New-York tribune., 1901-11-03
financidi.
The Financial World.


after the bank statement appeared. The s.a,a
ment was what the Street regards as a bad or
large increase in loans, decrease in slrrpus "a
serve. When 1t came out the rank and file q.
traders sold, and they were throne,
with their selling, which ten minutes or so
& leading speculative stock. Union Pacific ,ua
denly started to advance On large TRANSACTIONS
the whole list was stimulated thereby. and tbs
market closed at about the best prices of the dav
for nearly all the railroad stocks 1t was a cas
of pure professional handling. but its signis-
canoe is that it marks where the leaders are 7,
there were an active and important interes,
avowedly engaged in bearing the market ar th,s
time. such bank statement would have fnr
nished the occasion for lively onslaught Wha-
was Yesterday done on the bull side. viz max
Ing an important stock leader on the upward
tack. would have been reversed. a sudden SELL
ing pressure against it would have sent it down
and correspondingly affected the whole list
We may assume therefore from the way tba
market handled that the leading people ara
all enlisted on the bull side Leaving out those
who must perforce stand there because of theft
previous heavy commitments. it may be sur
missed that those leaders who are so eireurn
stanced as TO choose their position. have taken
their place on the bull side because first the
railroad traffic of the country continues to in
crease instead of diminish; second. because they
believe that the readjustments in the relations
between the important railroads of the West
which must through the Northern Pacific
settlement will have a strongly bullish effect on
the public mind and therefore the market
Assuming the same volume of traffic. increase OF
dividends, it is argued. must result, from the
greater liability of rates
The Street is most anxious now TO know
when announcement will be made that the
vhiC he oF Ia
spring has been permanently settled. II is as
sumed. a matter of course. that such a set
tlement has been practically reached and
there is reason to doubt THAT it has. The
problem is a large one. with legal well
other difficulties in 1t. The settlement will en-
brace rates traffic divisions ownership and con-
troll of the properties as well the purely
financial features. To the remark that it was
a matter which could not be settled in day.
one of the high authorities responded signif-
cantly. NO, and it would be very unfortunate
if it could be settled in day Meaning there
by that if it settled. it could be unset
tied in an equally brief period.
Runor has it that some sort of formal an
nouncement will come this week. This is
nothing but rumor. Probably none Of the peo-
pie chiefly concerned could say to-day exactly
when affairs Will be in a position TO make such
announcement. This. however. may be as
sumed-that the movement of the market will
show when it IS coming. and doubtless largely
discount It. Indeed it may be said TO have al
ready made start in the discounting business.
All the western and northwestern stocks. and
especially those with Pacific in their titles.
should advance.
In respect to the volume of railroad traffic,
there is only one thing to report-it continues
at high water mark or above it, establishing
new records in earnings weekly. Chicago dis
patches also speak particularly Of the immense
amount Of business coming TO the trunk lines,
which have actually had TO refuse grain and
other heavy freights for time, because OF the
PRESSURE OF lighter and better paying freights.
That these dispatches truly state the case, IS
evidenced by the reports of earnings OF courss
back Of this. lies the unpleasant fact that our
export trade is dropping away, and has already
dropped away to a disquieting degree While
ships lie in our harbOrs waiting vainly for car
goes. our railroads are struggling with difficulty
of insufficient equipment to move the fra1no
pressing on them IL is peculiar state OF al
fairs; and constantly suggests the query Whetn-
er the ships will get cargoes first or the cars
get empty. Upon a right answer TO this' oe'
pends the future of the stock market
Before the answer can be given, however. ths
market can have an upward movement anyway.
on conditions indicated above 1t was sIalte1
ont of a dull ret on Thursday afternoon Tneh
the Pennsylvania extra dividend was announced
There would have been no reason 10 douo' tn0%
this extra / per cent was coming had no'
director of the company been quoted some uass
before the other way At this time IasI SeaI' l
nor cont extra was declared: and since then. the
ro,,s,Ivania system has not done anything ouc
,roraoza fts business The extra l per cent
- for
LEGITIMATE expectation: but because OF the oouo'
-, - - .rd more especially because the
1T. i NOW in a pessinistfC mood in respect 10
| ,ha marriott the stock remained inert untI TIC
+t declaration of the dividend was pun
| ,tba5 tbeu II went up There is reason u "
! ,ia-s that the dividend b & .. VIII " IL
| oraacad from { to :, per cent The recent 0U!
| ing Of the stock has been by peopie NHo
| he likely to be we'll informed
| .ha r-eelz.s market movement. furIhsI a.
| ,-o,ces in the coal stocks and the JI'iiY-
| darhIts are to be noted. There are sun
| 49, ,ro,,rd the same nebuIous ideas tEat SUM
| ching bavond the immediate earnings "
nronerties lies behind the buying Wh'Li IS
Gently made record prices for the'" -
central being q case in point From 'n7 a.
so, rces that The bull points come on llie -,
yanderbilts. comes the tip to huy ->e 49,,
c,rt-aI on every reaction, and so tar tie -
tas bssn good The recent advances III s' s
like Jersey Central and Delaware x iiD-es -
gre not surprising. since the anthla1i'7 =
trade is in most hourishing condition anu -
w,v these stocks are held makes II easy -
then, up. Contrariwise, when the ia
duupish. they are offered down one
points between sales just as easily l" 5.s
to the Reading issues. the case IS some L.,,
ferent They are scattered They nave .
1or1rh