The times., 1898-02-27

formly brave. While our navy Is proba-
bly, only fifth amongst nations at this
time in the event of war and before It's
termination we would become q naval
power, if necessary, equal to that of Eng
land; as with the credit of the nation
backed by individual help. IL would be
enabled To buy al! the war vessels now
being built for other nations as well as
construct very largely at home. Many
vessels now in Use for mercantile pur-
poses would be converted into vessels of
war also If the President of the United
States should call TO arms tomorrow, the
number of people that would volunteer
would be so immense as TO dazzle the
world. Such in this country is the love or
country and the desire of the people to
protect the honor of the nation, and it
may be said that there is scarcely any
limit to which they would not contribute
in both money and muscle for that pur-
pose. A war with this country would be
an exhibition TO the world of the Supe-
riority of the American race as embody-
ing loyalty to country. pluck, force and
money resources. besides an inventive
genius for the creation of war making
utensils that will surpass any other sec
tion of the globe.
There is matter to be taken into ac-
count at this time in forming opinions of
the market that is entirely independent
of the Spanish crisis. Were that bug
bear TO all good bulls out of the way en-
tirely there is no reason to believe there
could be higher prices. The money market
will almost surely be active during the
coming months at higher rates. This
will mean that railroad shares will be
at a comparative discount. Four per
cent railway stocks have no right around
100 at any time but particularly, they Will
not remain anywhere in the vicinity of
par i'll an active money market. The
merely speculative playthings of the
street must also be adversely influenced
in the same direction.
This in reality eliminates large portion
of the list Immediately. 1t is the opin-
ion of a crowd of careful people that
has been through other booms and re-
actions, that the prices quoted before the
break on the Maine disaster were entire
ly too high, even leaving the Spanish
complication out of the question. In this
column there were repeated suggestions
in this direction and repeated advice to
sell rather than buy.
1t would seem that Sugar should be one
of the few stocks that should hold its own
and regain lost ground as soon as the
panic is over. There will be reduction
in the dividend in Sugar. and the divi
dend will be earned and more. The trade
war will result in q victory for the trust
There is no reason to doubt this. Such
being the case the present price for
Sugar is out of the question.
Peoples Gas is ianother of the stocks
that should be bought when anything
may The company will pay its dividend
and the informationTis very good that
the earnings will, increase. The opposi-
tion of various kinds, that has bothered
the Chicago Gas people for some time
will not figure in the matter for u long
time to come at any rate.
There seems a fair probability that the
dividend of ST. Paul will be increased
to per cent. st. Paul may safely be
held as an investment If margins are
ample.
There is some talk of buying by the
Standard Oil people in Rock Island.