New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-13
financial.
The Financial World,

OeCllne WHICH WOulQ lesQ 10 the DeIle1 that etan.
nation might be the least of the evils which
could be looked for A closer study reveal.
something more than this and even now point.
to wider operations and increased public In
terest.
The first part Of the week was overshadowed
by the poor showing Of the banks, which brought
quite a little selling. also intense dullness onIv
relieved by upward movements in special stocka
Late Tuesday afternoon a rumor that the Gov.
eminent would help the situation by additional
deposits in the New York banks started "a
newal of the buying movement. By Wednesday
this rumor denied; there was, however a
wel-defned feeling, whether founded or I'm.
founded. that the money situation had been
taken care of and that no exceptionally high
rates would be allowed for the present. The il.
sue of S10,000.O0O. gold certificates is talked Of
the first step; others will be taken IL needed.
but, as is generally the case, natural forces ara
to be given time TO operate. Meanwhile en-.
change rates work to the importing point and
the recent importatons from Australia remind
us that Will soon begin to draw gold in thu
natural way In this connection II Is well 10
note the exceptionally heavy exports Of wheat
and corn. The increase since July LIST over tina
same period last year amounting to nearly
14OOOOOO bushels. This axes quick exchange
Sharp buying of stocks in the closing hours pre-.
sumaby a better bank statement, leaves 4
higher range of prices for the week.
Along with the dullness and strength which
are plainly in evidence, may be noted another
feature the accumulation Of low priced stocks
1t would be supposed that in market as dull
as that which have been having, no bid
would lie found for stocks Of this character, but
on the contrary, something almost opposite to
this is noted When the market runs off sharply
as it does once or twice week. these stocks
remain comparatively firm and out OF the dull
ness which ensues, 1t Is one or two issues Of
this kind which, by their advance bring the
market back again to something Ike activity.
The fact that day after day brings new EVIL.
dences Of active and expanding industrial con.
ditons, taken in conjunction with the move
ment referred to. gives just encouragement to
believers in higher prices.
Activity first noted in Leather stocks
about the middle of the week. The trading on
Thursday, particularly In the common. was
enormous. Insiders say that the companys
business is large and profitable, to 10 be.
Ing earned the preferred stock. pool Of
Eastern and Western lien has been formed to
bull the stock. Negotiations pending for the
adjustment Of back dividends and TO place the
stocks where they can be handled better specu.
latvely.
Eighty-eight was the price touched by Pan.
handle common early this year. Should the
minority stockholders win their plucky fight,
which now seems probable. the stock should
stand as we'll as Omaha common in price as well
as position. " Y Cen:rals enormous earn.
ings for June and July gives some idea OF what
the Nickel Plate must be doing. Mark the lat.
ter company's half-yeariy earnings published
TIE latter half Of the month. There are no
cheaper securities on the list than these same
stocks Let the man who is looking for bar
gain buy and lay away, little common ana
second preferred. One Of these days he VIII
awaken TO the fact that he has second Pam
handle
The Government crop report for August IL
always of interest. The marked falling on ~
the condition OF Spring wheat taken In connec4
ton with our poor Winter wheat crop would
make a serious state OF affairs were II not for
the fine showing OF corn and smaller grains Ii
sitting the mass Of crop reports which have
come to hand since August LIST, II is gathere'
that further injury has been done to spring
wheat While this damage is only IN certain
sections and does not cover large areas. IN the
aggregate 1t is bound to reduce the yield II
is probably this situation which has caused 'he
Northwestern receipts OF grain to fall of. IN
doub'edly the poor wheat crop is factor OF I'M
portance in the bear position which several
large interests and operators have recently
taken and may IN some m easure account TOT the
supply Of high priced grangers that are for SAFE
on every rally.
Five per cent bonds. with good security at
taching. are selling in the market at prices
~.
selling so low as 100 OF the latter class. as
was noted in this column some weeks ago. 'ne
Mo Pac. collateral trust ives due 1911 anu
1920 may be mentioned as having aounoan'
security. but selling as to the first-named a'
100 with 2l- interest coupon en-, payaoie sep
tember LIST. and the latter at 96h with no
accumulated interest. These bonds nave o.
good security as any FIVE per cent bonds in the
market To cover net first charges for interest,"
and rentals. the Mo- Pac. requires but Is per
cent of its annual gross earnings ana II 'h'
undivided 81. 1904 OO surplus of the Iron Mouh-
tain, wholly owned by the Mo. fac'' oe eo"0
sidered the percentage Of gross earnings fe
CURED for net first charges would not eAceeu
- ner cent. Mo. Pac has always met us
obligations II never defaulted. Its recent ao-
sorption of s25.O00.Oo0 Texas & Pacific Sec
onds through issues of Sl6VOV" iron No'''
tain Tours also previously noted in this columh'
to be followed in all probability by the acquisi.
ton OF all the Texas & Pacific stock, WIN
make OF the Mo Pac a compact system vi
nearly 1000 miles. with net charges aheah VI
the common stock lower in proportion TO grosS
earnings than those OF any OF the great rai''Oa1
systrms 1t is thst ratio of net first charse' ',
gross earnings that determines the intriS0
value OF bonds where a railroad property IL i"
good physical condition. %,
The NJ n & T. 2nd Mtge. per cent a' "
is another Southwestern bond with iu'u'S
The surplus which has been earned lot wv
years past on the preferred stock mas pee'
used in betterments on the road. Insiders 80,
that inasmuch as earnings are INCREASING az.
rate wars and attacks by State officials WIZ"