New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-23
financial.
The. Financial World.

OF a favorable bank statement: and so conn.,
IDENTIFY was this anticipated that the traders dis
counted II. and after Its publication yesterday
took profits on their stocks: that the close wa,
a little offish. large decrease in loans and
substantial increase In the surplus reserve were
the leading features OF the statement. As the
surplus now exceeds $24.0O0.0OO, and promises
to increase. IL IL considered certain that In a
week or ten days call money will again he
abundant at 2 to per cent
Some degree Of bearsh sentiment was diffused
through the Street by the reports Of damage 10
the winter wheat: but these are still conflict
ing that II Is not easy to make any but very loose
estimates of the probable loss II Is conceded
that Kansas IL badly hurt: and this IL the
biggest producer. raising s. million bushels last
year, It Is an important matter TO Kansas roads.
Illinois Ia also conceded 10 have suffered badly:
but this state only raises about 10 million BUSH
els. which does not leave much for export out.
side its borders. On the other hand there IL an
immense Increase In the acreage set TO winter
wheat in California also I'm Texas and Il IL
estimated that with the increases in other
states the crop THE year will not show much
decrease from last year on the total aggregate.
but the distribution will be uneven As 10
Spring wheat the seed IL only now going into
the ground.
Reports were current early in the week that
some well known bull houses we're not advising
purchases Of the granger stocks Al present.
This was probably explained by the publication
later OF dispatches stating that the Rock Island
road showed a decrease OF shout 5000 for
March, and that the April earnings 40 far were
about the same az last year. The ST Paul.
however continues to report very large in
creases which come mainly from west bound
business Its next report. due on Tuesday.
should also show an increase. ST Paul Is
Spring wheat road. II IL does not show dollar
increase from this time 10 the end Of the fiscal
year II will yet foot up about S3i millions
gross. being by far the largest year IT ever had.
and something over Si4 millions net So any
way st. Paul seems all right.
II may be noted in respect TO Burlington that
the oft repeated and as often denied report that
a comprehensive refunding plan had been drawn,
involving the creation OF an SS3 million mort
gage at last turns out TO be true This mort
gage was drawn months ago. about the time
when Burlington had its first lift to 40: from
which figure IL fell back ten points So
denals that anything OF the kind had been
done The reports were incorrect only in so far
that they represented the plan being immedi-
ately operative: whereas. the refunding opera
ton will be spread over a period Of time with
a subscription privilege to stockholders occa-
sonally, like the just offered
II is understood that the next company TO
offer subscription rights to its stockholders is
the Jersey Central. which proposes TO convert
about S4,500.00O Of its bonds now falling due
into stock The Delaware Hudson has in
past times made several conversions OF this
kind; but 1t is said now that its future refund
ing operations will be into low rate bonds The
recent buying Of D. & H. stock, which has
red the price up to 125. is known to be based
on the increase in both its gross and net earn
ings which are said to return next
year (this year the rate is fixed at 81. TO I per
cent dividends. The small amount required to
pay a dividend on Reading first preferred is
noted In connection with the increasing earnings
of that company: and it is claimed that divi-
dend will be paid this year
There is good buying of Southern Railroad
preferred. AS there is no pool in the stock. nor
apparently any organized movement to advance
it. the buying may safely be assumed TO be on
the substantial improvement in the property.
London is supposed to be the principal buyer.
Louisville & Nashville also seems in good de-
mand This stock has the benefit Of small
pool working In 1t.
very irregular Not much has been done in
American Tobacco. but Continental Tobacco has
been active enough. 1t has been as high as 657s
and as low as 59%. Its closing price yesterday
was 62ss after selling at 60. and it was OBJ
served that it stiffened up when the rest OF the
market was weak. The appearance of Flower
& Co. as liberal buyers OF the stock was some
thing new and attracted attention. What value
he in hem 6 v,
there were strong assurances AT the close that
the stock is booked for a considerable advance
They came from sources which are usually re-
liable
The Federal Steels have been steady 10 strong.
with most doing in the common. as is usual
Brooklyn Traction finds supporting orders
around 1870. Steel Wire has been comparatively
quiet. and II was rumored that nothing much
would be done in il until Mr.. Gates returned
from Europe The new Shelters stock was hrst
quoted on the Board on Monday. and promptly
took dive from the opening price IL mas NOT
vet come I'D Tennessee Coal ana Coioraoo
Fuel ran up; and In connection with the latter
stock there was a report that ownership OF the
property had changed.
With easier money there came very ue-
cided increase in the buying OF oonds ln's
was the more specially noticed. because the
stock market had as a whole. tendency 10
dullness-very natural after a sudden oredR
and rebound All sorts Of issues were IN de-
mand. The St Louis Southwestern hrsts nave
gone above the price predicted for them IN 'i's
column-95 1t seemed conservative TO pun 10
for them. being within safe mark lney
may go to par probably will but as TO TINS
there are no predictions. The new Iron Noun
tain 4s sold at 81 yesterday price Of VI 70
o. is about fair for them a temporary rest
ing place II is likely they will go later TO ID
but this may be slow; for this reason-that
large proportion OF the holders OF Texas "a
cific seconds. for which the new bonds VIII DE
exchanged. held them specuatively; and when
they get the new bonds will be disposed 10 real