The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-07-02
RAILROAD STOCKS
STILL IN DEMAND
Pennsylvania Took First Place in
Activity and Strength.
MONEY HIGH IN LONDON
New York Market Enlarged Bust
ness in Bonds, With Advanc-
ing Tendency in Prices

New York, July 1.-The remarkable de-
mand for standard railroad stocks eontin-
ued as strong today it was yesterday
and applied to much the same stock.
Pennsylvania took the foremost place.
both in respect to activity and strength.
The stock showed the largest gain at the
opening and held its leaders without
change throughout the day, closing at the
top level 81 points above last nights
prices. Study of the May report of earn
ings was the primary cause OF the strength
OF its stock, but there were also rumors in
circulation that the ncursion of New York
Central into New England was to be fol-
lowed by similar move on the part of
the Pennsylvania lease of the New Haven
1ead. The sustaining strength of New
York Central at it's high level doubtless
prompted some large buying of Pennsyl-
wanna, already paying l per cent. more
in annual dividends than New York Cen
trail and selling SO far under the latter.
The extraordinary railroad earnings re-
ported from every section of the country
was the motive for buying in that depart
ment of the stock markets. Ihe grangers
were all in good demand and gained
point or over on the half days trading.
81 dui icu III point vi ACTIVITY, out fhOCk
Island showed the largest gains in price.
Burlington felt the effect of the profit tax
ing on the publication of the May state
ments showing an increase of the surplus
for the month of $4,000. The Union Pa
chic stock enjoyed the benefit of a strong
showing in the May statement, as did
N. & w. preferred. The former rose over
a point and the latter about as much.
The early strength was largely confined to
the leading railroad stocks, but became
general after the publication of the bank
statement on covering by shorts, who were
disappointed at the failure of the mar
ket to weaken. There was early weakness
in the specialties the injunction against
the payment of the dividends on Federal
Steel and on talk of imminent strike
on the street railway lines, but disclaimers
of an intention to strike by the labor lead
ers and the strength of Sugar on tie de-
cline In raw sugars helped this depart
ment as did the strength of Anaconda
Consolidated Gas was stronger on talk of
settlement of the rate war. International
Paper and American Smelling weakened
sharply in the late transactions. Bonds
We're moderately active and strong.
Money rates have been high in London
even with credits extended to the open mar
ket by the Bank of England of upwards of
$26,0OO,000, resulting in a sharp decline in
the banks already low reserve; but there
as in New York, confidence is felt in an
abundance of money after July /. The
Bank of France has expanded its loans
for the relief of the market, and the Bank
of Germany has pursued the same course
The industrial activity in Germany contin-
ues undated, the conditions in the iron
and steel trade being similar to those ex-
listing here.
The rate of capitalization in Germany is
low enough to allow dividends of 10 per
cent. last, and this in some of the steel
shares, while the complaint of holders is
that they were not increased 20 per cent
this year. The Industrials generally have
been in disfavor in the New York market
during the week, and the movement in rail-
roads has separated itself from the Indus
trials. Profit-taking was induced to some
extent by the stffening of the money rate,
but liquidation was not on a large scale,
and the standard railroad stocks ended near
the highest. There has been an enlarged
business in bonds and an advancing ten.
dency in prices.