New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-22
financial.
The Fnancla! World.

reviews is timely: the trsds
,o,,.a ,''u"'e OF payments through q,
Is extraordinary. " per cent a,..earins
ror 49,, ,a :" pc, cent larger than in pg7 m. nsa
per cent larger than In 1892 even tha - and
outside Of New York showing gain aan'aciors
$50 per cent Speculation Al New 49,, h l@1 q
cannot De the main cause Of gain" therefore
The year 1892 was one % snda.
s.o1a' "aue ac.iVity With all the yoln.~ ''
$3.50 "one' the surplus reserve - ="
uanNS' ny Yesterdays statement. wa me
wa" II was IN the corresponding week Ia. a'ser
% again. we see things we never saw Ear gar
because we have conditions oe 80. before
fore. saw BE-
The market moves according n -.
movement Of a bull market that ia normal
stocHs rise successfully. From THE :, y"
.nat as one group goes up. It tends to can.. ''0a
Zing In others and diverts the tr.A,~ ieai'
them In the fore part Of the week. ,,o IRON. IRON
STOCKS absorbed the speculation: IN ,,s sH
part the Vanderbts and Union Pac,so 'A"r
burlington led the grangers That =,
ly to do so was intmated here last week tys nse
the refunding scheme has Progressed 1. !"
tain. The impression is that the dIrec,ors r r
bargaining with the bankers about prices CIV. 'Na
ing higher price than the latter ara MIN. NV
pay. However this may be- the far, IS"
that the Burlington Is almost The or,n
of the big railroads whlch has not brouos.
interest charges down TO the present level 49,
terest rates and these are times propltions ..
doing 1t. The Burllngton's earnings are l.,..
enough to justify high prices for the st.
! without respect to refunding II one will tnr, .
/ the Financial Chronicle" record for lssO !.
! VIII find that Burlington-the same Burlln,,o.
we have now-sold in that year at ls3 ~.
Chronicle" will be able in good time TO NAB.
another record very close to that
The Street was surprised when II saw a.
stock rise to 40 the other day: but this Wa,
nothing to the surprise which New York Cent?,
| gave when It rose from 127 on Friday to lN W.,
terday; yesterdays advance being about MA.
| points over the previous days close. In u,
! same time there was an advance in Union p
! cifc from % to So London and Amsterdam NJ,
such frantic buyers Of both stocks that Il A.
/ closed the situation over there-the speculate,
! element at both places has been short Of II,
market up to its eyes. On most Of our stror,
| markets for quite a time past. the Europ.sn
traders have had a good thing in selling short
| This time they have had the hide taken "A
them. Quite likely now they will start Just a.
hotly buying for the long account. In which
case there will be fun.
Even in these strong bull times Central could
not sell up to 40 on the dividend It is paying
The rumor-it is only a rumor at PRESENTS that
another Vanderbilt consolidation is coming This
time it is the union of the Northwestern and the
Union Pacific. which are both under Vanderbilt
control; and that the stocks Of these roads viii
be retired by an issue of 3l2 per cent bonds a.
Lake Shore stock was retired. Even the figures
are given Northwest preferred goes in at 200
the common at 100; Union Pacific preferred at
par. the common at 80 New York Central Is to
issue the bonds. and the earnings over the IN.
terest charge will Il is said double the presen.
dividend on its stock.
This scheme is so vast that II makes one H.
credulous but after all. it is not greater than
was the famous West Shore deal for Its day
Wall Street found IL hard to believe In that Until
the market movements OF the securities affect.
ed proved its truth
1t Is a little strange that with all the sDacrli.
ton in the Vanderbilt securities. there auD
far been an almost entire neglect OF the NGAA
Plate stocks. The relation Of this property tous
Lake Shore is obviously parallel to that
Omaha to Northwest That the parallel VIII
sooner or later be continued into dividends and
the resulting prices, Is a certain TACT OF tne
future The Nickel Plates earnings now are the
best 1t ever had. II the managers dropped the
working expenses to 65 per cent. these earnings
would give a dividend Of nearly per cent on the
common stock.
This being an age Of consultations as
means TO economy Of effort bold Spectators are
already figuring out how the union Of the Chi
cago and Alton. the Atchison and the Rock Isl
and could be brought about.
There is one field In which close union has Be-
come an absolute necessity. viz. among the an
thracite producers. Competition OF soft coal
gas fuel. etc. has put fore the owners OF these
properties the alternative OF effective union or
ruinous loss: and the information comes through
Philadelphia sources that comprehens"
scheme Is under way. which will take in the ID
dlvidual operators (who are heartily in favor"
IT'D and cut off the expensive middle man OF tn'
trade. 1t is asserted that % TO - cents per '0l
can be saved by this: and the price OF cosi
maintained on a stable basis. 1t is not new
scheme In all its features though some are Du'
there never has arisen before the like imperal''
necessity for preservative action. Ohder u''
scheme proposed 1t is calculated that 'sn
will be made certain.
out Of the Flower office which for reasons -
expediency has allowed the Federal Steel s'O'A'
to remain quiet comes the news that the COZ.
ings of the International Paper Company )us'",
an advance in the price OF the stock. we XIV
what this announcement means. In the INV
dulest months OF the year. SAYS the uo'e, ,''1
the earnings have been in excess OF the Wv,
dends paid The common is paying per ~ ~
For the whole year the earnings on TINS W.
will be about per cent. In view OF thiS' 90
the probability OF increase over the per .v :,
now paid. the stock is entitled to go higher sA'
It will.
The trade movement Of the country mas 80.
vet begun TO touch slightly the leather ous'n'.
but II has reached II, after long Tagging a' a'
and we may expect soon TO hear that the 80
~ leather have gone up very sma'' aD' -.
per pound means much to the earnings "a =,
Leather Company and 1t will mean ,' n,
much in the price OF Leather preterieu .,na.
stock NAV srart any day Just as soon 10 a..