New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-17

IN the country. has Just declared its regular
quarterly dividend Of per cent. The Burling
last two years and half. and in the six
months OF this year the deficit amounts to
81 1923, 004. which with the September dividend.
will reach deficit Of S2,1i3,0i6, making, with
81 ,005,S19. While there has been considerable
criticism of the company for paying unearned
dividends it must be remembered that the
company has surplus fund to fal back upon
in years of business depression and also that
the company makes large cash contributions TO
sinking funds, the amount tAus appropriate
eliminated, the Yeas showing would have given
surplus, instead of a deficit Al the same
time IT would seem that such long period OF
depression experienced by the road, and the
deficit incurred so far this year. would make the
directors hesitate in maintaining 4 per cent
dividend, but It is to be presumed that the
directors are fully aware Of their duty in the
matter. and Of the financial capacity OF the COM
pany.
London operators were more generously dis
posed toward this market in the week and the
general disposition to favor the long ac-
count Buying for the foreign account has been
reflected in offerings OF security bills in the Tor
egn exchange market, and II is TO be noted that
European funds are able to find employment here
again owing to the higher money rates The ad-
vance in money az this time IS natural. ana Que
70 the call upon NewYork for funds for various
parts Of the country 70 be used principally in
moving the crops. The financial institutions or
this city are likely 70 undergo a considerable
GRAIN upon tnelT 1OnOS. out lneE are III d S'uHu
condition and ready TO meet any demands upon
tn an Although the reserves showed a furthef
falling off last week. there should be no such fear
felt as exhibited by few people when the bank
statement was published. While the banks are
strong and solid. il IS not the wish or the con-
servative element la the Street to see any eX-
tended speculation in stocks at this period. as the
necessities Of the bears might operate unfaVora-
bly, upon the money institutions. From present
indications it does not appear likely that there
will be any very extensive speculative movement
in stocks and the general condition of the imam
cial situation will be better off without one.
There were no important features in the week
stock trading the bulk Of the business being in
the usual speculative favorites. Sugar Refining
Chicago Gas Burlington s.. Paul. Northwestern
Louisville and Nashville. Manhattan and West
ern Union furnished the heaviest dealings. Man
haitian was the weak feature Of the week. on the
expectation Of a poor quarterly statement next
week and reduction in the dividend. but toward
the close the stock recovered It's early loss. ending
at a slight net gain In view Of the competition
Of surface roads and the objection the majority
Of people have 10 travelling in the lily ventilated.
hot and dirty cars Of the Manhattan COMPANY
especially in the summer loss in earnings would
cause no surprise nor would reduction in the
dividend to per cent astonish the financial COM
munity Manhattan az per cent is no mean
stock to hold despite the miserable management
Of the company.
The following tables show the movements or the
chief active stocks and bonds in the week: