New-York tribune., 1901-11-24
fnannal.
The Financial World


was pronounced. We had sent out the -
single shipment of gold on record-so 1ar.a aS'
engage the attention of the sensational -
which had followed another large shin,,an.
days before. The talk had been tha,
would oe 10 to Is per cent in another wao, -
it had been AZ to per cent Then cor,' u
bank statement-and behold instead NJ .
decrease in the surplus reserve there wa.
crease of nearly S4.4O0,OOO: and with !,
crease in loans Of over S13,OOOOOO One.
it was said there was guessing on bank e..
ments-so many uncertain elements enta-as
them. which were still further complicated hv.x
average system, that surprises were tha -
result.
The surplus now stands at S14 5OOOOO
ago it was $12.30OOOO; the year before. ss so,
OoO In these two years we have had soma ,.r
speculation in the Street. So it would seen, Oh.
a small surplus reserve in November is No ,,-,
that bull speculation cannot run high-nay .vsr
run riot-in subsequent months
When the big shipment of gold was mad. ..
the early part of the week, it was said that ,o..
would go out later. to Paris ONLY 500 co.
went; and now the prominent bank.rs ,,,. :,
as their Judgment that no more will zo an, ,,,-
year. In their view the loans that had =, -
paid abroad now have been paid. and vb,..z.'
balance may remain has been extended into -
year. As to the rate for money, a LEADING sr.,
cier remarked. "41a per cent for money a, "a.
time of year is certainly not a high rat.n
The stock market took on strength as 500, =,
the big shipment Of gold had been made Ev,
IDENTIFY in some sections of the circle NJ b,.,
finance, there was quick recognition Of the .,u-
alton and as ready disposition to turn il tn ..
count in the market The public however,
-
hard work to lift prices, for when one a, ,vo
prominent stocks were advanced the rest o, ,ha
list remained inert; and on Thursday mornip,
when Union Pacific declined to 102A the vhola
market appeared to be on the verge of a siump
Before the day out, things had chanras
New York Central had led the way I'D Manh,,.
tan had followed: Union Pacific rallied. and
the Reading issues became active On Friday
the movement became stronger and wider main
iy under the lead of the Vanderbilt and Gould
its force; but some profit taking towards the
close naturally to be expected under the cir
cumstances. made the last quotations somethin,
off from the best.
A depressing influence also was a sudden
break in AmaIgamated Copper on a special dis
patch from Washington that the Attorney-Gen-
eral was preparing to take action against the
company. AS Copper had been the weak stock
throughout in a strong market. it may be In
ferred that the sellers had been preparing for
this stroke. Whoever is hurt by the fall in the
price Of this much manipulated stock, it certain
ly will not be the originators Of the company.
The increase in the number of stockholders from
a few hundred to many thousands. shows US
where they went.
In last weeks article. Manhattan and the coal
stocks. with special reference TO the Reading is
sues, were mentioned promising advance.
The rapid rise Of New York Central when Man
haitian was going up. gave rise TO rumors that
there was some connection between the two
Lease rumors became rife: also that the Central
would make new issue of stock TO be offered
TO the stockholders on very favorable terms.
This also was connected with the advance in
Manhattan How much truth. or otherwise.
there may be in these reports, only the insiders
know. Anyhow. the position Of both stocks
makes them most susceptible to bull manipuIa-
ton, for the most conservative sort OF fnanciers
will tell you that these stocks bound to
reach much higher level in the future, even il
they say now that the tendency is TO ahead
Of time.
A price of over so for Reading stock is some
thing of novelty. but that is what 1t has gone
to. Jersey Central. control Of which is lodged
with the Reading. has gone up largely, and 50
has Delaware and Hudson. The figures on the
anthracite coal trade give the explanation. This
industry is now closely controlled one Years
Of effort marked by many failures. have at laE
brought the various producers into such clas
connection. that central selling agency for al
may not be far off. IN the meantime. the Read-
ing issue. will be likely to hold front place IN
a.
thing of this speculative energy develop In the
Erie issues.
Peoples Gas suffered drop from the new IN
terpretation of the State tax law which the State
courts gave; but this affects solely the ioea'
securities. and Peoples Gas is the only one On
this market A wider interest attaches to the
action of the Governor of Minnesota Appar-
emily this gentleman would seem to THINK lhe
economic future of the whole Northwest was III
grave peril, as he has sent out invitations "
the Governors of several other States 10 nlee'
him in conference. 1t is pretty safe suessHs "
saw that talk will be the beginning ana emu :. -,
matter. There is no law existent. nor any iA..
to come into existence. which limits Ii7
of a holder of railway shares TO sen 'n7 ~
or refuse to sell. or to exchange then' OF !" A'-
give them away, or burn them I'D Il - -,
nIeases In this case. New-Jersey coip e.
offers to buy certain railroad s1ochS 1t
,o,sa-s ,+ n stated price II the holders Gu ao
cboose TO SELL that is the end Of the Ha''e.'
they do choose to sell. that also Is 'Nei
Tbav are not called upon to act as uhi''
corporate body under the statutory i'i'''.- -,
of corporate action. They act, or reius ..r-
=. Individuals in the disposition OF tnef -.
sonaI property There is no Questloi - .,.-n
the state laws. the Great Northern ana Noi'a ,.+,
pacific corporations cannot be consoiloA'sa -.
one corporation: but that is not the u,-s =,
here. which is. can majority of the shA'e
both corporations be legally owned 0s '''
persons? , =, Cover