New-York tribune., 1902-03-30
finanrlaI.
The Financial World.

market than the demonstration that the West
ern contingent were still hard at work on tboi.
specialties, and trying to take profits in cer+af
OF the stocks they were handling, ST. Paul being
one IN so narrow market this is not easv
This party has kept Colorado Fuel wall .. -
front; the purpose being not SO much n 7is.r,h
ute their L-ldinss of t. stock as TO do This g
the compauy's last issue Of bonds yrbt,L -
created just when the public appetite for ra
CuTlties had been pretty well satia+ed IT,
bonds have, therefore. remained perforce in N.
hands Of the first takers. These now 80
emily. think the public has had time 10 5iva-.
the last meal and is ready 10 begin taking foo5
AGAIN Experiment only can demonstrate
whether this be true or not The upward roova
ment in St Paul, which followed the rand aS-
vance in Rock Island, seems to have nothing ba-
hind it but a speculative pool operation A Iarga
advance in a stock only occasionally active
North American. has been on buying by MORGAN
interests The company is a securities holding
corporation. successor of the old Oregon Tram.
continental Company. Of Willard fame.
Shortly before the close on Thursday the coal
stocks had a sharp lift. on the agreement Of thu
labor leaders to withdraw their provisional orsA-
for strike, pending discussion before the Civic
Federation This was taken as further indica.
ton that the matters in dispute between the
miners and the companies would be settled WITH
80 YAM AZ ptlIJS IN controversy
volve so many technical details that outsiders
are not in a position 10 form Judgment on tbar,.
but from the steadiness with which the coal
stocks held through the preliminary disputes
and the pTOmptness with which they raT1fa5 a.,
the first signs OF agreement it may be inferred
| that people who do know. have reason TO ant,cI.
| pate a peaceful outcome of the affair The ont
look for the coal trade this year is first class.
and if there be no interruption by labor troubles
rto. dino -,
substantial addition to the surplus available for
dividends The small amount of second prs-
ferred will probably be distributed into first
preferred and common. as provided in the trust
| deed. after August next.
In the prevailing dullness of the market ths
| little affair Of the Evansville & Terre Haute a
company with S4OOOOOO stock. assumed a
| prominence out Of all proportion to it's impor-
! tance. The road is a connecting link between
| the Louisville & Nashville and the Eastern
| Illinois. The stock having lately been lifted IN
| considerably. and the Executive Committee nav
| Ing recommended in the customary formal wav
| that the Board of Directors declare a per
cent dividend, it was all at once discovered that
| a grave error had been made in the bookkeeping.
| and the directors found themselves unable on
/ that account 10 accept the recommendation OF
| the Executive Committee indeed, II was hinted
| that the solvency of the company was in dues-
| tion. OF course the stock had great trouble:
| as why should il not since the insiders had
| been careful TO get rid of it. and the scattered
| outsiders could not give it market protection.
| There was fusillade Of paragraphs on the new
| slips about the affair Then it came out that
about sixteen years ago cross entries had been
! made on the books of the company erroneouslv
| the one that should have been in the liability
| column being in the asset column. and yics
/ versa. Nothing more was needed TO show thar
/ the same old game was being pIayed-insiders
/ against outsiders. The idea that these alleged
erroneous entries sixteen years old. had or could
! have. anything to 10 with the present earnings
/ OF the property was too transparent humbus
1 10 deceive any one Either the company had
I actually earned the dividend recommended or II
/ had not. Upon that further light is needed At
| present the insiders have the whip hand. and
/ doubtless can make quotations for the stock
/ about what they please
/ The duIlness OF business referred to gave op-
/ portunity 10 watch the course Of the suits at-
/ fecting the Northern Securities and the Metro
! poliJan Companies. Almost the only uoint OF
Interest i'm the metropolitan affair was the decla-
/ ration OF the counsel for the company that the
| earnings at this time were equal TO only 8 per
/ cent on the company's stock. This was not
! interpreted as a bun argument on Metropolitan
/ Securities stock. which is 10 set what Is left
| after per cent has been paid on Metropolitan
/ stock In respect To the Peter Powers suit
there is growing curiosity as TO who is really
the plaintiff Peter Powers himself is expected
10 turn up as clerk or messenger in the Office
I OF one of the lawyers engaged; and the Street
/ is curious 10 know who the important in
! ter5sts" which il was inttmated he represented
/ one good effect of the inquiry characterized
as it was 10y entire frankness on the part OF the
chief witnesses. was 10 make it plain to all men