New-York tribune., 1899-07-02
Gnanriai.
The Financial World.

is everything 1t is a Morgan market through
and through; and there is no one but he at th.
time prominent in the speculative world. wbo
| could make II: because there is no other ma,
having the financial resources. who Ia.
| the boldness TO start a bull movement wh.,
bank reserves were running down, gold va.
| flowing out. and money rates rising. More con.
| servative men would have waited few weeks
Mr. Morgan does not wait and when he mount.
the seat and starts the horses he drives through
everything The public Imagination required
| something new to stimulate II. and the Boston
and Albany lease supplied It. OF Itself, Ii,
| New York Central taking over the road wss
something like the Dutch taking Holland, zinc.
! the b. n A. has for a generation been a. sort
| OF subordinate company TO the Central, bu,
| probably there are other combinations IN pros
| meet Even II there are not, which Is improba
| BILE the thing itself was calculated to stir uo
| the speculative spirit OF the public. which had
tagged somewhat through too large dosing
| OF industrials. Industrials out OF 1t for the
| time being It IS the railroads which are the
| cards again.
| II developed early in the week that the mar
| ket was taking a Morgan shape The enormous
| buying OF New York Central and ST. Paul made
| that very plain 10 the old hands. Estimates Of
the amount of these stocks bought run 70 very
high figures and as this buying continued day
| by day up TO the close yesterday, II IL reasoE-
| able to assume that the bull movement Is not
| much more than I'm its initial stages. The dis
tributive stage Will come later In the year.
when money is easy, crop reports OF the finest
fall traffic heaviest and doubtless the gold now
| poing out will be on IT'S return flow. The buy
ing Of ST. Paul in such large amounts. is con.
sidered to point to an increase in the dividend
well afford to do It. having earnings by far the
largest II ever had in It's history. and equal 70
about 10 per cent on the stock. II is true. N.
declaration Of the dividend IS still a good many
weeks of; but the whole years earnings are
now known. and the directors-who may be
summed up as J. p Morgan. Esq.-know what
they can do. on former occasions. Mr. Morgan
has consented to let the public have his stock
at the high prices made in anticipation os the
declaration of the dividend.
The Flower people have been taking care OF
Rock Island. When the stock was selling
about ia in the early part OF the week. they
told their friends TO buy It for ten points at
least It is known that the May earnings o.,
Rock Island were not good: but since the lst
Of June they have been picking up at rapid .
rate and the months showing, 1t Is claimed.
will be fine one. Mr.. Cable telegraphs OK
splendid crop prospects
The large buying OF Pennsylvania STOCK,
which rose three points yesterday. must be set
down to the account Of the general upward
movement since nothing new is expected IN
respect to this stock. There is. however, some
talk about the new President being In FAVOR
of a more liberal dividend policy than his ex-
trenely cautious predecessor. Buying or Atchl-
son. whose dividend is already established at
oty tba
the main covering OF shorts There was good
deal OF buying to cover yesterday anyway: and
II extended very generally over the list.
IL the railroad stocks. as all indications point.
are 10 have the July bull movement mainly 70
themselves some OF the lower priced ones VIII
come in for their share There may be div-
dend on Three C.s common; and IL is rumored
that things are being shaped for a small divi-
dend on Chesapeake & Ohio common. IL may
be one per cent perhaps. 1t will be remem-
bered that Mr.. Morgan started dividends on
Southern Railroad preferred at that amount
and thereby excited much hilarty in the Street
at the time. The Southern can do better than
that now Its gross earnings this fiscal year
reach S25 OO0 900. Two years ago, the general
managers estimate that IN three years they
would reach S24 900 600. considered over
sanguine Mr. Cannon writes that the big war
would cause comparative decreases this year.
have been largely exceeded by the growth Of
the regular business OF the lines; and he ex-
pects this state Of affairs TO continue through
the fall months Southern stock has been very
quiet lately, around 81 and o. but on such
earnings as the road is making. II would be quite
in line with Mr.. Morgans methods to take hold
OF the stock some fine day and whirl IL UP ten
or twelve points in short order
The coal stocks ought not TO be left out ot
this deal There is plenty OF material to work
upon for a bull movement in them. When they
do start. il start they do, they will go up very
fast
The traction stocks have been the subject ot
daily consultations on a gigantic scae-con-
solidations having again become bull card:
but so far the newspapers have done most of
the work. The trading in these shares appears
to have been left mainly to the small men.
There has been none OF the wholesale buying
which has appeared in those departments OF
the market where the big men were operating
In the industriais. Sugar excepted there Is
apathy. The public has had surfeit OF them.
and It's stomach has been turned by the per-
formances OF the Steel Wire directors. Federal
Steel is much mixed up by the new injunctions
granted by the United States courts on Friday.
This time they go both 10 the dividend on the
preferred as we'll as the common. II the In
functions withdrawn. as was the Kern In
junction. Il will be nothing less than a scandal
The idea is intolerable that dummy holder OF
a few shares go into court and get an In
junction. suspected to be for speculative pur-
poses: and few days after. when those specu-
lative purposes appear TO have been subservei.
quietly walk into court and withdraw his suit
A question OF law Is raised by the plaintiffs IN
this latest suit as II In the other: this ques-
ton ought TO be tried, and the court should In
sist that IT shall be tried. and that the plain
tiffs shall appear and make good their conten-
ton II they can. We shall at least learn then
who they represent Meantime IL would seem
as II the Stock Exchange would have 10 make
another ruling to straighten out the tange