New-York tribune., 1899-12-03
financial.
The Financial World.

About the only stocks on the list which shov
advances over week ago are Pennsylvan,.
and New York Central, ard Chesapeake & Ohio
Baltimore e. Ohio had its advance the week bs.
fore and has stood still since. Large buying q,
the two first named stocks last Monday ana
buying Of c. e. o. later in the week taken IN
connection with the previous movement in
O.. pointed to some important arrangements
made. or In contemplation. between the trunk
line roads Enough has come out TO show that
there has been sufficient unincation OF interests
here TO make 10 possible TO work all these roads
practically az one system. This has been the
effort of the leading railroad managers for years
and years: but scheme which could be de-
vised ever really effected the object, and prob
ably never would, so long az the managers Of
each road represented separate and often mu-
tually antagonistic interests.
Irni6cation Of control was the only solution OF
the problem; and this appears 20 have been
complshed. The lines involved are the New
York Central and Erie, the Pennsylvania, the
Baltimore & Ohio and the Chesapeake Ohio
Their eastern terminal points are. from north TO
SOUTH New York, Philadelphia, Baltimore. and
Newport News their western. Chicago and ST.
Louis Practically, all except the c. & o.. have
their eastern terminal at New York. What re-
these roads into a working system. none Of the
parties in interest at this time willing TO say.
They only say in effect that all disturbing fac
tors between the roads have been removed
From this, every one can draw his own In
ferences.
One effect Of the order OF things between
the seaboard and the Mississippi will be the
establishment OF the railroad clearing house sys-
tenn, which will not only greatly facilitate the
transaction Of business. but very considerably
lessen the cost OF doing II. Besides this, Il
secures stability Of rates
In a large view the scheme is another and
large step in the evolution Of the railroad sys-
tenn OF the country; which will apparently In
time work out into three grand divisions; the
first between the seaboard and the Mississippi;
the second between the Mississippi and the Mis-
souri,: the third between the Missouri and the
Pacific coast. The last named is the one which.
being the youngest has the largest margin for
internal development.
Outside Of trunk line matters, the money mar
ket naturally continues TO engage most atten-
ton. The raising Of the Bank of England rate on
| Thursday to per cent, the highest since the
| Barring panic, knocked of the prices Of the In
| ternational stocks a little, but they picked up
| again later. A per cent rate over there is the
| sign to US that this market must choose be-
| tween a continuance of high money or gold
| exports; which means, apparently, that the
| former will continue. The call rate through the
| week has averaged from TO per cent, and
| speculation will have 10 accommodate Itself to
these figures for some time TO come, II not
| higher. The bank statement yesterday was re-
garded as satisfactory in the increase II showed
in the cash items. and the surplus reserve,
which is now So 800 900 above the legal line.
The increase Of S5500000 in loans is surmised
as being due largely to the operations In
the trunk line stocks. 1t is something to note
as indicating the great financial growth OF this
centre that the leading bank proposes to IN
crease its capital at one stroke from one million
to ten millions. A New York bank with tA
millions capital Is indeed a sign OF the times
Not a great deal has been doing In the granger
stocks, but there has been some good buying or
Burlington. This IS due part TO the large earn
ings the company reports and part TO reports
that there are rights" forthcoming on new
issues which will come early in the new year
St Paul went off little. not only on London
selling but on the decreased net earnings THIS
decrease probably represents increased cost Of
operation from the high prices Of supplies, "
well as extra expenditures on maintenance
Rock Island has been dull.
A very bullish feeling continues on the Paciho
stocks the common stocks Of both Union and
Northern Pacific being rather the favorites. the
earnings of the Union Pacific are very salts
factory. For four months to October inclusive
the net increase is nearly half million Az
this rate and there is no reason TO look Tor
decrease, the common stock must undoubtedly
go on the dividend paying list in the Spring
Southern Pacific reports some phenomenal In
creases in earnings; but are, apparently
considerable distance from dividends on the
S2OoO00 900 Of it's stock There has been halt
during the week on its advance and the price
sticks around 43; which. all things considered
seems high enough for the present. Among the
little roads, q number of which show remarkable
increases Of earnings a recent advance from 81
to SO In the common, and from so 10 96 In the
preferred stock, OF the Rochester and Pittsours
may be noted. Earnings equal 10 about
per cent on both
The industrias have been strong as rus
except the Tobacco stocks. These have shown
a disposition to recede whenever the genera
market has been strong. which Is usually sign
that insiders are selling Leather common ha'
continued it's remarkable performances. and tho
common Is now down TO about where the up
ward movement In it first started; that is, very
close to single figures Though the dividend on
the preferred was increased from to per
cent. the stock did not respond at all. When
the inside history of this Leather movement
comes out IL 1t ever does, It will certainly maKe
some highly entertaining reading. Federal Steel
common has been bought on knowledge that
full dividend will be paid in January. Tns
rate established by the quarterly dividend a'
ready declared. but tied up by the courts Is o
per cent.
There Is nothing new about the gas war.
holder of gas securities, very angry at the sitaa-