New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-04
financial.
The Financial World.

expanding business there has been a very "a,
/ eral advance in prices The rise has been h
tween two and three per cent for quite a larr.
number OF the leading stocks including ~.
grangers; II has been a little less for Other,
such as New-York Central. Pennsylvania ana
Union Pacific; while in OF the industrial,
IL mas been very much larger-as Tennessee Coal
Tor example. Sugar is a weak spot in the mar
ket. There was a brief furry m It one aav
caused by the reckless purchases OF a roor,
trader. who promptly failed on his contract,-
after this 1t settled back It is known that thA
Hurry while 1t lasted considerably disturbed thu
! insiders in Sugar. who were evidently bewildered
oy the performance. 1t was not in their pro-
gramme. The dividend meeting comes nex.
month, and the customary rumors are in circu-
lation that something is going to happen. The
steel stocks were leaders on the bull side the
start being made with Steel Wire on the decIa-
I ration Of dividend for the current year at the
rate Of per cent. II the stock had not been
so badly handicapped by last years perform
ances in IL. the showing Of earnings made and
the declaration Of the dividend. might have
made rise in IT TO 65 20 no very difficult mat
ter to bring about; as it was. insiders were ap-
parently willing to market stock when the price
got above 81 The dividend OF 2I5 per cent on
Federal Steel common will be declared on the
second Tuesday of this month This viii clean
up the delayed payments Of last year; and leave
the way open for regular payments in the fut-
ure. There are rumors that dividends at the
rate Of per cent will be started on Tennessee
Coal next month Their circulation accompanied
the sudden jumps IN the stock Of eight points on
two successive days
1t looks il the upward movement begun
the past week would go further The anticipated
passage of the Currency Bill is indicated as the
forward mark toward which it win move. Great
he bTrIT sid ra1,-
result from the increase Of currency which the
bill will make That the movement is afoot
to lift the market may be inferred not only from
its advance the past week, but from the fact
that the loans. shown by the bank state
ment, have increased nearly $4,000 600 in three
weeks. while the stock market has only just be-
gun to move. II is argued that the big
have been getting together the necessary money
for bull movement, the Currency Bill furnish
ing the motive for it. If the argument be cor
rect. bad news may retard the forward progress
Of the market, and make it irregular; but II
will go forward all the
The continued increase in railroad earnings
may be used a lever. and certainly
could be better II the St Paul may be taken
as an Indication Of what the great systems
generally are doing, 1t must be inferred that
general trade continues TO enlarge in volume
rather than contract. This company in the four
weeks OF January SnOWeU SIOSS increases over
last year which were quite unexpected. In the
third week II increased $4,000 over an Increase
last year OF S107. 600: and in the fourth week.
1t increased $4,000 over S161OO0 increase last
year. It was supposed, on account Of last years
large increases. that the comparison this month
would be poor, especially as the grain move
ment had greatly Stacked OF; but there they are
quite the other way. For the next few weeks.
comparison will be made with small increases
liz
OF the other large concerns. Is taking the favor
able opportunity to put large amounts Of money
into improvements. so that net earnings do not
make so large a showing as gross and there
is, of course. some increase in cost OF working.
from the advance In the price Of supplies This
being said. however. it remains true that the 81
Paul and several other leading railroad systems
are making the largest earnings in their history
Among the trunk lines. another outward eVi-
dence OF the union Of interests was afforded
the other day in the election Of a Pennsylvana
Railroad representative to the Board OF Dirsc-
torv of the B. & o. The stocks OF the latter
company have been among those which have
risen most sharply during the week The pre-
ferred It must be borne in mind, is a liked 1
per cent stock; so that even when dividends are
started on it, a price between so and So must
be regarded as top The common, OF course,
Is open to all speculative influences. The strong
bull argument on B. & o. Is really that the
controlling influence in it's management now Is
the great corporation with which it has IN times
past been so often and so ruinously in compe-
tttiou. Railroad men who know the past history
of the B. & o. from the inside are well pleased
There will be more going for tonnage at
snv cost" said one of these; and that has been
The principal trouble with the B. o." The
Chesapeake & Ohio is also understood to be
practically a Pennsylvania corporation now
through a controlling ownership. The Three
q "a road has been brought under discipline in
the general family by the retirement OF President
ingalls,. OF whom it was said. that he wanted
70 RIM the road as he liked and not as the other
Deonla liked Three C's. stock ought TO be good
for a few points advance from present figures
II has begun paying dividends again
All these roads are great coal carriers, prin-
cipallv soft coaI and so great is the demand Tor
this coal that il has risen almost to the price
.oP anthracite 1t is stated that the latter coal
"a again being used in manufacturing where IL
can be obtained readily. as IL can be bought
nearly as cheap bituminous.- European de-
tmands for soft coal are growing, and are urgent
partlv as a result Of the South African war
The war has also caused an immense export
of canned goods; and has almost doubled the
price OF horses and mules in certain parts o.
the South and Southwest. The English Govern
ment has bought them up in droves
Third Avenue stock has been fuctuating IN
the vicinity OF par II does not appear that the
bankers who expect TO take charge Of the com
pany's finances are concerning themselves a0ouI
the stocks market movements The coming
week they will probably be in a position to say
definitely what can cannot be done. Iney
are still receiving the reports OF their eNperts'
which are bulky documents. covering every de-
partment OF the property. These reports are