New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-11
financial
The Financial World.


vanced for this. is the meeting of Congress
The market this time did halt before Congress
met. and hesitated for a few days after 1t met
then It started forward again. thus departing
from customary precedents. Influential opera
tors waited to see ~ the public would sell stocks
Finding there was no disposition 10 do so, they
| gathered courage to start buying again. The
customary decline was thus changed to fresh
advance The public does not seem 10 have
| been afraid Of Congress on this occasion.
| The main point in the commercial situation
was emphasized al a timely moment In the
widely published interview with Mr.. Keene tho
other day wherein he pointed out the enormous
balance in our favor in the international ex-
changes. There was. he said. nothing new In
the facts he stated but they had not before
been grouped and presented with the force
which their Importance justified The change In
the national position from debtor 10 large
creditor country; from borrower to a lender
Of money in the European markets. was and Is
fact Of controlling influence on the speculative
situation II is one Of the evidences that the
country is indeed entering on that OF COM
mercial and industrial expansion, which. II may
be recalled was predicted by Leading fnancsrs
during the Spanish war; and which set
forth at some length in this column az the time
Mr. Keene says he had become doubtful OF the
bull position until ht )nSidcred with some care
these statistics Of our foreign trade The re-
suit Of his study was determination 70 con-
tlnue his stand on the bull side Of the mar
kct There u.s. said no. no good trying 70 bear
anything now.
Unless some heavy capitalists IKE. FOR .x-
ample tho Standard Oh people. should smother
the market under II wholesale unloading o,
stocks. the market as it IS ia large enough to
| absorb all the selling 10 realize profits which
! is likely 70 be done.
Is II not reasonable that securities should ad-
! vance? Take three loading roads the Northern
! Pacific the St Paul and the Missouri Pac!dc.
! In the fourth week Of November last year the
Northern Pacific showed an Increase In gross
! earnings over the preceding year If no less than
! $50 600 this being tho largest increase in one
week it ever reported IT, in the same week this
wear II should have shown some comparative
decrease. it would have been what might be
pec;ed But instead II a decrease Il increased
$1,000 on the enormous total previously re.
corded Tho St Paul last year had an Increase
for the same week Of $50 Ou0 this year II In.
| creases $40 COO on that. and for the first week
81 December it Increases $4,000 over an In
crease OF $4,000 last year The Missouri
Pacific increased last year $4,000 for the week;
II could not do better than that this year. but
IL did very nearly vel These are tpica OF
the condition Of business with the railroads. and
the burden OF the Western dispatches continues
to be Of the scarcity OF cars TO move the traffic
Offering
The rapid advance in the securities OF the
Missouri Pacific. bonds and stock alike, WHICH
he's taken place the past week Is only the logi-
cal result Of the improved financial condition OK
the company The payment OF comparatively
small debt the company owed TO MI sage
merely served to direct public attention TO TINS
change It may he added by the way, that al
the Could securities are likely TO be Jess laggard
in the market than they have been.
In the industrial stocks which furnish 20
much material Tor speculation. the position OK
the Federal Steel Company deserves some no
tice Until this company was organized the ono
largo concern the public knew OF In the IRON
ard steel trade was the Carnegie Company, ana
the stock Of this was not on the market Inc
general idea about II was that II was an ehoF-
mousy profitable concern, the property OF
few very rich people. Mr.. Carnegie being the
principal out OF its profits, he gave prihcey
donations and bought Scotch castles The union
Of practically all the important Northern IRON
and stee, concerns outside OF the Carnegie prop
critics brings into the field OF public speculation
and investment an organization more important
even than the Carnegie concern; ana IN INNS
this fact will be recognized, as 1t assurediy IS
not now The Federal Steel Company owns iron
mines which at their present output OF 3.oooVVo
tons per year. will last 80 years; ana IL mas d
vast acreage OF iron mine lands outside OF this
Owning its own mines, II also owns the ralroaos
and steamers which transport the ore 10 the
Mace 81 manufacture; Il owns the manuractur-
ing nlants also BY this combined ownership
the whole army Of middiemen is swept away
and the cost Of production. from tho raw ore u
the finished product, is reduced 70 the io"es'
terms The plan Of this combination u CUM
paratively old one; but Tor reasons not he0e'-
sary 10 state here it was Impossible 81 eAs0-.
ton until the ownership OF the Illinois s'ee'
Company could be changed As EVERYONE
knows. this was done recently; and the manage
ment Of the plant placed in other HANDS I"e
calculation Of the promoters OF the federai N'e'.
Company is that with the present output u
finished product steel rails. billets, etc u Pe'
cent dividend is assured on the preferred s'oeh'
and with the increase In this output oN''eNN'
on the common will be earned at no distant oa'
II was hoped there would he some speca.
news to give this week on Rubber common Anu
noss,bly on Leather preferred; but It Will nave
10 wait while. Any can see, ho"e'e''
with the sort Of season We are having. that 'n'
comrauies must be making money fast Tor the
demand for their goods is compelling the WORN
ing Of the plants night and day Tine huoos'
company is overwhelmed with orders ana '''
urgent demand has OF necessity forced UP Inv
prices OF the goods. Even II the genera MAJ
ket were not favorable for their advance .''
special conditions affecting these properties
would induce buying OF the stocks. but 1t Is ven
favorable.
1t Is gratifying to he able to state that Inv
Northern Pacific controversy which mas eA
er,ed so unfavorable an effect on certain groups
of securities Is taking on n more peacelu as
pect Mr.. Morgan has melted litt!e-"hich j
saving A good deal considering what a strong