New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-17
Financial.
The Financial World.

|
ure to respond was conspicuous. On the otI..
! hand, the market showed a sensitiveness "a 49,
first news that the dreaded yellow fever -.
appeared in camp The traders rule OF -.
soning is that when market won't 70 n. .
must 60 down. Conversely. when It won, -
| down any more on bad news IL will go up An.
their second disappointment. which becsn.
manifest Friday morning, the traders acted !,
their maxim. sold stocks. and a decline a. |.
point or so was recorded at the close. very en-,
| ly distributed throughout the list. That ~.
about all the decline they could get. Yesters.,
the market stock. refusing to move one way~
the other VI
There is no Disgusting the fact that the sct,o.
of the market was very much of surprise !.
we'll as a disappointment. 1t was specially /.
In respect to the Santiago surrender a. In,
was everywhere accepted as the beginning a.
the end-the preliminary to peace negotiation,
II the market failed to respond to this. VIVA,
is 10 be argued? Perhaps this--that war M.
cesses have ceased to be much Of a factor IN N.
speculation anyhow and IL peace were decl,,,,
Tomorrow It might be received apatheticaIl,
The traders declared, when they saw how "A.
Santiago news was taken. that II We had Dem.
there would be panic. The fact seems 10 h
as we are beginning to see things now, Deveyt
victory at the start spolt us for all that vast
follow II came at the critical period OF pubr,
uncertainty and anxiety: and II was so aston
ishing In its thoroughness and immunity IRON
loss that the public accepted It as indicatIss
the outcome OF the whole business. The na,
ket rushed up with wild enthusasm-and A.
parently discounted all the successes we hays
had since. We are prepared to accept nov n
a matter Of course. the capture OF Porto Rico
the subjugation OF the Philippines. the fall a.
Havana-merely as questions Of time, win
peace possible at any moment You cant nj
much to bull the market on out OF things Wild
the public expect as matter Of course.
There may be some temporary bear matzA
in the war. The expectation Of successive re.
cesses is so fixed. that II yellow fever foren
complications or some unforeseen difflculte
check the onward march, 1t may give the MAJ.
ket a temporary check Yellow Jack is tta
most dreaded enemy for he comes into The
camp. We can take care of the enemy In front
AS to the foreign complication. there is little d
It. Discount the Hong Kong and European dis.
patches about Germany's doings just IS M
cent and you will hit it about right. There
enough in European politics at this time 10
make this ratio Of subtraction pretty nearly
correct The unforeseen difficulties alluded to
may arise from our sending feet to European
waters That is a new departure AS to peace
the prospects look well for the moment But
bear in mind the historical fact-beaten and
beaten to the ground Spain never sues f1
peace. A brave people. brave ever lived
but impracticabIe
II the war were out OF the way, the market
would probably act Just as 1t has. This season
OF the year is nearly always a waiting time
We have made the bull movement on the wiAta
wheat crop. and the spring wheat and cos1
crops rot yet assured-will not be for
couple Of weeks. There is nearly always pauA
and usually little recession while waiting. VI
I'll these crops are comparatively safe. They've
well. The promise is first class. 1t Is yet. hon
ever. only a promise. Governor Flower said Ii
other day that while he was bull he I'D NJ
want to do anything till these crops we're nsGv
to maturity. ~
Another reason for waiting little. is the
necessity for cleaning up the loan The aIot
ments have TO he made. and subscribers mus
hold their money until they know what bonds
they will get.
While these arguments are good for pause
In the advance. a temporary recession n
prices there IS nothing but bull market ahead
Of us later. and bigger one than We have had
this year or last year The argument set forth
in this column last week. as 10 the era OF indus
trial and commercial expansion ahead OF w.
and not far off in It's starting. is nothing de-
tracted from by the fact that while waiting fm
the spring wheat and corn crops 10 mature. we
have two or three dull and dragging weeka
That is a temporary incident. II very often b.
comes a market OF specialtes at such time
This or that stock goes up or goes down moved
by special causes, without affecting the general
list.
Many are inclined to believe with Mr.. KeenA
who has frequently expressed his views OF lan.
that speculatively the best chances for making
money will be found among the industrial
stocks. The companies have shown their ability
to pay dividends through the years Of almost
unprecedented commercial depression which the
country has passed through since 1890; and
they have been able to do II through such
period. they are likely to do vastly better IN the
better times ahead
The Sugar company has It's own troubles q
the moment and the feeling on It Is not bulISn
on this account. nevertheless the stock holds W
well. There is Leather. and Tobacco Ruooef,
Lead. American Spirits. and some OF the IneAa
manufacturing and producing stocks-the latter
destined to come forward later though now
rather in the background. The preferred stocks
OF some OF these companies are safe invest
ments The common stocks offer large charc"
OF speculative profits The Tobacco company
has as good dividend paying record as any,
and the personnel Of the directory as at present
constituted argues stability. The Rubber COM
pany presents good record OF earnings. II inc
promise OF the first quarter OF its fiscal year "
fulfilled. and the promise may be exceeded. 'ne
company will earn net about 100000. Tns
gives the S per cent for the preferred stock ana
nearly 81, 900 for the $20O00000 Of common
stock.
1t looks as IL any man who had his line Oh
stocks on hand might do as we'll as anytnins
by taking a vacation The city is hot. and 'o'
mountains are cool. Easy money will take CAV