New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-28
financial.
The Financial World.

activity visible only In Spots, the STOCK market
woke up bit and became quite strong. closing
yesterday at the best prices Of the week The
movement was credited mainly to Mr.. Keene.
The start was made by Sugar and Manhattan.
and Yesterday the grangers stifened UP. 1t was
all over the board that the Maximum Rate de-
cision would come Monday, and would con-
firm Judge Brewers decision in favor OF ths
roads II it really does 1t ought to give the mar
lxet q further squirt and probably WILL ihs
trading. however is very limited; ana the os
men don't seem ready yet to move things on an
extensive scale. . -.
One of these said it was probable that tho
du,,ness would continue for a while, but that
It would not cause much II any, DEPRESSION oe-
couso money was accommodating so largely. me
sustaining effect of this might be broken oy
no,,,,cal disturbance but such was not likely 10
So,on A1airs seemed to be shaping in WASH
ipgton in a generally favorable way to business.
ga tho mower of the Administration-always
oraat-Uould certainly be exerted to keep them
,hat NAV The currency question would prob
oblv no the principal topic Of discussion, and 1t
was within the possibilities that 1t might be set
Tod in q satisfactory way at the coming session.
Dollar wheat at Chicago. even II due only to .
coverne of shorts, had something to do with
start,ne life into the stock market A high price
for wheat is very important at this time with q
Congressional currency discussion before u.s. II
hasn't a great deal to do with Sugar. but natu-
rally the more speculative stocks lead off in any
movement and the accumulation OF line OF
this stock below 100 indicated that an attempt
would be made to start 1t up at the first oppor-
| tunity The Impulse which was to be derived
| from the going through Of the Consolidated Gas
| deal was missing. as 1t did not go through; and
! the gentleman who had been conducting the
| negotiations announced himself Disguised. and
started for the Pacific coast. SO the deal is Off
for the present.
When the market gets into its full bull swing
| again, like last summer-which 1t will sooner or
| later-the southwestern securities ought to give
a good account of themselves. for the business
! in sight down that way is even greater than was
| anticipated. The Missouri Pacific, the Atchison.
and the NJ X & T. are all showing great earn
| ings and the latter will surpass its best pre-
vious record this winter. One may note among
eastern railroad stocks the Panhandle common
and preferred. They have really established for
themselves record. They went up on the
boom. and they have stayed up; instead OF being.
as before. the first to break away when the mar
ket turned This is proof that some new IN
terest has been buying them which on former
occasions has been absent
| Rumors that the October net Of st. Paul
would show a decrease were incorrect, as an in
crease Of not quite 81, 600 shown. The gross
earnings Of the company this fiscal year. Judg-
ing from the way they are running. may reach
s33Oo0OOo. The company reports the very low
ratio OF 81 per cent working expenses. which
would give net for the year S12,9O0.O0O. Deduct
for interest and preferred stock dividend. s9,4OO
luaA
amounts to S3.5O0.OOO: 3 per cent upon which
calls for 50 100000 only. But II We raise the
ratio TO 66 per cent. the surplus for the common
stock shrinks to 81 $4,000 That St. Paul sells
under par, therefore, must be accounted for By
some doubt about the working expenses
whether the ratio of 81 per cent can be main
tanned: and II ratio nearer to two-thirds Of
the gross s not safer one to bank on. Either
| this. or TO uncertainty whether the gross earn
ings will reach as high as S33,OOOOOO.
OF the railroad stocks none has maintained
through the week such activity as Northern Pa
cifc preferred. It closed yesterday three points
higher than week ago, and price in the COS
is predicted before the dividend is declared
next month. II a dividend at the rate Of 4 per
cent is declared, 1T must be expected that the
gross earnings OF the company this fiscal year
will be at least S25 10000. The N. P is road
which runs up and down in its annual earnings
over a very wide range-from over $25 600 900
to less than Sl1O0O.OOO. The reorganization
plan puts the fixed charges Of the company this
fiscal year at about S6.3OOOOO including rentals.
trackage, etc.
Should the gross earnings this fiscal year
reach $25Oo0OoO (Which would be an increase
Of about SS,00o0OO over LAST the account would
stand thus:
working expenses two-third, OF gross iSsSoS0S
Charges Of preferred ......... $500 900
Surplus for preferred stock 1850 900
The preferred stock amounts to $4,000 900.
a 4 per cent dividend upon which calls for 3d.
100000 AS the gross earnings cannot be ex-
pected TO be above the amount named II will be
seen that TO figure out the per cent, the work.
ing expenses must be cut down appreciably
from the ratio given above.
An increase in gross earnings this year 20
S25 100000. as against about S1SOOOOO last
fiscal year seems rather large estimate. 1t Is
, possible however. Last year there was poor
crop everywhere along the line OF the Northern
Pacific and this year there is everywhere a
good one To this must be added the prospect
of a Spring business not hitherto enjoyed and
growing out OF the Alaska gold discoveries II
is not easy to figure out how much this will be.
but It ought TO be considerable. and IT VIII not
stop with next year
Speaker Reed, in article published last
week. gives his adhesion to the views which
other observers have expressed that the move
ment OF population to Alaska VIII rival the
similar movement to the Pacific Coast whicH
resulted from the gold discoveries In California
in 40 1t is pretty certain the rush there next
year will give the Pacific Coast transportation
| n n IL.
CUTHBERT MILLS.