The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-09-02
BrddSheet'S Financial Revie7v.

NEW YORK, Sept. 1.-Bradstreet's Financial
Review tomorrow will say: 1t has been a
rather dull speculative week, the market being
almost entirely in the hands of professional in
terests In its earlier days the tone heavy
and moderate concessions were recorded owing
to the rather unfavorable aspect of the Trans
vaal dispute. London's nervousness on that
score was reflected in the New York market
although this feeling took the form of an in
disposition to start any large movement rather
than of active bearishness in the market at
large. In the last days the hardening of money
incident to the September disbursements
has been factor and would account in a
measure for the relatively small amount Of
trading and the disposition of certain stocks
which have lately been the objects OF bullish
manipulation, to recede slightly. London
after it's recovery from the fear about rupture
in South Africa, contributed toward the steady
ing of prices in our market Its purchases
however, not upon large scale and were
confined mainly TO a few low-priced stocks.
Although large interests in the Wall street
markets were not active. there was neverthe
less evidence of support in various parts of the
list whenever the room traders attempted to
sell stocks down. At the same time manifesto
tons of bullish activity and sentiment were
mainly confined to the lowpriced stocks and
railroad specialtes, of the representa-
tives of that class which led the recent move
ment in their division of the list falling back
a little. while other properties of the same
kind came into more or less prominence. None
of the fluctuations of the week in the standard
stocks of an important character. and it
mainly IN the industrials and specialties
like Consolidated Gas that any considerable
swings were seen, although on Friday the Van
derbilt properties showed strength and activity
based on the annual report of the New York
Central road. The fact that the crops are
safe and that railroad earnings continue to in
crease tend to support prices and to diminish
the influence of the prevalent feeling that
prices for many Of the dvdend-paying securi-
ties have fully discounted present prospects
One OF the noticeable features of the week has
been the strength of the steel and iron group
of securities, some representatives of that
class creeping up without apparent effort or
any considerable activity
Several important developments affecting rail-
the reorganization of the Kansas City. Pitts
burg and Gulf road brought by the New
York reorganization committee. This how
ever seems to involve the probability Of a con-
fict with the rival Philadelphia committee and
il must be admitted that the securities of the
company in question have little interest for
Wall street. A much more important incident
though 1t hardly reflected by the market
was the declaration of a per cent seni-an-
nual dividend upon Union Pacific preferred
thus placing that stock a per cent basis
Accompanying this was the announcement that
the company is to increase its preferred stock
shares s100 600, 900. The increase together with
a further issue of ST. 900 of common stock is
to be used to retire the remaining shares of
Oregon Railway and Navigation COMPANY and
the Junior bonds of the Oregon Short Line
This plan will give the Union Pacific complete
control of its lines from Omaha to Portland
Or. and has led to a revival of the old story
that q consolidation of the Union Pacific with
the Chicago and Northwestern and possibly q
lease OF both properties to the New York Cen
tral is In progress.