New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-24
financial.
The Financial World.

uraI comment would be Of the Il told you So
order The selling for both long and short ac~
count has been large. and the severe break in
| Brooklyn Traction the latter part OF the week
made considerable trouble II has become fash
ionable to sell. as It was recently to buy: ana
every trader the floor has been following the
fashion. The market closed yesterday with as
bad look as it did the previous week, when a
good many frightened people thought that Mon
day morning would bring a grand smash. No
such smash came. The market opened rather
better. with very little business doing; and
doubtless 1t will do the same tomorrow morn
Ing. 1t was the continued bad reports from the
spring wheat districts which caused the market
to increase in activity as day by day went
by. and always at the expense Of prices. Only
the anthracite coal stocks moved against the
| tide, they advancing for time-doUbtless from
some special cause Europe OF course, has been
a seller both on account Of the crop outlook and
because OF the disturbance caused by the
troubles in China As TO the latter. there is
only one end TO It. Just soon as the foreign
achievements arrive, the opposing Chinese
forces be they what they may. viii be swept
away like chaf before the wind; and the news
then will change from the alarmist dispatches
which flood the press now, to news of the whole
sale slaughter of the enemy. When they once
start to run, that will be the end of them. for
there is no rally to these people.
The chances are that the market viii work a
little lower than il is now: and then when the
turn comes it will he rapid and decisive. The
prizes at which the leading abroad stocks closed
yesterday about discount every unfavorabIe
feature in the situation; but something must
be added for the momentum which the selling
force has attained II is this which viii. if any
thing be responsible for whatever points may
still be knocked off current quotations. for tax
ing all the bad foreign news. and assuming the
crop news at its worst. it is common sense that
at the present level Of prices. there is nothing
more to sell on in that direction Exhausted
margins must do the rest.
All attention is now fixed on the crop sit
uation in the Spring wheat districts. but it
seems TO be forgotten that from Texas TO the
northern line of Nebraska. the winter wheat is
now being harvested, and one of the greatest
crops that region ever produced is being
gathered in The farmers there have both the
crop and the price. they get the benefit OF the
high prices produced by the short crop north
The best estimates for that region say half
crop-a thing bad enough in itself. but Offset
considerably by the enhanced prices for which
the half crop can be sold. OF course the rail-
roads will lose the transportation. and 1t Is
logical therefore, that there should be a de-
cline in the quotations for their shares; bur the
decline has already gone so far that bottom
figures must be very nearly touched
st. Paul closed yesterday at 1921. Tt may go
to 1O4 or 100. Burlington closed at 121a4 1t
may work down to us. Rock Island may be
carried down TO par, from the 1884, at which
it closed yesterday. simply by force Of the gen
eraI selling movement, though this road has
good crops. Union Pacific is all right both
to crops and earnings and every fraction
which comes off its present price C4Sl2) must
be set down TO causes external 10 the condition
Of the property. which causes are temporary
only Precisely the same may be said OF At
Gibson preferred az current quotations. The
feeling about Northern Pacific common is mixed.
the bearish feeling it being intensified by
knowledge that the crop damage in its territory
is large. 1t was evident yester lay. however,
that inside support was being given to the stock
a scale down. The trunk line stocks. like
New-York Central and Pennsylvania, Will
doubtless go lower, because many people who
have them have unquestcnahIy been hurt in
other things and viii sell their good to protect
their bad investments The position Of the
B. & o. stocks is too highly speculative for one
to hazard opinion on them
The heavy break in Brooklyn Traction was
probably precipitated by the opinion very
gratuitously offered by Judge Dickey in respect
to the 10 cent fare 10 Coney Island; but it is
certain the break would have had to come
sooner or later. since the stock is not paying
dividends is not likely to for some time to come:
q
prices for non-dividend paying shares. It's break
naturally adversely affected Metropolitan and
Manhattan, which are paying dividends-and
also. for obvious reasons, Peoples Gas was
hurt. 1t was noticeable that Reading and Jer-
sey Central advanced at times when the general
market weakest
The steel stocks-Federal and Steel Wire
are down far that IL matters little whether
they fluctuate a couple Of points either way
from present quotations. All the smaller fry IN
this group. Tin, Steel Hoop etc. are kicking
about with little market for them az any price
and such quotations that IL would probably
be more profitable for any one who is carrying
them margin 10 pay for the shares out
right and put them away for better times
rather than sell them now. As TO the raft OF
stuff which has electric attached TO its title
some of which is listed but most not. not much
can be said in the way Of comfort for holders IN
the present state Of affairs. There is a fair
curb, but they trouble commission
houses for the bank people will scarcely ad-
nit them TO loans at any figure.
Just as sure as the sun rises tomorrow. Il
will not be very long before the men who have
money will be in this market 70 buy, and they
Will all be buying together. There are plenty
of them. There is lots Of money waiting for
bargains Not far from the present level OF
prices, these moneyed men will consider that
the worst has been discounted. and when the
buying starts there will be a great scramble 10
cover shorts. CUTHBERT MILLS