New-York tribune., 1901-08-04
finanrial.
The Financial World.

LII TINS market no general Dull
seems any way possible. for the present at
least; and discussion must be with every STOCK
on it's own merits. Therefore. while dulnesz
will probably continue to be the prevailing feat
ure for while there will be considerable irraxr
Iarity in price movements.
IL 10 had not been for the bull and bear con
test in the steel stocks the week would hava
been as dull and uninteresting speculatively as
any midsummer could show. These stocks
kept up some decent show of activity and rnors
or less influenced the rest of the list There IS
a strong bear party in this speculation made
up of people formerly connected with certain
companies Incorporated with the T. S Steel
Corporation; and the strike gave them great
opportunity. Their long stock these people sold
soon after they acquired il: what they have
been selling lately is short stock
Between the professionals and the public. tha
steel stocks have come to have a marker so
broad as 10 surprise even the veterans Of ths
Street. I. is possible to buy and sell thousands
without affecting prices great deal; whereas
in almost any other stock, the buying and SELL
ing of hundreds would vary quotations as much
This was once the case with Sugar when the
whole trading and speculative public used IN
trade in it. making thereby a wonderfully
broad market for the stock But people who
know whereof they speak. say that the marker
NOA S4lS StcS4 StuChS DeaIS any JAdt sugar ever
had They are traded in from every part of the
United States which can so much as boast e
bucket shop
When the strike was first declared OF which
event the bear party had good information in
advance, they raided the stocks with such vtgor
as to put the common into the Sos and break
80 with the preferred. The bulls put prices IN
again, and since then the efforts of the raiders
TO smash the market have been met by the other
party, and headed off. Last Monday things
opened with a hurrah. on reports OF the strike
settlement and on the heavy rains which had
fallen over Sunday in the corn belt Ths
strength, however. did not last long On
Wednesday. the news came from Pittsburg that
the strike was not settled. A vigorous selling OF
the steel stocks in advance OF the announcements
prepared the Street for what was coming Since
then. the stocks have been protected by the
bulls. and their buying yesterday closed them
up strong.
Every one at the close of business was ex-
pecting an announcement for Monday morning.
that the troubles were over The visit OF the
whole body of officers of the labor organization
to Mr.. Morgan's Office was the subject of inter-
ested discussion everywhere. There was con-
siderable amusement over the rumors fying
around (as they had for several days) that the
junior officers wanted to make sure that the
Outside Of the steel stocks. there has been a
dribbling of stock on the market from sellers
who are alarmed at the crop damage The
Rock Island gets badly hit. and as the stock is
blocked up considerably. it has had some rather
erratic movements. The party which has it evil
IDENTIFY does not want any more; so a few saIas
put it down several points but as soon as it is
seen there is no more coming, the quotations
are marked up again. Atchison Of course. is
also hit hard; so is the Missouri Pacific Mis-
souri, has been hurt as bad as Kansas The
Kansas division OF the Union Pacific Ohe old
Kansas Pacific road suffers considerably, which
causes some selling OF U. P. stock
II was said there was disappointment at the
official notification that there would be no in
crease in the Union Pacific dividend 1t is not
easy 10 see why. Two weeks ago. or more. Lead
ing directors of the company stated openly, in
positive terms that owing TO the crop outlook.
there would be increase in the dividend In
my Judgment" said one of these, this is
time for any railroad to increase its dividend"
At the same time, it just as positively stated
that there would be no dividend on Southern
Pacific.
\ story has since been circulated that the
Southern Pacific would make bond issue It
will-in two or three years. when it will become
necessary 10 refund bonds falling due.
There has been some little buying of Pennsyl-
vania stock and with it an upward movement
of limited extent made in the stock of Penn
syIvania's controlled properties-Chesapeake 81
Ohio and Norfolk & Western. In connection
with the latter the report was circulated that in
October the dividend would be increased There
is nothing in this The dividend will not be in
creased. The money is needed for the road
Attention was directed last week to Consoli-
dated Gas. Yesterday the stock rose to 223. AS
the dividend it pays is per cent il viii be seen
that there must be something more than the
dividend. TO make the stock sell at such figure
as that. Once before IL rose TO 23S on infor-
nation leaking out of new plans in respect TO,
the financing OF the property. At that time.
however, the buyers were q little ahead Of time
II was not propitious moment for putting
these plans into effect. 1t is reported now thar
the right time is not far off; and some people
think that the stock viii be selling at 23U when
the new financial scheme is announced
A sale of 200 shares of Northern Pacific at 20
during the week, may be said 20 mark the COM
ing down of the stock from corner figures 10
normal prices Any figure over 80 for Northern
Pacific common was due not to the earnings OF
the property but 20 the effort to buy control or
II CUTHBERT MILLS.