The times., 1899-08-20

also
The most interesting if not the most
important movement in the week past has
been that in Tennessee Coal and Iron. The
advance has been 10 points. To get the
full extent of the recent remarkable buoy
ancy of the stock, however, it is necessary
to compare yesterdays price with that of
three weeks ago, 6S ga. The gain since
the latter part of July has thus been 2S
points. The property of this coal and
iron company consists of 100000 acres OF
coal, ore, timber, and limestone land, sew
enteen blast furnaces, with a normal ca
pacity of 2,765 tons daily, and coal mines
with a developed capacity of $4,000 tons
daily, besides machine shops and foun-
dries, houses for tenants, stores, etc. In
addition it is erecting a new steel mill
with an immense capacity that will be
ready for operation in October. The best
statistics obtainable show that the conf
pany is at present manufacturing nearly
if not quite its full capacity of pig iron,
or something like SOC, coo TONS year. The
price obtained for its pig has varied dur
ing the past year, advancing steadily, and
the profit during the year has varied also,
but il has never been less than 50 ton
under some of the old contracts, early in
the year, and il has been as high as $11 a
ton Producing its own ore and coal and
NOThiIS dI tlls ltdSl EOSsiDic tApCuSts NIIS
company is able TO make profits that other
newer companies cannot begin to equal
even although its furnaces are many Of
them antiquated. The new steel mill will
be another source of great profit. When
il is considered that the capitalization of
the company, once thought 10 be immense
ly out of proportion to the intrinsic value
of the property, is only 81, 000, 000 these
figures of the actual and prospective profits
fofy- nov full nv
plain the present price of the common
stock, which has received but one divi-
dend of l per cent since its organization,
and that twelve years ago. Ii is said that
the company is now making contracts at
present prices for iron to be delivered
during the first half Of next year, or near
Iy year in advance. This seems to prom
ise that the prosperity of the concern is
TO be lasting.
The granger securities were all active,
and handsome gains were made, st. Paul
making a new record price. and Atehison
preferred getting very close to the highest
price of its history. The high prices of the
DAY make most interesting comparison
with those of six months ago Atchison
preferred went to &c rs and it viii be re-
membered that this stock in the February
squirt touched 81, an eighth better than
yesterdays price. 1t viii hardly be doubt
ed that the February level will be exceeded
this week. ST. Paul yesterday went as high
as 1874 ga which is l 3-S higher than the
February high level, and the highest since
the early part of the last decade, nearly
/ twenty years ago. Burlington went TO
! 1877 3-S 'ex dividend, which is equal to
| 13S rs, which is still more than ten points
below the level attained in February,
| I49 1-2. Rock Island went to 120 Ia,
4 81, se .-rlxr nfrar- Iaxpa
| high price of the year. 122 Is. The ad-
vances in these securities are particularly
gratifying because the bears have beer
predicting that they would go no higher
| but soon seek a lower level, on the theory
that the present prosperity of the lines has
been discounted In the prices recently rul-
! ing Every advance Of a point is added
proof that this theory is wrong one.
The buoyancy of the granger group yes
terday was perhaps partially caused by the
| reports of the failure of the Russian wheat
crop. 1t has been known for some time
that the Russian crop has been damaged
but the latest advices seem TO show that
the ruin has been well nigh complete in
large sections. The American crop is
large and with the surplus from last year
il is one Of the best on record, and indica-
ticns now are that there will be large
demand for this years surplus on the other
side of the Atlantic at good prices. High
priced wheat in large volume and a great
Yield of corn will make the grain haul o!
the grangers immensely profitable, but tn:
prosperity of the Western farmers will
make the general merchandise business o
these lines the best on record as well. And
the passenger traffic, which always in
creases less rapidly than the freight traf-
lie after business s,agnation, will, dur
ing the coming twelve months, be fal
larger than il has been during the pas
year, according 20 all precedents With
such an outlook what reason is there 70.
supposing that the prices of last Febru-
airy are destined TO be the highest of tn,
year? Why may not the prices OF ten anc
twenty years ago be equaled or ever
passed, in fact?
Southern Railway preferred has come intt
prominence during the week after beint
comparatively inactive for a month or more
Two factors, or three, perhaps, have helpet
TO cause the advance in the price of tbs
stock. A dividend Of j per cent for tbs
second half Of the year was declared, max
ing a total of per cent and establishing
a per cent basis for the stock. The re
port OF the company for the year was
most gratifying one, showing nearly /,
per cent earned on the stock. IL wa
learned also during the week that a cordia
/ ysra too f.aa, txo