New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-10-06

The Financial World.

part of the public when the publication n, -,
L. 5 Steel Corporations statement failed >.
stimulate the market for longer period tina,
a quarter of an hour twenty minutes H.ra
was an exhibit by the largest manufacturing
corporation in the world; corporation engaged
III the mining and manufacturing OF iron and
steel-a trade universally recognized as the ba
femeter OF business-which exhibit was bettsr
even than had been anticipated, showing large
SURPRISES over the dividends paid-and when II
was given out there was brief rise of point
or so In the stocks directly affected. and then
auiiness On the general list the effect was
about NIL All this shows that the temper OF the
public has considerably cooled down from tba,
bull enthusiasm which gave us markets OF a
million or more shares per day for weeks to-
gether, The commission house customer to-day
is in critical mood He has had losses When
something good comes out, he regards II with
suspicion. He is disposed TO suspect it is put
out to sell stocks on. We have seen this sort Of
thing before in Wall Street.
1t might be argued that the big men are not
prepared at this time to make bull market
which means that they are not disposed to buy
stocks; but that when they lead again, the pub
lie will follow. Very likely But this leaves the
question open why the big men do not want 10
buy stocks. Their success has been in foresee
ing the drift of things. and acting upon that
foresight Perhaps they have all the stocks they
WANT 10 carry, tney see thdt II they started
to buy extensively now. they might find the gen.
eral public not following their lead but was
unloading on them.
Whatever the cause there Is no disputing the
fact now that the general temper of the Street
is bearish, and the big railroad earnings fail to
do more than exert a sustaining force. In a dr.
ferent temper they would be a propelling force
This being the situation of the market which
every one engaged in the commission business
knows from the evidence of his ledger. IT is no,
surprising that while generally dull. with mar
row fluctuations in the leading stocks. there
have been some notable breaks. The attention
of the Street directed rather roughly to
Amalgamated Copper two weeks ago. by the re-
ducton Of the dividend and consequent decline
IN the price of the stock In last weeks article,
it was intimated that the stock having broken
ten points below par. it seemed only right that
the insiders should give IL support.
Apparently they did. to some extent; for in
the early part of the week. Copper was well sup
ported around 90. Indeed it looked for a time
as if this to be it's low figure. Only for
time however; for on Friday IL broke again. and
yesterday got down to S412- There is doubt
the stock has been pounded by the bears every
trader in the room seeming ready to take shy
IT. but II is also clear that the selling OF much
real stock has been forced. Ten per cent mar
gins must have been wiped out at various levels
on the way down from $50.
Copper is now on a 6 per cent basis. having
been reduced from s. Its market price should
be determined on what per cent copper min
ing stock is worth: but while the dividend it
pays furnishes a basis of value investment
proposition. there is no telling what fluctuations
the stock will have in the market result Of
the present speculative operations in IT, They
promise to recall In their wide and rapid sweeps
either way. the early days of Sugar. The latter
stock. by the way has been very weak lately.
and par is sometimes talked of for it 1t is as
serted that the company has had terribly poor
season. from the comparative failure OF the fruit
crop which has cut deeply into the canning In
dustry.
Other rather bad breaks were recorded IN
some of the very high priced stocks. and in the
Junior Vanderbilt securities The recent ex-
traordinary advance in the prices of these sseu-
rites. with the reports accompanying ii OF a
new deal with the New York Central. were dis
cussed last week 1t remains TO be said that
these reports are both reiterated and denied
with equal positiveness. The weeks break in
their quotations gives the denials the main
weight now but the matter is not likely TO drop
out of sight IL is too important. The stocks
of the four companies for which II has been as
serted the n. Y. Central will issue ga per cent
bonds. aggregate no less than LOG millions.
II will be that a financial operation 50
large as this would be- is something in which
banks, trust companies. investors and specu-
lators alike. might be expected TO have a consid-
cradle interest. The subject would be very wide
~ discussed in the press; and already we have
seen that while there is still nothing but ruroTs
about the matter, very strong feeling can be
aroused. An investor having large holdings Of
New.York Central might take the ground that
such an operation would be highly injurious 10
his interests. One holding stocks OF the com
panies to be converted. would see his interest
In having it done. If such plan be really in
contemplation, the point will be to prove that
il will be for the benefit OF both sides. But
as before said. there is nothing TO so on now
but rumors and assertions and denals made
with equal emphasis.
The plan of conversion which the purchases
and counter purchases among the great western
corporations has necessitated-the Northern Pa
cific plan, is said 20 be not far from completion
Interests in Europe had TO be consulted. said
TO be mainly in connection with the Great
Northern Company. the securities on which
are largely held ON the other side. 1t is under
stood that a new corporation will be formed
which will cover the whole ground. absorbing
the other companies. The Union Pacific is also
a party directly In interest. from its holdings
of Northern Pacific The time when the new
plan will be brought before the public is uncer-
tain; but one may surmise that It will not be
when money conditions uncertain and the
stock market under bearish influences
The Atchison directors, who could not get
quorum the other day will hold their adjourned
meeting the coming week. II comes rrohh
sources usually we'll informed. that the dividend
viii be raised from IL to per cent great
many people doubt the expediency Of doing this
buY Of