New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-28
HnanriaI.
The Financial World.


to retain theiI previous convictions as to the
outlook for the future. either on bull or bear
side. neither seems willing at this time 70 do
anything OF moment in the market The room
traders, therefore are left to work things about
as they will; which means that one TO two per
cent fluctuations are made on the passing news
OF the day. This. OF course. IS chiefly war news
While an absorbing topic Of discussion dwarf
ing everything else. It's effects speculatveIy are
limited to the one to two per cent referred 10
For example. on Thursday morning London
went frantic on reports Of British victory. on
Friday morning it fell into despair on reports OF
British defeat. There was an advance OF I N
~ per cent on the first these being the opentng
prices, which were the highest OF the day. Next
day, there was a loss OF the previous dav's
gain, and then the market became stagnant
Through 1t all, business was the most limited
scale Doubtless the small rise OF Thursday
was caused as much by the reduction OF inter
est rates by the Banks Of England and France
that day. by the war news OF the hvz-
terical state Of the British public a leading
banker remarked yesterday: This Is the oddest
war know of. If England were a small State
and on the verge Of bankruptcy. the peopla
over there could not go into wilder paroxysms
over every small military success or reverse
than they do" Doubtless this is one OF the re-
suits Of fifty years of peace Since the Crimean
war. the peace OF England has not been dis
turbed by wars which amounted to much NOR
than our own Indian wars They have been al
ways remote affairs, and except the Soudan
campaign. uninportant. The people have for
gotten what serious war is. They have forgotten
its savage bloodshed. it's alternate reyerses and
successes. and what it is 10 hear that five or
ten thousand men have gone down in a single
hard fought battle. Also. the long peace has
not been productive OF capable generals War
has TO make or find them. This war will have 10
find them; and the present generation Of Eng
lishmen will have to learn what it Is TO drink
blood-or go out of the ernpire-making business
Money will soon be a drug again. TO all ap-
pearance. The reduction of the bank rates
abroad shows the tendency there; and here.
both time and call rates are on their wav
down. Yesterdays bank statement. even
with an increase OF ST.5OOOOO in loans
showed an increase in the surplus reserve
Of over $5.OOO,0OO. which brings the total up to
nearly $30.OO0.0O0. The money movement shows
that, While business continues as brisk as ever
enterprise has been checked. There are no new
things coming out, calling for new credits The
curtailment OF old credits and the frost on thu
creation Of new ones. allows money to accumu-
late again at the financial centres. When the
English Government wants to make it's big war
loans. it viii doubtless find itself about the
reason that no other borrower will be there. be-
cause it would be useless for him to present
himself
While the general market remains dull show
ing the deafness OF speculation there are move
ments in special stocks. The big men are attend
ing to the properties they are specially inter
ested in. while letting other things alone Thus
we See the gas stocks active, Standard Oil Gin
the outside markell going up Sugar going
down; Rubber stocks weaker. because the dry
winter has hurt the company's business caus-
ing some selling Of the stock by those who have
special knowledge Of the trade; Third Avenue
stock calculating because of the financial com
plications OF the company and something doing
in two other stocks. also for special
causes.
At the meeting of the Consolidated Gas Com
pany, the voting Of the stock almost in block
was considered almost conclusive evidence that
IT was blocked up; that is. that the bulk OF
IT was held by comparatively few people, and
these are supposed to be people affiliated with
Standard Oil interests. The conviction is grow
ing in the Street that the final outcome OF the
gas war will be the concentration Of interests
in few hands. Furthermore. the traction com
panies Of New York WILL IL Is seen, be controlled
by practically the same group of capitalists
This does not mean that few men will hold all
the stocks; but it does mean that control OF
these companies will be held by men whose
business and personal relations are so close. that
they may be expected to act unitedly in any
important line of policy. The new additions to
the Board Of Directors Of the Brooklyn Traction
company indicates that that company also is
under control Of the people referred TO. Il was
noted, by the way. that Brooklyn stock sold
down a couple of points after the new Board
was announced. The traders argued that all
the good news was out, therefore the stock was
a sale for turn.
The affairs of the Third Avenue Company
are so far in the way of getting Strengthened
out that Kuhn Loeb & Co have issued a cir
cular letter, in the nature Of a preliminary in
vitation asking for subscribers to the under
writing. 1t is stated that the amount needed.
and the terms OF the underwriting. still await
the final reports of the examining experts; so
that the present request amounts to an in
quiry as to who will be willing TO subscribe IN
case a subscription Is asked for. Considering the
success of this house IN other undertakings OF
a like character and the growing ease or money
there is not likely TO be any lack OF subscribers
1t is more probable there will be something or q
rush for the subscriptions. The past hnanciai
management Of the Third Avenue Company mas
been a fearful muddIe. and the way out OF II
is not vet altogether clear; but II there Is a
way out, the house which has the matter IN
charge may be depended on to ind ID.
Steel Wire stocks has been strong lately on
expectation of favorable developments at to-
morrow's meeting. The most favorable de-
velOpment would be the declaration OF a divt-
dend, and proof that the company had honestly
earned it. Declarations that at some time or
other in the future dividends viii be paid. will