New-York tribune., 1902-04-06
financial.
The Financial World.

formation of the United States Steel Corporation
the moving cause of their presence in the
stock market Their plants were absorbed by
that gigantic concern: they were freed therebv
from that personal supervision of them which
before absorbed their energies; and they had the
money which the corporation paid them Mr.
Gates is looked upon as the leader of the grous:
and the Pittsburg men make UP the solid portion
of it, Until the metal men to the front
great fortunes seemed to naturally associate
themselves in the public mind with railroads
Now it is learned, that the great mining and
metal industries which have their centre at
Pittsburg have been creating fortunes of magni-
tude not before suspected; and the foremost
man of this industrial centre astonishes the
world equally by the bulk of his fortune as the
Iavishness with which he gives it away But
Mr.. Carnegie himself is not in Wall Street.
Smaller men than he. but very rich men, are
They with the Chicago men. have made their
money fast: and they operate in the market
after the manner Of people who have made
their money that way. They are plungers. They
have been plunging considerably for a week
so; and considering what limited public there
is in the market az this time and the sceptieal
temper it is in, they have Gone wonderfully weII
ST. Paul was taken the speculative leader
and the advance in price which they made In
| it between Monday and Friday from 164 to
nous markets had year ago. but it Is
great for these dull times when the work has
to be done against d degree of inertia in the
public very di3couraging to bull operations The
| big rush was made Friday. when $4,000
shares of the stock were done.
The effect on the rest of the list was GER
| tafnIy as much as could be reasonably expected
A general stimulus given to the railroad
shares Union Pacific advanced about three
points; a good deal of business was stirred Up
in Pennsylvania and New-York Central: Louis
Vile & Nashville smartly advanced when
| it was said that opportunity was taken to
| ket some treasury stock; and smaller improve
ment was noted in other parts of the railroad
list. The Gould stocks and the Atchisons. the
latter specially, remained sluggish AS to Rock
Island, since the announcement of the new issue
of S150000OO of stock. the price has receded
somewhat and little has been doing In the
stock This issue is considered to be only
first installment-
Outside the railroad list, the operations Of the
| Western men did not apparently extend. and the
! industriaIs generally were comparatively neg
| lected Colorado Fuel was allowed to quiet
| down. at a lower level and 1T Is said that the
| effort to distribute the convertible bonds has
met with some success. The steel stocks con-
tfnued steady, as usual with little doing in
them. The conpany's first annual statement
giving the earnings month by month. was well
received The controlling powers in the corpora
| ton are praised for dealing openly with tho
public in this matter. This is we'll: but the men
| who control an Industrial concern represented
| by billion of stocks and bonds. are under an
obligation to the public. which holds this mass
Of securities too serious for any trifins or
Juggling with accounts. Doubtless no man Is
| more conscious of this than Mr.. Morgan.
Early in the week a small group Of operators
I-unconnected with the Western men-started
the Leather stocks upward They seemed to
get a little tired as the week went on, OF pos
sibIv the opar atoms else where in the market
| interfered with them Anyway. after a brief
| squirt these stocks dropped back and became
| dull; hut II the Western men can keep the gen.
| eral market active. the operators referred to
ought 10 be able TO carry on their bull move
ment. Leather common is as good as any other
OF the cats and dogs OF the market, and the
preferred stock is distinctly cheap Being some
! thing over sixty millions in amount, however.
! they probably find it little more difficult TO
\ handle than Rutland preferred or ST. Lawrence
| & Adirondack. Less has been done In Anai-
| gamated Copper than was expected. and the
| fluctuations in price have been confined within
| two points. The next dividend is now the ques-
| ton.
The sceptical temper of the public before al
| London advices represent it as being very pro-
| nounced over there. This market gets no help
from London. or from the Continent There
must be some general cause for this. The con-
tinuance of the South African war is most
talked of. but that does not seriously afect u.s.
Undoubtedly there Will be Improvement when IL
is over yet not as much might be supposed
from the hysteriCaI stuff written about IL 1here
is constant repetition of cries about this bloody
conflict" in papers whose old files record ule
sanguinary struggles of the Civil Nar-a Wdr
which in its four years duration exhibited every
possible phase on both sides of courage, en-
durance and suffering almost beyond hlstorlcal
record; war in which the losses in single
battle as that Of the Wilderness, sent through
the civilized world thrill of horror The battles
in South Africa the skirmishes OF thar
struggle. Nations are not tried in the barterins
of goods but in the blood Of men and the tears
OF women.
This however is little apart from the M
mediate market which after the bank statement
appeared Yesterday seemed to get chill VITA
a surplus reserve reduced to less than S3,Ooo.Wo.
there seemed to be near prospect or trouois
in the money market. Possibly this IS due
largely TO the April settlements, and Is trere-
fore temporary. Supposing there be no lh'si
ference from this direction. there is fair cnance
for repeatinc in other stocks what has been
done in St PauI-which stock. by the way, mas
before this been sent up flying into the eos
The coal stocks only await something denhl'o
on the strike matter to start forward; the Ateh'-
sons have not moved yet; there are possinl!lIe'
for several points in the trunk line s'ocNS'
and Union Pacific should be good for much,
or more not forgetting the convertible oonos'
which are safer risk than the stock. Besides
he which