hung in the neighhornO0a
of par since it's dividend cut in hai'eS
The leading steel stocks neglected and a''
rather heavier than apparently they ought 'o
In the general dullness of the market at'ea-
ton attracted by a renewal OF buying nei.
and in London. of Mexican securities. some -
the foreign houses say they the best spse'
lative purchase on the list. One speaks Of y
bnVing or tle~