New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-23
5iuauriai.
The Financial World.

The rapid reaction which the market b.,
the past week whereby prices have racov. -aa
half the decline or more they suffered ~ -
preceding two weeks. Is one OF tbosa -.
rebounds which all know must coy,.
rarely know when. A week ago yes+a-s.
looked as If a reaction was due, so cont,,r..
had been the decline, vet the feeling ~ -
Street was strongly bearish PARTICULARS
was rather openly said some old scores ~.
have to be settled before there was Hl,st.
be turn for the better.
However, the market on Monday was .t...
when Manhattan made its start on that uny.s,
career which TO furnish the Street W.T.,
new sensation. On Tuesday II was known ~.
extensive sterling loans had been made: a.
after this Kuhn. Loeb & Co. set evervbosr
talking by coming into the money market v,,s
large offerings Of time money at 6 per ss-.
Even the wild jumping in Manhattan scarcsE
made more talk than this outflow OF TN.
money. because it was the first which has b.,
seen for quite a while; it was offered AZ ~
more than the legal rate. and it came from >,
unexpected direction. The effect on the stoeE
market was strongly bulEsh.
II would be an error 10 suppose that n,
money conditions at this time are such H..
time money cannot command more than q p.-
cent Higher rates could have been Obtains
for the money which this banking house Is7,
but it seems to be a rule there never TO nal.
loans at rate over 6 per cent-of course Hi,
applies only to time money. On call. thers Il
no statutory figure. The sterling loans sbor.
referred to are calculated to have all cost b.
tween 8 and 8 per cent. They aggregated
probably. several millions Who the borrowsr
were can only be guessed at. When It becsne
known round the Street that the loans had been
in ha
naturally looked for. It being assumed that his
was the raising OF the slnews OF war BY SON.
powerful speculative interest
The assumption vas correct enough Ma,
haitian led the way upward, its advance at c,a
time being feverish as to raise the alan
that a corner had been made-which gave the
market generally a very sudden chill Later
came a rather vague. semi-of5oial announce
ment that the Manhattan would be leased by
the Subway Company at a guarantee Of 7 per
cent. The statement seemed little bswilder-
ing. What necessity has the Subway Qntsrbor-
ough) Company for the elevated road? Why
come in at this time. when the Subway Is a
long ways from completion. TO take on a lease
of the Manhattan?
Because there seemed no ordinary business
reason for Mr.. Belmont putting q Manhattan
lease on the back of his company. which seems
doubted whether the story was true 1t seems
10 be true, however. But It must, be said the
reasons so far given for the action taken, seem
little strained and befogged; in fact they read
as If they were intended TO cover facts which
it was not expedient to make known. II cannot
be possible surely, that the Interurban people
We're made TO swallow something disagreeahef
After Manhattan had gone up twenty points
d34 to 15D. other stocks took up the running.
ST. Paul being the leader. 4 good deal CT ST
Paul was bought recently when it broke lIO, %
people better In a position 10 take care OF IL
than those who sold it-because they had TO. 50
when the market generally had been turned, 81
Paul was in good shape for a quick rise. and II
simply SCARED from somewhere around liz TO
1S1 From the latter figure. which was attained
yesterday morning. It broke back two or three
points. as if the turn was over While these
advances were being made. the whole list re-
spouded more OF less. and the closing figures OF
the market yesterday show substantial gains
over those of the week before.
Both from the low figures 70 which they had
fallen, as we'll as from the outlook for the coal
trade the Reading issues offered as favorable 2
chance as any for a rise; and they appear now
TO be on the way upward. The reports from the
mining regions that the miners and the opera
tors are coming 10 agreement among them
selves without waiting for the award OF the
Commission. Is encouraging to this extent-tnat
II shows that both sides have had all they want
OF fight. and q treaty OF peace made under such
circumstances Is usually good for long period
Anyhow. it will be many a long day before there
is another general strike in the anthracite
regions Thus. despite the large losses OF the
strike. the outlook for the coal stocks is better
than before.
Although 10 most people it would seem that
the market had had a sufficiently rapid reaction
yet IL is claimed that II money conditions were
more comfortable the extent and sweep OF INC
upward movement would have been far heyon1
what II has been II is asserted that the snOl-
interest IN the market is extraordinary I@lss'
or perhaps it would be more correct TO say 'aa'
IT was. a considerable reduction OF 1t nus
have been effected since last Tuesday In MAI
haitian the shorts-who were nunerous-Hs'1'
had a chance to cover except by climbing u
the stock. so rapidly was 1t rushed UP on IHSa-
1t is probable also this was partly the cause y
the way ST. Paul flew up
OF course the question which is eornmehssI
in the Street now is-has the turn come l'F
good? Not yet. Financial conditions are asa-as'
it. But after the heavy liquidation We ns''
had recently. 1t would seem safer 70 guy V1
breaks than it was. Some of these st0eAs
getting down to level where when they Oi'~-
from it. borne down by breaks in other p@.''
OF the list. they are sure purchases Ior 'SNs'
New, outside, aud untried things, repEssSA
ing the belated creations OF the great o0'lI'
had best be left alone. Those who have s~--
stocks are in bad case. The liquidation VIZ.
continues 10 break out at intervals now I@1s-S
comes from people who have taken on oui4S4'
of unnarketable stuff; and have to sell Wa
ever they have for which there is TlarAeH >
that they can carry the heavy load OF the ua-
marketable. How far this extends. can Only
be guessed at; but 1t is one Of the dangers q