New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-25
fnanrinL
The Financial World.

. other, Third Avenue affalrS. The former searns
to exert about as much visible influence on the
market as would a yacht race football
game: the latter has very considerably con-
tributed 10 give US a mixed up condition OF
things among large moneyed interests which has
made trouble. An irregular and generally lower
market has been the consequence. II would be
too much TO say that the Third Avenue trouble
was alone the cause OF the unsatisfactory mar
ket we have had. II not But Il was a
powerful contributing When people
whose operations are large enough 20 influence
prices. get working at cross purposes. the effect
extends beyond the immediate circle OF disturb
ance: as other people. not directly involved.
hold off until the trouble becomes less acute
Yesterday Third Avenue stock dropped 10 T41b
and closed very near that figure. The interpre-
tation the Street put upon this collapse was that
q receivership was impending. and that IL might
be announced over Sunday II usually happens
that when a stock drops and drops as Third
Avenue has been dropping. IL strikes its lowest
with the shock Of the receivers appointment
This may be the case in this instance
Probably II makes no great difference whether
the reorganization OF the finances OF this much
mismanaged company be done through the Gus
tomary medium Of a receivershp. or by syndi-
cate operations without one Something must be
done. and that speedily. to protect the property
considering the number Of unsecured creditors II
has who will want to protect themselves by
putting liens II. This might be a fruitful
cause of trouble IN the final settling up; hence
a receivership may. under the present circum-
stances. be the easiest method OF procedure.
Had the managers of the company stuck to
Kuhn, Loeb & Co.. the way out would have been
clear Why they did not. has not at this time
become known publicly; but the common i'm
preston is that whoever was responsible for the
break away. is sorry he did it. The fact Is
much commented on, an example Of the reck
less mismana cement OF the company, that
dividend could be declared on the stock within
ten days of mechanics liens being filed on the
property.
Mr.. Keene's name has figured considerably in
the papers in connection with the business. and
he is reputed TO have been a large loser through
loans made on the stock when it was selling
above par. Those who know that gentlemans
quickness Of operation, however. take leave TO
doubt whether he could be much Of loser,
seeing he had time to discover how things were
going after he had made the loan and before the
market for the stock had become demoralized-
But that the impression does prevail in certain
quarters that he has been a heavy loser may be
inferred from the vehement remark Of one Of the
Metropolitan peopIe-''We have given him a dose
| of the medicine he gave last December.
This remark let's in a little light on the cross
currents running IN the market. When Mr..
Keene was told Of 1t. he smiled dryiy. and said
he hoped his friends would not waste sympathy
him.
While Third Avenue has been going down.
there has also been a decline IN Brooklyn Trac-
ton, Manhattan ard Metropolitan. Some SYM
pathetic heaviness in these stocks would be
natural under the circumstances; but the real
cause Is undoubtedly the apprehension that the
State Board OF Tax Commissioners may assess
the franchises of these companies at such figures
as will greatly increase the taxes upon them
The Board has been increasing the valuations OF
corporate franchises in the smaller cities Of the
State, and will begin their work in this city
the coming week The Consolidated Gas Com
pany is equally involved with the traction COM
panies Peoples Gas went down several points.
quite rapidly one day. from above par. but found
support when 1t struck 90. Bear points on II
came hot over the wires from Chicago, when IL
was said that every politician was selling II
short There seemed TO be a little too much
bear company The selling was accompanied
by rumors that the Ogden Gas Company-the
opposition concern-had been able to raise
money to enable II to branch out. Peoples Gas
NAV go lower but the company is earning over
| 6 per cent on its stock and this ought 70 be
purchase on all soft spots at any figure below
current quotations
Among the prominent fndustrials. an advance
| and subsequent decline is 10 be noted in Amer
lean Tobacco; and a weakness the latter paIN
Of the week in the steel stocks, which is not
TO be accounted for by any known conditions
Of the steel industry. raid on Leather COM
mon one day was set down by the smart guess
ers as mart OF the medicine which was being
dosed to Mr. Kaene. Sugar hangs about III TO
! 1I2 without much doing in il. On Wednesday,
March 7th the directors act on the dividend
| that dividend which Mr.. Havemeyer at the last
| meeting intimated might be in danger 1T
| will be 6 per cent or nothing" is prediction
| credited to an active operator. The stock does
| not at this time act as II it would be either.
but II either comes. Sugar will furnish the trad
| ers with some lively movements to chase eighths
| and quarters on.
The coal stocks have been exceptionally firm
| in a generally weak market. This is natural
The prosperous condition o. the coal trade was
| set forth in this column last week; also the
| views Of leading bankers and railroad managers
| on the outlook for il, and more especially for
| the bituminous trade. this coal being now in
| growing demand from all parts Of the world
Practically. the state Of the trade now is. that
| sales Of coal are only limited by the capacity
OF the seller to deliver. OF course II could not
be that the bituminoUs trade should be so ac-
tive without the anthracite trade being the
same The annual reports Of the anthracite
companies just published show that it is. DeA-
| cts In earnings have become SURPRISES; sur
| pluses have swollen enormously. These things
| are bound to tell the prices OF the stocks OF
| properties whose earnings are made wholly
| or largely. on the carriage or mining OF coal'
| and this includes not only the coal companies
PENNSYLVANIA fo- example, which have great
p4ea Frlyi0