New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-10
Financial.
The Financial World.

The rnarket did not do very well the past week.
That two Der cent rise which at the close Of the
prsvfouz week IL seemed reasonably safe 20
expect could scarcely be said to have been ef-
fected out of fourteen leading railroad stocks.
only six did rise two points from the closing
figure Of the Saturday before The others made
gains of a fraction up TO 1s4 per cent Tia
highest quotations were made generally on
! Wednesday and on Thursdays opening Since
then. the tendency has been downward All the
gain made has been lost; and closing figures
| yesterday brought us back 20 where were tss
previous Saturday. In some cases, prices wers
! lower.
This is not a very brilliant record II does No.
promise much for the coming week II any
thing 1t indicates that the market VIII sag or
some mere The volume Of business has shrunk
to very small proportions; which means that
the trading is left 10 the professionals. II may
be said that this condition OF things seems TO
be satisfactory to the banking interests. From
more than one point in banking circles. hears
the remark that the situation is all the safer
from the dulness OF speculation 1t is rather
! hard however on those whose Office rent has
t to be paid out Of commissions.
Yesterday was the second anniversary OF tbs
famous May 9th panic, and the contrast In the
market between that day and yesterday was
notable. Speculation then was at fever heat.
transactions breaking records. and the move
rnent of prices wild Yesterday was the cIi-
Inination Of deadly duh week, and the de-
, cline in prices seemed rather the result OF
inertia than anything else. AS the Street phrases
it, the market sunk Of it's own weight.
The foreign situation had something 20 do
with giving the market It's downward turn since
Thursday. 1t had been expected that the Bank
of England would reduce its per cent discount
rate that day; and 1t did not do il. although K
reported a high surplus. This seemed TO be
taken by the foreign houses as sort OF danger
signal The disturbed condition Of things on the
Continent, and the movements Of Russia in
Manchuria, were spoken OF more SERIOUSLY ms
Bank which reflects Government opinion In IT'S
way, evidently considereS that it was necessary
to keep itself strong in view OF possible events
: better tone was reported by the cables yes
terday due to the striking success OF the Trans
vaaI loan. II it be true, as reported. tnat tae
individual subscriptions for $500 ana under
were in themselves sufficient TO cover the loan t
shows that the amount OF surplus funds avail
able for investment must be much larger tnan
is commonly supposed. II is noted tnaf thefs
were no large individual American applications.
Very likely. The demand for loanaoie tunoS
! here is enough to keep our own investors pussy
I A list of some Of these demands. already our
! and of more that are waiting TO come out wnen
conditions seem favorable. makes rather tor-
] midable showing. The Pennsylvania alone cas-
for 10 millions next month Inc
! Ca,+,al will soon be calling for millions for us
! terminal improvements. There are 90 miihonS
> Of bonds prepared for to finance Senator CIaI
nav road. in which the Union PACING mas IL
/ interest: and the list could be exIehoeu' II 80
=, from five to fifteen millions. for wide VARSITY
! =. ,-,os., Tbers was a rurnor current dur
,r1 tb. week that the Atchison had another
hora issue on the way. This was Denied ou-
the dental was not made over the name OF any
responsibIe ofncer Of the company. Inc ao'Io"
! NJ Atchison stock IN the market indicated 9o
he,;sr NJ the traders that the denial was tecnni
/ cal only. -.
/ We are still waiting for an ofnciai annou1lee
! n,snt of the completion of the HocA %
Irr.rcisco deal: OF for an UNOFFICIAL inumali0la
h,+cb has occurred. accompanied
! 80 .r,tber rapid fall in San Francisco cof'i-
| =. Iyka tbs last That scoop was perhaps
/ .,,cosssful enough to encourage an atrelhpl 70
/ -eneat II. When the stock was al ooetoii- go
! a fan of thirty points OF so. the most
| stories were spread OF the utter coiapso % =
/ e++er,pted merger, which or course Hls
| into selling the unfortunates VINO nao ooOs
! the stock unloaded by insiders at '17
figures. -. a., -. vrav
! -, 80, had been driven down. TO excite sus-
| rio,o, 81 a trick; and when IL turned anu
+tar.a5 marching I'D again. the trick was pain
or course it was warmly denied that thef' We
| snv renewal OF negotiations. which denia4s "s
I continued until the prize had asain
| .,,,S.,c,orv figure. viz about SO, when II was
| given out that the thing was done san I"
: o,sco would be taken into the Rock islano sSs
fer, IT'S stock TO be exchanged for oo per cent
IN ner cent collateral trust bonds tune secuEI1S
for the same being the stock, and GU per CEN
| a. pocl island COMMONWEALTH has no VOTING
! ,ows- This is as the thing stood at the Close
| - business Yesterday. awaiting an official con
a-,,s+,on or an unofficial hitch above referred
e ANYWAY the stock is high enough at present
prices. -.
IF looks as If something or the same KIM
ursre soius on in National Lead The way tile
common has been hammered lately, while lhe
nress has been fed with stories Of how the ne"
onnoSition combination would cut the company
to pieces. has suggestive look Lead preferred
is too high to give the necessary Iee"ay' U"-
Lead common, down around 20, Is a oinerei'-
nroposition Given that satisfactory amount
of IL can be picked up cheaply. merger OF
/ something like it fellows; and Of course the ne"
combination by eliminating opposition. ECONOMY
| of operation, and all that sort % thing. gives
the common stock value ii never had before
! and up goes Lead common.
! The persistent buying of Mexican National oy
Speyer & Co. has attracted much attention, ana
started the question who they are buying 1t for
The buying has been done in way to get the
| stock at the least possible advance In price
! It is buying for keeps No one believes they
-. for They are hank