New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-03-02
financial.
The Financial World.

4
lie out of the market, and results in lifeless con-
| ditions so far the standard railroad shares
are concerned even in some which ny pos
sibility could be affected directly if the result
of the prospective litigation is that the deal Is
| declared 10 involve illegal combination 1t
was freely given out at the beginning of the
week that powerful financial interests would
| support prices and prevent a break There was
| little evidence that such support actually
extended, nor did there seem to be occasion for
| It, Material for ordinary liquid tiOn is scanty,
as the publio's participation has been dwindliug.
and it would require good deal more than the
efforts the present style of room traders are able
| to put forth TO shake out holdings of stocks on
an extensive scale. Pressure such as would
have been seen in former days was lacking and
| where prices suffered it has been in the main
| from the scattered selling Of small Operators
| who are tired disguised with the prospect OF
| continued inaction. Quite number II people
| who cut figure in the market are away taking
| a vacation at this time. and conservative COM
| mission houses have in some cases told their
clients that it good inc to trade at
all The Street is not exactly gloomy. hut IL
! recognizes that there is necessity for the exer-
| else of patience and philosophy, perhaps for
quite little while.
There were only two incidents Of much practl-
cal importance. The first the Supreme
| Courts decision that the Attorney General OF
Alnhesotd ndu taken the wrong course IN MS
| effort to attack the Northern Securities deal
! This result was expected, and apparently has
| no bearing on the questions which Will be
brought up when the Attorney General of the
United States begins his action which will
probably he in a fortnight or before the
United States Court in New-Jersey The,other
| incident was the shipment OF s.; 5OGtEdl gold
from NewYork to Paris Thursday. Foreign
bankers have expected this, and the moveuehr
has in fact been delayed. the gold shipments
| in January having been small. while those in
| February showed tendency TO run up The
| general feeling is that we can spare the speC1s.
| as this country is now the largest gold producer
in the world. and will have to meet demands Of
| this kind from other lands. The outflow is
likely to continue during the present month and
the effects the banks will not be favorable.
| Whether the money market will he seriously
| influenced is, however, another question The
general i'm preston is that-ve should have some
| what frmer rates for money protection to
our bank reserves, but if speculation is To be
duh, the money market is likely 70 make
much moment Of the loss Of a fairly large sddi-
tional amount of gold The fact that rates have
not hardened offerings of time money de-
| creased materially S,ive Indication Of the out
come in this respect, and the bank statement
yesterday. which far from being the very
! unfsyOrable showing which had been. expected
also seemed to restore confidence this point
watched. and if gold shipments and other causes
do actually result in appreciable hardening
Of money. there will be real liquidation in the
market, and operators of force and ability VILE
not hesitate as they did this week. in regard "a
acting on the bear side.
II left to itself. in the absence of any disturb-
ing influences to money. the market woUld
continue in all probability TO pay attention 20
the specialties. the Steel stocks and other SEA
[ Ike Wh
not directly subjected 10 the influence OF tbs
/ Northern Securities matter. The Pennsylvania
report for 1901. it may be mentioned. will %
out in day or so. and. according 20 all acA
counts, will make imposing display OF tha
company's strength and earning power Motifs
ing is yet known about the rights" which viii
be issued in connection. with the S50O0OOO0 OF
so of new capital required 10 build the Penu-
syIvania tunnels under the North and East
rivers, and To construct its big terminal in News
York. The idea, however. is that this Will ma-
terialize soon. and that Pennsylvania is stock
which can be safely bulIed on merits and PROS
poets. whatever happens in regard to the Pa
cities. Changers and Southwesterns.
The mention of the latter group recalls the
fact that one Of the few severe declines which
occurred during the past week was in Missouri
Pacific. 1t happened. too when another Gould
security the Wabash debenture "B" bonds. were
being put up vigorously. In fact. some peoples
seemed 10 thinl that the insiders were paying
such close attention To Wabash that they alto
gether forgot Missouri Pacific. and left il to ba
raided on such a pretext the death of M
Marquand. Although he the principal indi-
| vidual financial factor in building the Iron
Mountain road. his active participation in the
system ceased almost he sold his
interest in its stock 10 the Missouri Pacific
Consequently there has been a disposition 70
| find some other reason for the readiness Of MIS-
souri, Pacific 10 sell off. and the most plausible
| EXPLANATION is that people who have been look
ing forward to a big Southwestern railroad
| combination. somewhat like the Northern Sc
| curties deal are becoming convinced that there
is no use in looking for such operation. and
are unloading speculative holdings of Missouri
Pacific That stock supported after the
break but it seemed To he mainly To help the
| Wabash securities. which have been features on
further talk OF the retirement of the B" bonds
The Steel stocks are behaving very Weii' ana
the saying is that should other parts OF the
market develop any decided disposition to break
the Steel shares will be used 10 hold up the rest
1t seems hardly necessary for the insiders 10
use much manipulative energy in behalf of the
Steel Corporations securities. as they are nnd-
ing favor with investors the preferred espe-
cially being bought largely for permanent hold
ing. Their strength has extended to the indie
| pendent steel stocks. like Tennessee Coal and
| Colorado Fuel, and the understanding is that
| the animal report of the Tennessee Coal Com
many will he so favorable that insiders will take
| occasion TO mark I'D the price of the stock. A
| good many people express the hope that IL this
| &c the case the movement will be maintained,
| and not be a repetition of the fzzles which have
| ,s,,au,, baan seen when pool manipulation is at