New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-04
financial.
The Financial World.


ing attitude: and unless there be special rea-
sons for doing otherwise. to reduce their lines
rather than increase them. Such special reasons
do obtain here and there, as in the large pri-
vate purchase Of Federal steel stock by Cow
ernor Flower and in some other instances. In
such cases. considerable strength and activity
appears; but the genera. list is inclined to be
quiet
There is no doubt about the future OF the
market. So long the bank exchanges SHOW
weekly increasing volume OF trade the export
business in grain shipments breaking all roc
ords and our banks have 70 lend between forty
and fifty millions Of dollars abroad 70 get de-
cent interest rates: the -curtles market IL not
likely to have more than waiting spells between
fresh advances.
The big storm was pretty bad for some lines
IF business. but 1t was also a case Of the pro-
verbal III wind. It blew a small fortune INTO
the lap of the Rubber and Leather companies.
Everybody had to buy footwear and the sellers
OF rubber goods have been so thoroughly cleaned
out that It is said duplicate orders cannot be
filed under six weeks The demand the
boot and shoe dealers was for heavy goods and
II has been great Il was entirely logical there
fore that Rubber stock should have a sharp
advance: and that Leather should also st.fen
up We ought to be hearing soon about that
dividend on Rubber common.
The big industrals. Sugar and Tobacco. are
governed at this time as 70 their stocks, less by
trade conditions than conditions on the Stock
Exchange. 1t seems to be understood that the
next dividend on Sugar Will be 3 per cent. for
that was earned before the fight began. Some
thing may be heard after it comes OF. Tobacco
is virtually cornered. Any one selling short
now is liable to have his name and address
taken. preparatory 10 sizing up his bank ac-
count. Nevertheless there are disad vantages
about this. and interesting times ahead. The
new Union Tobacco Company has altogether
lovely Board Of Directors. Samuel Thomas,
Thomas Ryan. Dolan. Widener Elk.rs. ard all
that crowd They after something. The JOB
OF holding an industrial stock around 30 With
d flying column Ike that preparing 70 move
your works is calculated to be lively. but not
agreeable Ordinary people would experience
hankorng to cut and run Relations between
zen Thomas and the Moore R schey people
have been strained since the weli-knovn Union
Pacific episode. They will strain some more.
IN the Pacific stocks there is Gullness IN the
Northern Paclhcs and much strength In the
Union Pacifcs The L. p. Company will prac-
tically absorb the oregon short Line by eXchany-
ing its own common stock share FIR share FOR the
Short Line stock. This is done in accordance
with plans made a the time Of the Union racine
reorganization. and the effect Will he 10 save
much unnecessary expense. besides consolidating
the L. p system. When the unfortunate contro-
versy with the Northern Pacific shall have been
satisfactorily settled. the stocks of that conn
pany may he expected to do better IN the mar
ket The difficulty of moving man of Mr. Nor.
CANS strong character. when ne has once taken
a position. makes the work Of negotiation long
and difficult. The conferences are still proceed
ing and 1t is hoped that Mr. Morgan may
eventually be convinced Of the nexpedency Of
making a general upset Of things now, when by
allowing time the various problems might DO
solved without difficulty.
rhe long expected dividend on Louisville ana
Nashville is coming at last. There is talk Of the
stock going TO 20 or -. Whether it will or not
depends on what the dividend Is 10 be. and on
this no precise information seems obtainabe
yet by outsiders. The centre of the movement
in the stock is August Belmonts office. but
though it is stated there that a dividend will pos
tivey be declared. the amount is left In doubt.
From this source also comes the point that the
stock will certainly sell between 20 and So The
company is in excellent shap. financially as
scrutiny Of its reports discloses and II ought to
be able to pay reasonable dividend now with
out stranng its resources During the long
u
has been putting its surplus funds into the i'm
prOvement Of the property.
Atchison preferred has hung between 46 and
A. through the week. as II was expected TO do.
1t is big stock. and after its straight rise from
80 or 30 to A. time Is necessary to let the
ket digest the realizing sales which the advance
was sure to cause II may be a little time before
the next advance starts. and people who don't
want to wait might well sell. on the other
hand the Annual meeting is just az hand and
the stock may start up again suddenly. II will
sell we'll up TO Northern Pacific preferred next
year. 1t Is suggested that It would be good
thing If the Directors would adopt resolution
to pay the interest on the Adjustment bonds
semi-annually. instead Of annually now. IL
could be done just easily: and The change
would be in itself worth five or six points Oh the
market price Of the bonds. Extraordinary dis
bursements on the property will cease this
month.
1t seems 10 be about settled that ownership
OF the Chicago and Alton property will soon pass
to other hands The possibility % this has
made known TO the Street the existence Of a
road called The Kansas City. Pittsburg and
Gulf. 1t was rumored that the h. g.. as It Is
abbreviated on the tape r'Kanearoo," the
boys Immediately dubbed io would buy the
Chicago and Alton This started inquiry
map and its last annual report. were found IN
the Financial Chronicle" both entertaining.
From the map II appeared that the h c. de-
scrbed a bee line south from Kansas city 10
the Gulf: that It starts in Bitumirous Coal
passes Short Leaved Pine on the west. Lumber
on the east and has its terminals in Tropical
Fruits Its annual report dscloses that 1t paid
out for interest charges $S39.6l2; with D per
cent bonds outstanding Of S22.JD.Ooo and
S2.0OO,OO0 more OF trust and lease obliga-
tons: which would seem to call for Sl,2DoW.
This financial feat would not be easy for any
road not having its terminals In Tropical Fruits.
IL has since been stat ed that the x @. VIII not