New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-15
financial
The Financial World.

It's big days. ana SIX ana seven hundred thou
, sand shares done without trouble. II was
said that should have 10 revise our estimates
Of what constituted big day" that big days
hereafter would be OF million or more shares
and that there would be many Of them. These
predictions are being realized. The past week
averaged over a million shares per day up to
yesterday, and yesterday was the biggest Satur-
day known. Transactions were at the rate
| OF 100000 shares for five hours.
The reason is that this Is the first really big
bull market We have had since the days OF $50;
and In its immense increase over the volume OF
business done in those times. it merely reflects
the like increase which has taken place In the
population OF the country since then, and the
expansion OF Industries and growth OF wealth
incident TO that increase. We see things now
We never saw before because we have conditions
we never before.
! The hint given In this column last week
that the expediency had been recognized Of let
ting some stocks which had been very prominent
take rest for while: and that the railroad
stocks would be brought TO the front again.
These have been the leaders through the week.
| Burlington St Paul. Rock Island. Atchison,
| Northern Pacific. and Southern preferred. have
| been specially conspicuous. Their movements
| and present range of prices recall what said
| some time ago by prominent operator, VIZ,
| that II man should stick 10 Burlington, Rock
| Island. st. Paul, and Atchson preferred, he
could make e. comfortable competence II he
| played his cards rightly.
The excited opening In Burlington yesterday
! was surprising To many, as this is one Of the
solid stocks and large in amount IL does not,
| however. surprise those who know what II going
| on in respect to REIMBURSEMENT Of the com
pany's bonded obligations Things which were
! not possible year ago are possible now ana
| refundng plans then considered as Offering little
| hope OF SUCCESS feasible In these times Of
falling interest rates and abundant money In
the rearrangeent referred 10. IL is possible that
| the stockholders may get something 10 repre-
| sent the large amounts taken from net earnings
for the sinking funds. In any event lessening
Of fixed charges points 10 an Increase In the rate
Of dividends
| 1t is understood that the Rock Island has COM
peted a transaction which adds about SOoo'Vu
to the cash In rs treasury. Details were not
given out before the close Of business yester-
day but were promised later.
| Az per cent stock, which Atchson pre-
| ferred will be this fiscal year. the further adj
vance In 1t is natural on its way up from ~.
the stock halted around A.. then 81 next %; and
| the early part OF the week II again started on
| its upward career. At each Of the hating points
|
out. The people who are buying for the long
| mi, took their stock These latter continue 10
| point 10 Union PaciNc preferred as marking
! price for Atchison preferred. The Union Pacific
| company rot through making its big expendi-
| lures and into normal shape for business about
| Elk months ahead OF the Atchison. The Atchison
| has now reached the same point: and the results
| in ne, earnings will justify the market quotations
| for the stock.
| II appears that the Hill-Morgan trouble has no
adverse effect on Northern Pacific earnings II
| is significant Of the development OF that terri-
| tory that land and land contract sales are so
| large that they will about retire the ISL lien
| mortgage IS in the spring leaving nothing
| ahead of the general As. Official figures are that
| earnings thus far show above per cent in
| crease over last year; that even II there De no
| increase over last year from November TO June
| ircIusve earnings Will show the full dividend on
the preferred stock and small surplus over
| ner cent for the year on the common stock
| This surplus will be increased by whatever IN
| crease there may be for the period referred TO-
These figures explain the buying OF the stock
| The Federal Steel stocks were little excited IN
| the first hour yesterday, but were quiet most ol
the week Brooklyn Traction advanced rapidly
from special and explained causes. sugar ana
| Tobacco cease 20 attract much attention be-
cause OF the peculiar position OF the stocks In
| the other industriais. movement OF COLORADO
| Iron g. Fuel stock is noted. The attention or
| the investor may be directed 20 the consolidated
| per cent bonds Of this company. Ihey are
worth looking into at present prices ana are eA-
pected to advance In line with other bonds
| The apparently successful effort being made 10
! concentrate the control OF the anthracite prop
critics points 10 the stocks OF these companies as
| likely IN become very active in the general spec
ula,ion Az IN other instances. things when
| cou,d not be done a year ago are possible now
and with more concentrated control TO meet
| changed conditions IN the anthracite trade, gem
| orally higher prices may be expected Tor the
securities affected. Not much has peen done III
| these stocks so far but more Will be. Ihey were
| almost the last important group of stocks 10
swing into the current in 1850. but after they
once got there they made records.
Recent large buying Of Southern Railroad pre-
ferred which had yesterday carried the STOCK 70
40 calls for word OF comment. Here'oio'e
this stock has been regarded more or less as one
of Mr. Morgans counters, and its movements as
rejecting his general speculative operations in
th. market rather than actual changes IN the
property. This idea may be dismissed. The
Southern Railroad is undergoing more COM
nlete transformation than any other railroad
propertv in the country. one goes down 10 II
expecting TO see the old slipshod road, lsht
rallied track ballasted with whatever happened
to be along the bank equipment shabby sta
lions the same, and the same air OF general
carelessness with which we have been only 100
familiar He finds the whole thing changed
From Washington to Atlanta, which Is the
trunk OF the system. the traveller goes az high
speed over a smooth solid track on an NJ pound
steel rail- with stone ballast; new stations are
going up. section houses new. workshops re-
modelled equipment new and neat as a new pm
colossal engines drawing the trains Track ana
equipment show no difference from the Fehh-