New-York tribune., 1901-08-25
financial.
The Financial World.

tvya
ago as if all conditions were uniting to give ~
at least few weeks of dullness with gsnaran.'
sagging priees-a midsummer market. with ~
weight on it OF labor troubles and a short So
crop. There We're very many people in barttr-
and speculative circles alike who had rn.s.
their minds there would be next to nothirv
ing In August and at least the first half of g.
TEMPER; and that what small price movan,.s.
there would be, would be toward a lower lava,
Here. however is the third week of Ar,r..
and the market has been rising during 80.
them; and while the volume of business aotn. :
not large. it is certainly increasing r,bera ~
Ie"er spells OF dullness the past week than ,ha
week before; yesterday the market cIosaa -
aoout the best prices Of the week, for sevsr.I
days 1t had been broadening and the gsro--,
sentiment Of the Street seems to be again gro,-
ing confidently buIIish. A rising marker r,.,.
Illogical at this time-but there it is
The Erie issues have come to the front 4, -,
tTduins since the issue OF the company's annro,
report some days ago. 1t is distinctly burI.s
document; and reading between the linz. -
chairman Thomas's remarks there Is Ht,lA 4,as
Guilty In seeing a sort of notification - NJ,
street that Erie is bull proposition. II saar,a
10 say: Gentlemen, keep your eyes on Erie v.
are going to bull it for all 1t is worth" Tba rsr
management with Hill men in charge. NAV IA
expected 10 make showing in the next eighteen
months which will put Erie common where .or,a
OF them say it will go-that is. 40. Thew ,au
you to buy Erie common on all weak spots. and
buy 1t for 30. This means that Erie cor,-,.
VIII De one Of the active trading stocks OF ,bA
hst, with all sorts OF ups and downs accordins
to the general trend of speculation for the wes.
or month, but with the main movement upward
Besides Erie common, however. of which thera
are III millions; there is Erie first preferred As
! millions; and Erie second. 16 millions Botb
these stocks must get their per cent dividend
before anything can go to the common divi-
dend at the rate Of per cent has recentIv basn
started on the first preferred which stock is now
selling around 20; the second preferred sells about
o6, and being rather small in amount is said
10 be very closely held. Now as the Hill peoule
are talking most about the common stock. and
expect to make their big killing in that-ss
they did in Northern Pacific common-it ia oh
vious that the two preferred stocks must hA
moved out Of the way first; that is to saw thev
must be paid their full per cent and so side
tracked. TO allow the Erie common train to
pass. Hence IT would seem that Erie first and
second ought to be good investments, and par.
tcularly the latter. which is getting no dividend
at all and selling on that basis
The company's report shows that there was a
surplus for the year over fixed charges Of So s2s
~
stock. and we have: 4 per cent on the first pra-
ferred. $l,S2O.OOO; 4 per cent on the second.
S6iO.0O0; surplus for common. 1888 900. Rather
small surplus for a stock selling over 40 per-
haps; but the significant statement is made that
the surplus would have been larger had not ex-
penses been swelled by charging extraordinary
improvements against them, which hereafter
will be otherwise provided for. The bull tip is
in that
In the upward movement OF the list ST. Paul
was again a leader in the early part Of the week
but stopped when the rest Of the list had got
going. Atchison common yesterday got up to
the edge Of SO-a five point rise for the week:
Union Pacific once more crossed par and went
on to 100; while Southern Pacific went to 60
Oficials OF the latter company assert that it will
earn 50 millions this fiscal year. The Gould
stocks were particularly strong. Missouri Pacific
crossing 101; and the Wabash and Texas Pacific
Issues also advancing.
The steel stocks improved both from the
/ stronger tone OF the general market and be-
cause the strike situation appears to be getting
somewhat better. 1t was rather blow to thu
| A Amalgamated Association when their records
| found their way into print, revealing the fact
| that the membership was much smaller than
he'd been supposed. and the financial resources
eorrespondingly less. 1t Will take some years
ing it will get in this hght-s fight unnecessarily
provoked by the figntiness OF it's leaders. Fur
thermore. so far as the company is concerned, it
| is not wholly evil to have production cur
tailed at this time. 1t was fast overtaking con-
sumption.
In the traction stocks. bull points on Manhat-
/ tan became current early in the week, and the
| stock moved up several points There are many
| strong believers now in Manhattan. who ar
| que from results shown by the Chicago Ele-
waited road after its electrical equipping. that
| the Manhattan lines will certainly earn De-
| tween and I per cent on the stock when
| operated by electricity
The advance in Consolidated CAST was "a
| yesterday-is thought to mean an early an
| nouncement OF the financial plans OF tne
| company The prediction is recalled or some
| large stockholders OF the company tnat 'he
| stock would be selling close to 100 Wneh 'hs
| scheme was announced. Rumors as to WhaI
| IL is are various. but generally take the shape
| Of a conversion Of the present stock INTO Ger
| tain proportions Of bonds. preferred STOCK anu
! common. Some time ago. it was SAID the ne"
| scheme would net be announced till late IN 'he
| Fall; but judging by other departments OF lns
market the Standard Oil people seem dlsposeU
! to hurry things along
| insiders in Peoples Gas-or some OF them
| took time by the forelock apparently. when they
peddled out some fifty thousand shares from
| 100 down to 115 some five or six weeks ago
| Knowing what coming to them Iater o.
new stock they judiciously sold it in advance
r,uch to the discontinue OF some people WHO
| ,,ara huving the stock at the time. and mucn
Wondered why they were getting so much from
| tbA sources 10 which they traced the supply.
J-er,, soon II became rumored that there wouiu
he privileges" offered. which explained mat
tiers. -