New-York tribune., 1902-08-24
fiunuriGI.
The Financial World.

seems already 10 re stirring up things in Wan
Street. where there has been little doing fo
some weary months One might have supposed
from the spectacular style the press has hssr
lately treating Wall Street affairs that a ros-
ing trade was being done there; whereas the
business done was narrow. and confined in The
main to the few houses which are dirsctIv
connected with big operators or cliques Cen
eral commission house business has been vs--,
poor There is hope now. however that thA
market will broaden out. which means thar
other than these special houses referred to will
set enough trade 10 keep them busy.
Much curiosity was expressed as to how NJ
Morgan would express himself on the situat,o,
Outside OF what he said about the coal striks
he has made no public utterance; but priyarslD
he has expressed himself as contentsd with ths
way things are going; that an good stocks are
going UP, and that unless the market runs into
a crazy speculation there will be no trouna
about money. If. however. the market gets "a
jumping. there will be a Tightening of rncnsv
which Will give i a sudden check
1t is rot TO be inferred from this that c,u
money Will continue to be abundant at 8 Ia 1
per cent while the crop movement is on It's
likely to command per cent But Der ean+
rate at such a time is not troublesome. strin-
gency means difficulty in borrowing rnonev A.
all, at about any rate the lender chooses to ask
which causes speculation to suddenly coIlanss
The market yesterday looked about its best
Of the week, especially after the bank state
n1ent appeared. showing two nlillIon Increase
in the surplus reserve Southern Pacific WAS
the leader. It made record price for itself a.
711k- The Street said it was to celebrate Mr.
Keene's return Probably his return did hava
something to do with it; but the stock has been
advancing from the day that the directors ~
the company determined on their new fnancs
scheme. 1t timed in very well with their ae-
tion. that an elaborate report upon the prousrrv
made ready for issue by the house of TaIbo.
]. Taylor & Co The book was sent out in num-
bers on Friday. Advance copies had been shown
before.
As Southern Pacific is likely 70 be verv a..
tive trading stock in the future. tending pe-una
nently upward but with many fluctuations on
the way. it may be well for any one having an
interest in the stock. or contemplating one, To
get copy Of this book Its preparation COST
$4,000; so ii may be called ten thousand dol
lar book It enlbodtes the facts upon which
very heavy purchases Of the stock were uads
year so ago Probably the first surprise for
the average reader will be the official Statement
OF earntnss-wlthin a fraction Of S9000OG0
gross This for the fiscal year just closed.
In the same period Atchison earned 80 mill
ions, St Paul 45. Union Pacific A. ard Burlirg-
ton something less than IA Although reports
are published at regular intervals il is surpris-
ing how few people seemed 70 know what
the earnings OF the Southern Pacific were. Thar
aay road outside the Pennsylvania should be
earning 80 millions gross. was fact which ap-
peared TO astonish even well informed people
Probably because the Southern Pacific not hav-
ing yer paid dividend. it was not thought pos
sible it could have such enormous revenues
Appearances indicate a coming movement in
the Erie issues. There are persistent reports
that the second preferred is 70 be retired Thers
16 millions OF it. II this is really 70 be DONE
IL is probably part OF the financial scheme which
is expected in respect 70 the property. II has
been well known that the Erie nlust raise more
money. Mr.. Hill was credited with statements
TO that effect over year ago With the new
capital put into the property. he expected great
results The company has made an excellent
statement for the fiscal year-about S2O00.O00
net Increase This IS doing well. for the coal
strike must have hurt the road considerably.
the Erie being great coal carrier
A road which the strike seems 10 have greatly
helped is the Norfolk & Western. Its earnings
are greatly increasing: which is the solid basis
on which the stock is being bought This IS ons
Of the stocks which London is very bullish on
! London party once controlled the property
but il must be said they did not manage II very
well. and it went 70 the Pennsylvania
Southern Railroad preferred went of a little
when II vas announced that action on the clVi-
dend had been postponed This was couotIess
on a misunderstanding OF the purpose OF the o.
rectors II was stated at the close OF business
yesterday that full statement OF the matlaf'
which would cover the Louisville and NASH
Vile also, would be given out by J. P Morgan
& Co. some time later in the day; ana 10 I1a'
rsa6ar NAV be referred
Tho voung GouIds are credited with NE
operatiors in Western Union, which have lnAo0
neon1e open their eyes lately That veneraol7
ard moss grown stock, which usually remains
for months unmoved and almost unqu0'sl'
has within a week or been going through LIS
most lively antics: thousands OF shares o7-A7
streamed along the tape az intervals. anu l'
quotations marked up in quite starting Sls
Most people have looked on in surprise "0A
dering whether there was anything sei+'-'
in fl or whether it was only the Gould ooss
having some fun
One Of the spectacular incidents OF the Ns1A
nss the performances in Colorado Fuel IhlS
affair has resulted expected; and ce.'1-A
as Mr.. Gates was most fully warned tha' =
would But n the position that he anu -
associates were. they had 10 put the tnihS % -
test There was nothing else for them " ~
They held lega! ownership. but OssOOu
possession When they got out lAS-e'
found him securely intrenched; saiS
br1,isers with knuckie busters and SIX shool7
on one eide. and local judges 70 issue ln!-A
tiors on the other Thus fortified ne e0u.1
them to come on and hold their elecllol
could When they attempt this N "1-A'
man with the injunction. and aorup~' -
the proceedings. There was nothiAs i'I -
TO do, for the time being. but TO eoll1 -,
leaving their lawyers 70 so through the w.
- -,,t-{3e 61hr IN the local cOUEIS-CouA~