New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-13
Financial.
The Financial World.

drive against the short interest or blrving ..
long account. The week has about proved 49,.
the upward movement was really based an -
I technical condition OF the market its ovar.o,,
state; and that the forcing OF the short in.s.-+
to cover, the main purpose The roo,,.
was worked along the recognized lines Or -
turns; and it appears 10 have been slIccs,.e-
1t was suggested here last week. that a. -
had been no such change in outside cond,.s.-
as would prompt a considerable buying ma
ment. it was probable the advance would -
prove the market to have been oversold. -.
was apparent that no outside buying had -
appeared-it all professional
There has been no outside buying 90
/ could be seen; and the consequences. .vas -
when the short interest had been 4-,,.. :
| cover. prices receded rather rapidly. and 80
were signs yesterday that the bear partv -
| starting 70 work again-their point ~ -
| being Pennsylvania II is also now a,,a-.-.
that the market Is less a iquidating go
trading one. The big public liquidation - -
summer. which broke firms, trust eor,,s7ta-
and banks, is over-has been over FOR aora
weeks and with only professional trading len
those quick up and down turns characteristics a.
professional trading. should be more OF a fea+ur.
/ than they have been
In the weeks movement, BROOKLYN Pan,4
Transit, Steel preferred, PennsyIvanfa -
AmaIgamated Copper were the prominent -.
ures. The guess made last week as n w..
skilled hand made the whirI in BROOKLYN ma
not 1ar wrong The whrl was not over tbs,
On Monday and Tuesday last II was WORKED
/ around somewhat to get bearings. and n,
/ Wednesday the volume of trading s1ddar1v
swelled to 10000 shares. while the r-sc.
| jumped from Al TO above % YET anotbs-
/ point was added 70 this next dav. and with
that the trick was turned Yesterday the srork
was back to IS. OF course while the maniDuIa-
ton was in progress, the air was flIed with
rumors Of new deals and all that sort Of thing
which the Street received with proDer incredul-
ity: remembering that Governor Flower onca
put it to 137 when the stock was ss far f-o-,
a dividend as it is now; and it can scarcely he
said that it is any nearer a dividend az this
time than it was then. considering thar vbna
earnings have increased fixed charges have kap-
pace with them But under right conditions
Brooklyn is good stock for rnaufDuIs ZION.
not too large for quick handling. and there is
always an atmosphere about it OF mysterious
things to occur in the future. II is likely To
have its full share in the general trading this
winter The other traction stocks also enjoved
a fair advance, but there was nothing sensa-
tional IN It, The favorable disposition OF the
incoming administration to the companies was
the bull argument on them.
After Steel preferred had on Tuesday been
carried up to 80. which was only one point short
of the figure predicted for il when the advance
started, there was considerable unloading OF
stock, and the recession was marked By Fri
day. the stock was back to %, having lost the
whole advance II had made. On that mornlng
one Of the papers published what was declared
70 be report OF the cOmpany's net earnings
Tor the months OF October and November. with
an addendum that the earnings for DacenbeE
would be even less than those Of the preaching
month The statement was that Ootobars
earnings were only S7OOOOOO. Novemberss onlv
S0.OOOOOO; and December would be under this
II was asserted that the information cane rom
authoritative sources
II the statement be true then the earnings OF
the company for the quarter are cut In halves
as compared with the same quarter last year,
condition Of affairs implying a sudden paralysis
IN It's business. So extreme and sudden a fall
must in its nature be at least partially tenpO-
rary; and this it is said was the case Condt-
lions in Wall Street. and the money market.
gave such scare to the railroad managers that
| their orders stopped abruptly; and It must be
remembered that the railroads are the big Gus
toners of the Steel Company. as that company
is one of the biggest customers of the railroads.
So far did this fright go that it is asserted the
Pressed Steel Car Company was left without a
single new order. 1t IS also said that the rail-
road men and others are now getting their
courage again. and things are picking up a Bit
Supposing the figures given are correct they
viii total up something over 10 millions for the
quarter; as against an estimate recently made
| Of Il millions; and against actual figures last
| year of 80 millions Actual earnings for ths
| first three quarters Of the year were aIreaG
published when the above estimate for the las
quarter was made. and the whole totaIed up for
| the year something over lis millions This must
now be cut down to 40 millions.
From this sum must be deducted depreciation
| charges Of say, % millions (same as last year.;
| which leaves for interest sinking funds and
/ dividends. So millions. If the company paid
out on these accounts the same as It paid last
/ year.-T4 millions in round mum bsrs-Jhe sur
plus would be IL millions as compared with
surplus last year OF 81 millions. But We know
/ that the dividend on the common stock has al
ready been reduced. and it seems to be generally
/ conceded Gf only from the market price OF me
| stock that the next viii be passed.
| As before said. there We're signs YESTERDAY
/ that a renewal OF bear operations had begun;
/ and il it has. IL is not likely that the Stees
| will be let alone. The common IS new 50 low
| that any bear selling of it would be mainly tor
| effect on the preferred. The latter showed an
/ enormous volume OF trading on Friday C-90VW
| shares). when the price broke TO o. The stock
| was a little stronger yesterday. That, h0weEs
| is no evidence that the attack VIII not b =
newed; but there will be a good deal OF buyns
| for the long account on any recession IRON
/ present figures.
| The last time Pennsylvania was attacked Il
was brought down TO lis. at which figure It sold
on Monday. two weeks ago. Then the rally Of
| the market started and bNfOra the end OF the