New-York tribune., 1903-01-25
fluaurlal.
The Financial World.

that times have been dull II looks as IL there
would be of the same. The market is a
trading one. with one two per cent turns in
it until something comes a ng 20 stir up things
cheerful appearance had been given to II
Wednesday and as II was known that the
Bank of England would make a good statement
Thursday morning. it was anticipated that Lon
don would come in a buyer. and better prices
would be made all round
Instead of this the mornings papers gave Us
in scare headlines the newest thing In the Ven
ezuela line Loud were the cursings Of the trad
ers, who were generally long OF stocks They
knew what it meant. There was no need to
look at the London quotations; they would be
down of course. Our market opened at their
lower level. The traders sold and prices sagged;
but they had not gone far when it became ap-
parent that large supporting orders had been
placed in a number Of leading stocks. This
checked the selling: and IN the afternoon. on
reassuring private dispatches from Washing
ton, there little rally
Since then II may be said the market has been
dominated by The uncertainties of the Venez-
uelan situation and paralysed by it. This much
the captain Of the Panther has done for 1t
almost a certainty that something OF the
kind would occur. though one could not foresee
the it would kick up. When the captain got
that Hex from the fort which put him out OF
business, naturally he went back for the gang
and came On to clean out the crowd II any one
doubts this, look at the captains despatch. He
came back, he says. to infiict punishment, and
because the Venezuelans had been celebrating it
as a victory-meaning his knock out in the first
round.
The trouble is that don't know how
the same thing may occur again; and until the
possibility Of it is removed the market is likely
to remain paralysed as l. is now This is not
pleasing to the Street. In big banking houses
there is uneasiness; and among the traders
much cussing. their feelings being divided be-
tween contempt for Venezuelans, all and singly.
from Castro down: to irritation at that crazy
Dutchman,' which is their disrespectfuI des-
ignation Of the German Emperor.
OF course no sober minded person believes for
a moment there will be any serious trouble with
Germany. That is out Of the question. But in
speculation. the state Of the public mind has to
be taken into account; and VIXEN it is in the ir
ritable condition whien it plainly is at this
time, there is reason for conservatism; and par
ticularly when it is remembered what Venezuela
once before did for Wall Street
Yesterdays bank statement should have been
good for a general stifening of prices, but it
was not; simply because the big operators are
doing nothing; and the small ones were afraid
to be long of stocks over Sunday, when some
thing might occur to knock the market badly.
The figures show that money is returning to
this centre 1t is coming back, indeed, in a
flood; just as predicted; and when the re-
serves have piled up again. they will flow of
to Europe in the shape of gold shipments. De-
posits are getting we'll above loans. and the
surplus reserve is in excess of 26 millions, which
is little what it year ago.
1t Is uncertain whether the 30 million
loan of the Pennsylvania Company figures in
any way in this bank statement It is possible
that the scheme has not progressed farther than
the preliminary arrangements. What it amounts
to is that a number of banks in New York and
Boston. and perhaps elsewhere have united TO
give the Pennsylvania Company credit of 50
millions on their books. against which it
draw as needed: and which will be repaid as the
company sells the issues Of stock contem-
plated. Such issues WILL OF course. be offered
for subscription to stockholders at an attractive
price.
The Northern Securities Company having in
creased it's dividend from to IA per cent. the
increase applies to the Oregon Short Line 4 per
cent Participating Bonds These bonds are
guaranteed the per cent anyway; but bond
holders are entitled to anything over which
the Northern Securities Company may pay on
its stock. such stock being the collateral behind
the bonds. They are selling between 9S and go
and are cheap at that figure. Another bond
which is cheap, and sure of a substantial rise
later is the St Louis Southwestern consolidated
4 per cent selling between 50 and So If money
is to become cheap again, bonds as secure as
these are not likely to remain very long in the
sos
Undoubtedly they would not now, but when
great corporations like the Pennsylvania walk
into the market, and calmly arrange to sop uD
about all the loose cash Immediately in sight
securities Of lesser corporations necessarily have
to take back seat
Nothing new has come out about Erie. The
conviction remains that Mr.. Perkins is working
out one of his financial schemes which shall en-
able the company to raise the money 1t needs;
and also it will he discovered. when the scheme
does come out, that Mr.. Morgan has made an
other of his combinations. Such a thing is fully
expected in the high circles of finance; although
no inkIing OF what form the combination will
take can be obtained at present
In respect to Union Pacific. it may be stated
that all possibility of trouble over the new road
which Senator Clark is building-the chance OF p
which has had a bearish influence on L. P
stock-has been averted. The Clark road will
be worked in harmony with the Union Pacific.
+he interests of both having become identified
This is a matter of Importance, and has been
under negotiation fer some time. Union Pacific
stock around par looks like sure purchase
and it is for the long run anyhow; but II the
whole list is to be depressed by continuance
of the rnix-up between Castro Emperor WIZ
lam and the United States. T. P. will share in
the depression. There IS, however, no safer stock
to buy the reactions.
AS before said the large operators are doing
nothing or very near to that Without the
stimulus they give to the market, the traders
make no great impression; and thus we have
business as it is. So apathetic is the feeilns'