New-York tribune., 1901-03-24
findnriai-
The Financial World.


that the coming week would be warm oos
IL may justly be said TO have been that Thar.
were one or two brief pauses in the rush .,
business. and occasional irregularitv of n-,.a.
out the week as whole was characterized bv
an almost feverish activity and by advanri,v
quotations for the majority of leading stocks
While some OF the smaller ones went IN vvi,b
something like a whirl Among the latter NAV
be noted the Wabashes. the Denvers. the Nicts;
Plates. and Texas Pacific. One incident w.,
the crossing Of par by Missouri Pacific Nh.
first time since 1887.
The Erie securities were to the 'front.' ,-,..
start to finish. The opening in Erie cornr,or
Monday morning was lively one There u,.r.
100000 shares of the stock done during ,ha
day, and the price went from 80 to So n w,.
5o% yesterday. five point rise in so big a
stock in week OF less. is pretty good: and
when the stock is the only lately morihund ana
diseredited Erie common. our wonder grow.
In the same time. the second preferred had go,a
from 4S to 61-but as this is a small stool, ., a,
little more easy TO handle than the hundrss
millions odd Of the common. The first rra
ferred did not do much. 1t has seemed 70 ba
out OF the running lately-perhaps becauss a
dividend on IL is not so near it at one tim.
appeared This speculation in Erie is a Icns
pull one, the same that in the Northern
Pacifcs.
The men who are running it are in to bui5
up the property, and it is nothing to than
whether they have to wait three or six r,on-b,
ror dividend Their talk is that in two wear,
tne Erie road will be earning dividend on ira
common stock If their calculations are cor
rect. they can afford to see temporary auctua-
tions in the prices of the securities with eoua-
nirnity. There were many and frequent dips.
in he
while on the way up to their present prices.
There will be the same in the Eries
The first change in the MANAGEMENT is th.
transfer of Mr., Underwood from the B. & O n
the head of the company. This is IN an
pointment. 1t was rumored in the Street that
Mr.. Cannon. Of the Southern, might succeed
Mr.. Underwood
Some large buying was noted in the other
trunk line stocks. more particularly in Penn
sylvania This company will make a stock issu.
in few days. and offer the stock 1t is stated at
12O The last time the Pennsylvania put out
stock it sold it on it's own account in the open
market: but there was some dissatisfaction ex-
pressed by the stockholders. who considered they
ought to have had subscription rights offered
them; and this has now been done. The bull
argument heard the trunk line stocks most
frequently in these days is that the lines
not be duplicated. All Eastern trunk lines that
can be built have been built: and now that their
ownership has become so concentrated that they
are substantially one system. their revenues ars
assured as they never were before
In the middle of this system. so to speak. lies
the Wabash road. owned by the GouIds. It's
place is with the trunk lines and the ownership
might be said 10 belong there. Perhaps owner
ship has passed The big buying OF the stocks
and the Debenture B. bonds (Which have a vot-
prices not seen since the days of the founder OF
the family. The Toledo. st. Louis & Western.
which parallels the Wabash. is known to have
been reorganized under Vanderbilt auspices; and
lastly the Nickel Plates have been bought
heavily by some one. There are those who think
they see a connection between these various
movements.
The Atchisons maintain their usual solid
strength. sustained by the great earnings Of the
road. and the outlook not only for their main
tenance but their increase. They are large
enough 10 allow generous oUtlays for permanent
improvements, and yet TO show ample surplus
for dividends. The question Of putting the COM
mon stock Of Atchison into the list OF dividend
payers substantially resolves itself into ques-
ton of the rate at which this shall be done The
showing Of earnings made by the road is such as
would Justify a rate which might, II declared
create an impression and probably would. that
1t was done to make a market for the Stock
but the more conservative course viii I'M
doubtedIy be adopted. The statement the COM
pany will be able to make when the declaration
81 the dividend is made-which is understood to
be some time in April-win be very gratifying TO
the holders of Atchison securities
In the steel stocks. attention was largely con-
centrated on the dealings in the outside market IN
the stocks Of the new company They were
large, and at rising prices. Some idea or the
maguitude Of the operations and assets Of this
gigantic corporation may be gathered fron 'ne
figures below. They were put together at a r.
cent dinner in this city. 10 which the principal
men in the steel trades were gathered and were
verified bv later examination. The United
States Steel Company
Makes 9or. OF coke in United States in 200"
coke ovens With = capacity ot $1,000 tons per day
II makes 75co % sizes Of stse-ehiets' SC
75c OF the T. Rails: 900 OF the street railroad ras
$50 Of the structural 500 Of the plates and 81
- e az the wire 1t makes substantially all the saeet
steel in tha United States. ali the tin plse and ali 'n
tubes.
IN owns or Per cent the Bessener ors IS Bss'eTa
steel works. OF 10000 daily capacity luo opsn
hearth furnaces and Sc blast furnaces
IL owns 1000 miles OF railroad. with 40" loeoFaouves
ana Is geo cars 152 vessels. with capacity u ID
tons per trip -
IL is the largest miner Of coal IN the world. I'0i
y 600 600 20 5O.OooOSo year
I, employs 10000 and It's payroll amounts |"
$500. oOo. per day
on july LIST it will haze SOS 100000 in cash
The two items in the above which will douo'-
less most strike public attention are these OF
the 100000 men employed and the payroll OF nan
a million per day-which means that Sings
manufacturing corporation will pay IN wages
$50 millions per year, allowing 800 workins
days for IL.
In the conversion OF the old steel stocks INTO
o~O-e