New-York tribune., 1898-10-30
Financial.
The Financial World.

case and such a sudden looming up OF the
Franco English war that the London market
almost collapsed. and flood Of selling orders
fell upon US The two things together coming
In one day. would have Knocked this market
| endways had It been less inherently strong. As
It was the small decline which II did have gave
assurance that forward movement was a
tainty; and II came. without desy. The very
next day the market more than recovered its
loss OF tho previous day. and since then It has
been going up. and in all probability will con-
tnue 10 go up until--the elections come on next
Tuesday week. That is long enough to look
forward to at present.
1t seems entirely safe to dismiss apprehension
Of a rupture between France and England over
African affairs. Some day the question will
have to be decided among the European ma
tions. which race is to be the dominant one in
Africa; Just az in the last century the question
was decided whether the French or the Eng
lish speaking race was to be dominant In North
America. The Treaty OF 1863. which wound up
seven years OF war and extnguished tha French
power on this continent. settled that Whether
the fate OF Africa is 10 be settled In the Eu-
ropean chancelieries by diplomacy whether
1t is to bs decided in the field. is problem Of
the future. Clearly 1t does not concern US now.
for the disturbances In Paris last Tuesday were
striking proof that the French people think
ing very little of Africa. The character OF these
disturbances cid much as anything to cause
the recovery in the London market which fol-
lowed quickly on Mondays collapse.
While there will be foreign to give as
a shock, the Joint Traffic decision remains. II
may seem like fippancy yet one may speak
deliberate conviction. In asserting that the de-
cision don't amount to Of pins. In tho
Hrat mia taq In Ia
mon sense TO expect any other than an affrma-
ton Of the declaration OF the court already
given in the Trans Missouri case. That decision
settled the fact that the Sherman Antitrust
law applied to railroads (which one dreamed
II would when IL passed.. and since then
va have had the far more important decision
In the Nebraska Maximum Rate case. which
was entirely favor OF the roads. II gave them
an appeal in all 10 the Federal courts
against the State authorities; In other words. Il
subjected all really important State legislation
affecting railroads 10 review by the Federal
judiciary. Now since the TransMissour case
was decided. the western roads which were d.
rectly affected by II, have been conspicuousiy
the roads which OF all In the country have
earned most money which have increased their
dividends and generally been most prosperous;
and the outlook for them now is brighter than
for any others
On the othef hand the eastern roads en-
braced in the Joint Traffic Association. which
have still been keeping UP semblance Of union
under its rules. confesseily have been away be-
hind the western in the matter OF earnings: so
much so, as to give riso to discussion OF tho
causes OF this discrepancy II traffc associa-
tons were necessary for earnings. exactly tho
opposite Of this state OF affairs should be shown
The fact is. however that while these associa-
tons are 10 the managers a great convenience
within certain limits. (else they would not have
grown up). they have not, and never had. any
great influence on the earnings OF the roads
When pooling not under the ban OF the
law. and pools were the rule. we had some OF
the worst rate wars ever known. One may add
also, that the Supreme Court again aiiirms tho
right Of Congress TO legislate on railroad traffic.
and that this is the surest protection OF the
roads against the meddesome legislation OF
State legislatures This fact will impress Itself
on the minds Of railroad managers some time
or other.
Wall Street has occupied itself the latter part
of the week more with discussion OF the cleo
tions than with war possibilities Supreme
Court decisions. The discussion has been keener
about the chances Of Roosevelt and Van Wyck
than about the Congressional outlook which
is where the market would be most affected.
This, perhaps. is natural. as the Gubernatorial
contest is dinned right into our ears. The other
reaches us with a more distant sound. What Is
noticeable Is that both sides remarkably
confldent-generay indication that the con-
test will be close. The betting also indicates
this 1t matters little to the market whether
Roosevelt or Van Wyck be elected: IL matters
much II the House remains In Republican or
passes to Democratic control It is. OF course.
hoth esl thaf
Republican majority In the House will be re-
duced. There the concessions end. AS TO the
Senate It Is difficult to figure out anything but
a Republican working majority for that.
Yesterday the market sold off little after tho
September statement OF the c. r. & Q. was given
out 1t showed a decrease In gross ana net
against last year. Relatively, the statement
was poor: absolutely. II was good In Septem-
ber last year there was n phenomenal rush OK
grain over the Burngton's lines. and over these
beyond all other lines. The Letter deal was
probably at the bottom Of IT. The earnings OF
the company enormously swollen for
the month that It was simply an mpossibility
there could be any but an unfavorabe compari-
son this year. These few figures tell the whole
story:
lsae. ae............gross. s3lstooo surplus $3.50 C39
1891 aaIs." :YrpIu. LiisS9S sS.S
There is nothing new in Sugar; but Iopacco
has been bounding up On the formation or the
new Continental Tobacco company when IS 10
deal in plug tobacco. The American company
turns over to the Continental all the pug con-
cerns il recently bought. and the business OF i's
own Battle Axe plug (Which. by the way -
losing concern). 1t receives as pay for this' pre-
ferred and common stock OF the Coh'ihe''S.
Company in agreed amounts. The buying OF
! based
question which naturally presents itself now Is.
what is the new Continental stock worth; and
does or does not American stock at l36 about
,I--.--..-A q ha American COM