New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-03
Financial.
The Financial World.


crash. One year ago, there was Troublesome
time. with million shares day. money from
to IL per cent, and the Webb Meyer collapse
on hand This year. the market has shrunk -
nothing. money IS cheap and promising 70 BE-
come cheaper. dulness IL the ruling factor. W.
have great big new stock Exchange. ana bust
ness enough TO I'LL one corner OF Il TEa dis
gusted brokers wondering when IL viii
start up again.
All the past week duh and Friday wsE
the worst day OF it. The forces making for and
against activity in speculation. are 50 evenly
balanced as to bring the situation pretty near
equilibrium which means imnlobility or a dad
centre IL supposed that the Frsnchiss
Tax decision would move things ore way or the
other-UD down. according 20 what q might
be. Some hint that it 10 be- adverse must
have been given Saturday week ago. for there
was Just enough Of a drive at the traction stocks
that day 10 indicate this The fact was motel
in this column. The decision came on Wednes-
day, adverse as expected Yet all that happened
vas a slight rally In these very stocks quite
evidently on the covering OF shorts previously
out. II was clear that only the professionals
were interested either way. and these 70 10
large extent.
Just what additional charges the tax viii Tn
pose the various companies il n matter ~
dispute at least II seems 10 b. from ths
various statements made, and II Is also claimed
that most OF the companies have ALREADY made
provision for it; while the lawyers for The Met
ropolitan company say hey viii appeal the cees
20 the United States courts The stock ~ The
latter company has been rising for the past 5a-
or two. and yesterday for a time was above 1@t-
This was said 10 be in anticipation OF Justice
BarIew's decision. More likely II was connected
with the forthcoming call for additional pay
ment on Metropolitan Securities stock. Whir1
company guarantees the = per cent dividend on
metropolitan stocA.
The decision Of the Justice is d.screetIy brief
and 50 worded that il leaves the things winch
the public is Interested in just about where
they We're. We don't even know WHISTLER f.
is lawful 10 call AInoTy "a notorious character
because it appears that. contrary 70 the general
impression these words did not appear IN thu
complaint. This is to be regretted. because f. Is
convenient in controversies OF this nature. 70
have safe and handy phrase with which -
beIabor an opponent; and that notorious char
acter Amory'' would have been Just the thing.
But what the public wants is the figures Va
want them given on the witness stand. where
the person giving them is subject CROSS
exaIuination- Until this is done, there VIII eE-
ways be a lingering suspicion that The company
cannot stand that ordeal Meanwhile. IT Womb
not be well TO be short Of metropolitan s-o@z.
for it has all the signs about il OF going Ur-
If it does, probably Mauhattau and BrookI-e
Traction will also set speculative lit The
latter stock has been resoluteIy tipped LATELY
First IL purchase because the I0t-ru~asu
Company going 10 buy control, and af-a-
Mr.. Belmont had knocked that story on tir-
head, it was the Pennsylvania. \ souuder rusI
argument may perhaps be found in The tucr=-z-
ing summer earnings Of the property
About Pennsylvania absurd rUsuor s.r-l-
LAT Id he 6aI- Earo do
CFriday1 that the dividend was 70 le reduced
from TO . per cent The abzurdity ~ sup
posing that this would be done while new issue
Of stock We're pending. was apparent; VET it -
TO some OF the traders selling the stock Frf
had to cover next day at a loss. when the di.i-
dend was announced. Very soon the stock vri'.
sell ex-rights and ex-dividend. which 7TiI take
about six points OF the price and bring T.
down to about 100 II ought to be cheap thev".
with money cheap; but it much depends Upon
Mr.. Cassatt. and his propensity for giving tFs
public bigger Jumps TO bite OF than il can
chew
And apropOs OF this, one may repeat again tbs
note OF warning 10 the city authorities about
issues OF city bonds being made 50 fast that
the investing classes cannot take them; the
consequence being, that each new issue comes
out little lower than the last. If the Franchise
tax decision. which raises the city's tax limit.
starts the municipal heads into increased a.
tfvity in borrowing, there Will be limit put 10
1t by the refusal OF investors 10 take the issues
except at much lower prices than now prevail
At one time during the week. the whole mar
ket was stimulated By quite extensive buying
OF the Erie issues; and IT looked for that day
If a good Spring rise was starting IL was NJ
good, however. The next day the market Iapsed
into apathy again, and the Erie issues halted.
But the company is doing well, and the buy-inS
is justified by the earnings. The March state
ment was particularly good. showing substantial
increases in gross and net: and the statement
for the nine months of the fiscal year is also
good. II is estimated, the returns. that rhs
whole year. will show surplus after all charges.
and per cent on the preferred stocks. OF some
thing over fve millions; which IS in excess OF
per cent on the common stock
The latest monthly returns from other Iarg@
systems show considerable irregularity: SONS
being very good and others not so. Among the
latter. the AtchiSou figures; while the Union
Pacific is with the former. The Atchison'a
showing Of net was so poor that an explanation
was offered. to the effect that some unusual
charges had been Jumped into that month. in
stead of being prorated over all the months.
On the whole it is noted that while trregula-tty
appears there is a general tendency toward
improvement. better rates and a more normal
movement of traffic tending 10 compensate for
increased cost OF labor and material
The Mexican stocks continue active. on th-
rise in silver and the movement 10 establish
stable currency in Mexico. This IS all that the
railroads want. because their actual business
grows year by year. and promises - increaSs
yet more in the future. The trouble with them