New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-29
Financial
The Financial World.

/ the great Hquidating movement has again coma
/ to a halt. AS on the previous week. there was no
/ great outpoEring of stocks such as had broken
| the steeIs and Pennsylvania The selling was
/ exhausted IN large quantity. with the breakiny
/ down of those stocks Since then the markst
/ seems TO have been abandoned to the sn1auo-
\ class of traders
| One result of the removal Of a supreme dom
| mating force has been much irregularitv in tia
\ movements of stocks. Some speciaItses bavs
/ gone UP. and others down; while the standard
/ specuIatives Of the list have not done much one
way the other. The very pronounced upward
| movement in Sugar is due. Of course. 10 speeu-
Iative buying in anticipation Of good result, %
/ the company from the ratification Of the Cubaa
| reciprocity treaty: and side speculation basaa
J on the treaty is rise IN the old 1895 Cuban
i bonds, Of which there are three millions ous-
/ standing. From about - they have risen TO 81
| AS an industrial. Sugar might not be supposed
/ to be regarded with favor In these days; but
! Sugar is now so old and respectable security
/ that IL is scarcely considered when tndustrials
| as class are spoken Of. Yet for long after IL
was brought out. very few banks would admit l.
| to their loans.
As against the rise in Sugar. may be set some
very sudden drops In the prices OF the smaller
class Of industriaIs. as Corn Products. RepuhGc
Steel American Locomotive. Car and Foundry,
Railway Steel Spring. and one pr two others
1t was noted that the selling OF these became
very sharp on the day that Mr.. Hills interview
was published. wherein he predicted a hart
winter ahead for commercial and r1anufacturinG
interests in the East He said nothing but what
has been said before; also what he is known
70 have himself said before; only this time his
name was attached. which gave weight Il was
surmised. from the way the stocks came out.
that some Of the banks were housekeeping; IN
ether words going over their loans, and throw
ing out the small undesirabes- Most conspicu-
Gus In the group was Republic Iron & Steel pre-
ferred This stock has been driobltng on the
market for quite a time. RumOrs got ahoat OF
a troublesome floating debt and the intended
RAISING Of the dividend, which appear TO be
true; the company. it Is understood. requiring
some 100000. to take care Of the deot and
provide working capital
The traders. however, little overdid the tnIns
IN their fndfscriminate selling of these various
smaller industrials They saw some long stock
coming out and thereupon sold as boldly as u
they were dealing in the hmitless volume OF
United States Steel The consequences was that
The stocks became oversold, and premiums were
exacted Of the borrowers for their use ranging
from 1-2J6th OF 1 per cent to "a the latter on
Locomotives preferred. There some hasty
covering when this situation developed. with re-
sultiug rally in prices. In respect to Republic
been loaning at a small premium; and it was
recognized as a bad sign. that the stock Still
tended downward despite this premium. tndlcat-
ing that long stock was being peddled OUT ana
borrowed for delivery, to create the impression
that It was bear selling.
As a rule the railway stocks have been quite
strong A small drive was made at PennsyI-
vania one day. but was quickly abandoned
and the price recovered AtchisOn and Union
which has been stubbornly strong since its
bad break IN August, is now at "a. some ten
or eleven points above it's low record OF tnar
month; which may be fairly ascrioed % the
continuance of large earnings. those for DC
tober being the largest in the company hls-
tory. The good showing made by Union Pa
cfhc in its annual report. Just issued. accounts
for some recent buying Of that stock also the
completion of the Lucien cutoff across SAT-
Lake. on the Southern Pacific. which is eT-
uected to save in operating expenses. Inc
largest asset in the U. P.s treasury IS ths
Southern Pacific stock, and Of course whatever
bAna6ts the : P is so much benefit to the
u. P Some time next year it is UNDERSTOOD
that the large expenditures made for pernaa-
nent Improvements on the former road VIII %
financed
Since election there has been more specula-
tim in the traction stocks. with some advance
in nrices. The incoming administration Is sup
posed to be more favorable 70 the companies
than the outgoing one: and. more TO the polh''
there has been nothing heard lately or more
borrowings by these companies his nunsei
for more money which so many ROADS eNnIO'''
is one OF the strongest bear arguments now
current. and was used with much effect against
the Pennsylvania. 1t seems to De consloeuEeu
a great bull point on any property at TINS uhls'
that the company is not in the market TOT rnols
money The latest company which IS. accoTu-
ing to report. is the Canadian Pacific. and X
is said to have had to so to BERN IoF T.
Probably this is the reason why Canadian Pa
cf6r stock has developed weakness the past Two
or three days. after giving the bears the hard
est nut they tried to crack during the periou
Of the markets worst decline.
The Steels have been let alone SoneW nat anu
the preferred moves between - and - WINE
the common hangs about IL The caIcuialio"
gf,sn here last week as TO what may be the
earnings of the company for 1904, was one MADE
co,,ntfne everything against the cOncern-mim-
mum of earnings. the ratio OF decrease sho""
for the last four months; maximum OF cha's-S
against them. based on the charges OF Iast year
The result gave dividend for the Sol''''-'
tba fuu dividend on the preferred (as it viii
stand after corversion): but no surplus Other
calculations made ty good judges. but on less
d,aetic lines give 2 per cent dividend on the
cor,r,o, The EXPORT business. OF which 50
,,ot a. heard cannot be a very profitable trade
a, tel, n is probably intended 70 serve the
r,,rrosa Of keeping all tire plants running WINE
l-,.oi,, the domestic market clear OF surplus
stufr AS TO the carrying rates by the roads,
the probIem was presented 70 the raiifOau lI'NN
80 Of carving the goods at reduced figures
CT carrying none at all They prelerreN 10 s'''
the lower rates