New-York tribune., 1902-07-13
financial.
The Financial World.

| the market had quite little spurt and cl0rSs
in way which indicated an intention on -,
! part of the men handling it to put il hisbs
Monday. AS it is now. the market is so narro
that the few active stocks are worked bv -.
or three cIiques so that manipulation is co-.
parativeIy easy. The commission houses e..
not in it, They doing only a limited bps,
ness which is unweicome evidence that -,
| public are not taking much part in specpIa,,o.
I The main features the past few DAYS b.-a
been the large buying Of Missouri Pacific ana
/ the marking up Of Rock Island stock on va.
small transactions Sales OF 100 share lots
k full point apart have been common and a pr,. +.
( Of 1872 was yesterday recorded The purpose -
/ this marking up is still mystery. To sen f,a
stock at such figures would be an impossibilitv
Any attempt by the pool who have it to resI,,.
! on their holdings would break the price as
/ astrously-a fact which they know better tina,
! any one else It must be. therefore. that tha
making of these remarkable prices-and n 4.
/ claimed that figure Of 30 will be nade-ss
/ precedent to the announcement OF some schana
which at present is known only to a few IN
siders Meantime the Street wonders but an
parently takes no part in the game. 1t Is an
/ left TO the Moore Brothers, and their banking
/ associates. Mutterings about the famous Dis
mond Match speculation are occasionally heard.
but probably the gentlemen who ran that have
/ learned wisdom by experience; and anyway
! the financial atmosphere Of New York Is nor
| favorable for that sort Of speculation, at this
time at least So we shall have to wait ard
see what thing is forthcoming which can
make Rock Island a marketable stock at l92 .
or 210-one figure being as good as the other.
The buying of Missouri Pacific is reasonable
enough. 1t Is a growing property and the cron
situation in its territory. and that Of the NJ, K.
& T. is excellent. The Government crop report
showed that the section from which the Mis-
souri, Pacific draws its main traffic was little
the best off Of any reported upon. II the stock
worked up eight or ten points above present
figures while harvest reports continued to come
in favorable. it would be nothing surprising
The same crop reports have encouraged the buy
ing of Atchison common. which is now again
sell up in the sos. where it seems to require
good information or good courage to buy IL
But We recall the repeated declarations Of promi-
nent directors Of the Atchison that they would
make their stock sell as high as Union Pacific
In respect to the latter stock it may be said
there continues a quiet absorption OF it by in
vestors. They buy at present prices. rather for
what is to come than what is: for on what is
the preferred stock would be much the cheaper
There will be no increase in the next dividend
Union Pacific. This is positive. There wiz
soon. however, be some rights" They viii not
be large enough to carry the stock away from
connection with the Oregon Short Line. and
some other matters. viii be the occasion.
Floating bull points ST. Paul run 20 the
effect that IL will follow Rock Island upward
Said points are not guaranteed The character
of the recent buying OF this sock, IT having
the appearance Of buying for keeps. has been
already adverted 10 in this column. II seems
fearsome thing 10 even give currency 70 bull
tips on stocks which have risen so far that the
relation to their market price-as for example.
Northwest Rock island. and in a lesser degree,
ST. Paul But if it should be that 81. Paul is
about to raise its dividend to per cent, this
would bring the price more within reason; yer
even at q the return to the buyer around these
figures would be only about S1s per cent
These Pittsburg and Western men. who are
credited with doing this skyscraper buying
don't seem to care whether they buy at par.
or 140. or 19O or any particular price It may
be they have been able to discover values in
railroads stocks which the less sanguine in
vestors and spectators of the East have not yet
woke up to, Some time there must come to be
a test OF who is right. We hope the Western
men right
An amusing fight between shorts and Longs
IN Sugar has been responsible for decidedly
lively movements in that stock, and the fight
seems to be still going on In the copper stocks
slump followed the publication Of the Butte
tax report showing the heavy shrinkage in the
earnings of the copper companies Distillers
stock might we'll be supposed to have reached
bottom, but apparently it has not The latest
reorganization plan for this much reorganized
company is peculiar in this-that the more one
studies it, the more reason there appears for
stOckhOlder to keep out OF il. BY doing so. he
cannot possibly be worse OF and may be better
In the matter of steel stocks. the last shred
Of doubt about organized bear campaign
against them has been disspated- The fact is
conceded. The temptation afforded by their
bulk, We'll the comparative safety this
guaranteed for bear operations was too much
for certain smart people; who. doubtless, are not
in this game for the first time by any means.
When that Pennsylvania college professor delv-
cred his truly remarkable Grafton. it was
danger signal The suspicious then expressed
that il was the beginning Of trouble. were ridi-
culed in some quarters and declared unfounded
even by prominent people in the company, II
is all plain now. however. As TO the numerous
suits which are springing up. it reminds one
of the old days when Woerishoffer was lighting
Gould over Western Union, and a new law suit
/ used to crop up somewhere about every ten
days II few more quarrels over division Of
swag get into the courts. the public will get
very fair knowledge of the business OF the pro-
fessiOnaI Wall Street hold up" and also of the
personality OF the leading members of the pro-
fessiOn- 1t is getting some inkiing now.
Note should be made OF the fact that time
money is getting dearer. Among leading bank
ers. it was said some time ago. that the money
market would largely depend upon the crops
II the crops were good. money would be In such
demand as to make it dear while they were