New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-09
finautial.
The Financial World.

morning into January boom: IT hung fire for
day two. aud looked rather sick before Il
was finally Strengthened out and started for.
ward. 1t went fast enough when II did start
Some enthusiasts claim have started on q
boom which will eclipse that OF September last
II this means that higher prices will be made
than the best Of that month it is true-for
many stocks. II is doubtful. however whether
shall such a volume of business as We
had then. for that was phenomenal. We may
see 1t again next summer.
The trading spirit appeared to he chilled In
the early part Of the week by fear that that
last Union Pacific payment would do the busi-
ness for the money market-a squeeze would
come to certainty. When the payment was
made without a squeeze, there a bracing
up; the tone perceptibly improved. and Mr.
Keene came out with rafting bull interview,
which seemed TO strike just the right mo-
ment and meet immediate response. The mar
ket went up, and has kept going. There IS no
longer any apprehension about money. The
predictions that money would be ]. per cent
plus per day in the first week Of January proved
to be wrong. The Street is now rather inclined
to wonder how it could be- that the great nnan-
cial operations connected with the Union Pa
cifc done at time when there is usually more
or less disturbance OF the money market from
the January payments. could all be carried
through SO smoothly and easily. The "Fnan-
cial Chronicle" had argued that it could not he
done
II was done. But It could not have been dons
had 1t not happened that the two men upon
whom the arrangements devoved were fitted
to work together: for It will easily be seen
that however skiifI and comprehensive Mr.
Schih's plans might be- they would have been
frustrated If there had been an impractcable
at the head Of the Treasury Department.
Secretary Gage, however as an experienced
banker was able to see the value Of the meth
DDS proposed Now. when 1t Is considered that
the transfer of the $4,000 900 Of cash ard Sc
curities had to be done in December and Janu-
airy. the critical time Of the year In the money
market that it mad TO be done under the added
difficulty of having the amount originally ar
ranged for suddenly and Unexpectedly raised
thirteen millions; that at this time the banks
had no such fifty or sixty million surplus re-
they have sometimes had but only
what may be called a normal reserve, and that
in the face Of great difficulties. and adverse
predictions. the operations were carried through
without causing the slightest disturbance: 1t will
be conceded that the transaction as a whole
was a splendid piece Of scientific banking.
Speculation through the week has been speci-
ally active. It was last week. in the traction
stocks Bulls Manhattan talk of price
between 100 and 1870 for it, II is claimed that
calculations on the proposed equipment OF the
read with electricity show that 1t will save
something over a million per year IN cost. less
S250,OO0 interest the bonds to be issued
This is equal TO between . and 3 per cent on
the stock The calculation may or may not be
ccrrect-new methods always bring their own
difficulties with them-but It gives the basis OF
the speculation, and know how Manhattan
go up when bull speculation starts in IT,
The bonds Of the Brooklyn traction company
have advanced sharply, and so has the stock
The politicians are said 10 be in this up 10
their eyes.
The Equitable Gas matter has been settled.
Some concessions have been made by the Equita-
bic people In the direction of strengthening the
new company.
II the Klondke business turns out 70 20 as
large as expected this spring. and as 1t prom
ises now there is no doubt about the dividends
on Northern Pacific The preferred stock will
get its per cent for the year. 1t is remark
able how confident the friends Of this property
see m to be about its future. They are enthusi-
asts and say the stock will certainly sell in the
70s The rush to Alaska promises to be some
thing remarkable. It is conservatively calcu-
lated that 100 900 people Will go there this year
This Is the population Of a good sized city. and
the amount OF freight which the movement Of
so considerable body OF people will carry with
II. is enormous. a man can go from New York
to Dyea in eleven to twelve days. In the Call
fornia excitement Of 40 1t a three to four
months Journey there round the Horn. and over
a month by the Panama route. This Alaska
business looks like the California excitement
peated The Oregon Improvement Company
expects to get a full share Of the travel. and
to have another year Of earnings as large as
those OF the past year.
Much activity is observable in the stocks OF
the Ohio coal roads. consequent the large
Increase in earnings they report. This is due
to the new combination made among them.
credited to the efforts Of Mr.. Morgan. who has
been carrying a heavy burden OF Hooking VAL
ley securities. His struggle TO give value TO
these has borne fruit in the stopping OF the dis
astrous rate cutting which had reduced tho
various roads to actual or threatened bank
ruptcy If the combination holds as II doubt
less will. for the workmen as well as the COM
panies are all working to the same end there
will be considerable advance in the securities
of these roads.
In the granger group. the special point Of in
terest Is the expected increase in the dividend
Of the Burlington. 1t is asserted positively
that It will be raised to per cent next month.
In the same month. the new Union Pacific
curties will be distributed The quotations for
all classes OF them have been advancing The
new per cent bonds are quoted between 90
and o. In view Of the great speculative IN
terest behind these bonds. their speedy ad-
varce to par may be looked for with considerable
confidence.
Ii the market should sell of little tomorrow
1t will be nothing 10 be alarmed over II very
often does Mondays. One may note the buy
ing OF the Vanderbilt stocks and Western Union