The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-01-14
Wall Street Has Almost Lost Sight
of Them in Excitement Over
Railroad Deals.
CARNEGIE AS TRUST FIGHTER.
His Threat Cause No Little Ulcer
tainty and Aarm-Dividends
Passed or Reduced-Heavy
Gold Exports Assured.

REPCELIC sPEcIAL
New York. Jan. l3.-Wan street is 50 busy
with railroad deals and map-changing
transportation schemes that many impor-
tant things have passed uunoticed Of late.
The present status of the stock market is
peculiar. Railroads are seemingly pros,er-
ous. ard much is heard of the promising
outlook for continued large earnings and
ACTIVITY
But Of the industrial world ana the indus
trial corporations quite the opposite is
heard. Steel and iron trade authorities talk
rather d!scouraeingly. and the threatened
Carnegie competition with concerns that
are now practically monopoIics is the Ia
sis for much uncertainty.
The Tennessee Coal and Iron Company
has passed iis dividend and. although this
may have more or less to do with the stock
market. il was effective. The Rubber Trust
has reduced its dividends: the Pressed Steel
and Wire Company has evidently run upon
Lad times: the American Steel and Wire
Company is about to reduce its common
stock dividends. and there are various other
bearish facts among the industrials.
Nor is general business particularly good
and the slusgishness Of the Industrial stocks
would seem 10 Indicate that even their spec.
UlaJing managers do not see an oqpOrtuni-
ty for bull manipulation. 1t Is curious that
the railroads are going on increasing their
earnings and enjoying prosperity. when the
manufacturing companies are making such
repofts at present.
Heavy Gold Exports Certain.
As 10 Mr.. Carnegis's new position. there
is much guessing. There can be no doubt
that his threat to become competitor with
existing trusts" IL sincere. is formidable
But there Is something rather curious
about his recent announcements.
He has started in by declaring his in
tention To- rival and fight Mr.. MOrgan's tuEe
trust and the fact that this is very s"r:ous,
and that he is really in opposition 40 the
tube company is most loudly proclaimed by
Morgan interests themselves.
The Carnegie attitude furnishes opportuii-
ties for bearish stOck-market performances :
which. in bearish times. would be acEres-
sively conducted. But II remains To be
seen how far the present bul1shness
among operators and traders Will Offset
this and how far such favorable influences
the coming Federal Steel dividend VIII
be effective
Wall street ignores gold export probahili-
ties and dismisses all discussion IN tLat
point with the argument that New l0
could lose $4,000 GO or S4O0gO.Ooo in gold
may lose three times this amount, Tor, in
addition 10 taking Il $20.VQ0VoO loan, offered
for subscription by the BaVarian Govern
ment on Saturday. local bankers are pre-
German Government and a British war loan
OF $50 OO0O.01
II il unlikely. Of course. that American
investors will be asked to furnish all Of the
money needed 10 float these loans. bet a
considerable percentage of the total will be
drawn from this center, and the effect upon
exchange WILL to a certain extent, check
bull speculation.