New-York tribune., 1902-02-02
finanndi.
The Financial World.

vances. in three stocks: while the general lisr
might be dull. These stocks were Copper. Su-
gar and Metropolitan OF the three. only Cop
per came up to promise. Sugar was knocked
out by the unexpected action of Congress in
respect 10 cuba: and while Metropolitan has e.
corded an advance of a couple of points or So.
it has not done what expected OF It; and
we hear some rather scOfhng criticism OF the
proposed new financial scheme of the company
something about lifting yourself by your boot
straps. The new issue OF stock, however which
is understood to be the first step in the scheme,
appears TO have been about arranged for
Twenty millions is mentioned as the sum OF
the forthcoming issue. 4 trife like this seems
to be nothing in these days, when the loan
item OF the bank statement show an in
crease of. nineteen millions in one week Some
people. however. who have been great believers
in Metropolitan. and considerable holders OF
the stock. getting a little scared at its style
Of financing
The trading in Copper assumed large propor-
tiOns. and was considerably helped by a like
activity and strength in copper stocks on the
London market. The bull argument was a sim
pie one-the metal has seen its lowest price
and is going up. So Amalgamated Copper rose
during the week from IL TO 30 with dealings
which on two days were considerably over
100000 shares and IL closed yesterday looking
quite strong at very top prices. so that
progress into the Sis is looked for the coming
week Large users of copper are reported 10
have stocked up heavily of late. at the low
prices made for the metal
In the general list there was not much doing
during the week. On Tuesday ard Wednesday
the market did have appearance of strength.
and most of the traders became converted 10 the
idea that "a January rise had started, but
some free realizations on Thursday. with slid
ing back of prices. made them think a false
start had been made The buying by London
had much to do with the stiffness of the mar
ket on the days mentioned. IL is plain that
speculation is reviving over there. and the dem
onstration that the peace talk amounts to moth
ing will not do more than temporarily dampen
it. When the wind is rising. the lightest ma
teriaI moves first; and it is therefore natural
that Kaffirs and other volatile stocks should
start up before more solid things move.
considerable effort. it may be noted. is be-
ing made here to induce trading in these South
African stocks-in other words, to make mar
ket for them in Wall Street. II is doubtful
whether il will have much success. The good
stocks OF this group are enormously high. and
the crowd of doubtful about invit-
ing Texas oil company shares. While Wall
Street has such stock. Amalgamated Copper
to speculate in, 1t seems unnecessary to import
ITOIn LOHuOH HlOlt H4dttiidl VI liit Sdiir LIict-
curiaI type.
Nothing much has been doing in the steel
stocks The company's report. published in
pamphlet form on Wednesday. and which will
be submitted to the stockholders at the first
annual meeting on the 18th inst is buIish
document. The preliminary statement pub
Hshed some weeks ago. gave its main features
The main significance of the full report Is that
it outlines Mr.. Morgan's policy in respect to the
company; that is to give full details to tbs
public of the operations of the corporation just
a railroad corporation is by law compelled
TO do. Mr.. Morgan recognizes that institu-
ton of such magnitude the L. :. steel Cor
pOratiOn cannot conduct it's affairs in the dark.
il the public is expected 10 invest-and not
merely gamble-in It's securities. Another thing
the report makes plain that the settled policy
of the corporation is 10 keep the prices OF its
products steady. rather than rush them up on
every wave of market demand.
One Of the things the market is supposed to
be waiting for is the decision in the Northern
Securities case. Possibly II is. but a favorable
decision would not in all proba biHty, he worth
more than couple of points rally. The market
is waiting for public support. and those who
have been and are handling II the bull side,
have to confess with more or less discourage
lnent. that it is hard work. since the public
seems 10 be entirely apathetc- The trading is
limited to the professionals, and that circle is
comparatively small one There must be cause
for this apathy. and it may be found possibly.
in the showing made ny the books of the conf
mission houses.
At this time last year, customers crowded the
Offices and every one had a credit balance.
Anything and everything bought had gone up.
every one was making money. and this tended
all the time To bring in new customers. Then
came the big Spring smash and in day halt
the profits. or all. were swept away Since then
we have those up and down markets in whith
the average trader chips out his money until
he quits in disgust. because his means are
exhausted. crowds Of people who have bought
this. that. or the other stock, are hung up with
it, only hoping 10 get out Some are stuck with
Amalsamated copper. some bought the steel
stocks AT higher prices, others are carrying
various railroad stocks which show loss: ana
so through the list. From these causes. the
circle of customers has shruuk ONES Do net
come in and those left are more or less crippled
or if not that they are scared
Here is abundant cause for apathy and the
expIana tion Of a waiting market" II - walt
ing for the public 10 get new money, not par
ticularIy for a decision in the Northern Secu-
rites case. This company by the way gave
the Street a surprise by declaring DIVIDEND
on Friday afternoon payable Immediately The
general impression seemed to be thar the ar-
tion was taken TO strengthen the company
legal position.
Special movements during the week were
large advances on few sales Of LackaWanld'
and the same in Jersey Central. and quicS
bidding up OF Rock Island. which property Is
now regarded as being no longer the Rock Isl
como