New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-24
financial.
The Financial World.

time now Is in taking vaction, would seer, a.
be proved by the profoundly dull and Inn,
teresting character Of the stock market Bu.
ness has dropped TO nothing. At least thi, .
the case in the speculative market. Their. I,
more doing in the investment department Ara
there is nothing in sight at present to civ. =.
Jog one way or the other TO speculative op.r.
lions It looks as IL we should have two :.
three more dragging weeks. OF course We kno,
that Wall Street is the place where the Una,
pected always happens. and 80 the unexpec,sa
NAV turn I'd now and awaken things with
start: but it is difficult on scanning the horizon
TO discover where it is to come from
The bond business Is coming to the from,
! Tho trading in bonds Is relatively considerah,
larger than in stocks. The investment buyIn,
Is continuous and the traders are seeking out
! the cheaper speculative issues There is no tar
on bond sales through what appears to have
been an oversight in the framing OF the new
revenue law: and that Is no small incentive 10
trading in bond issues. as the - tax on stock
sales is n heavy handicap to the average trader
The tax. indeed. Is disproportionatey heavy
ard /, ought 10 be lightened as soon as peac. |,
declared This ia not far off. according to On,
daily European dispatches. but Wall Street
I takes little stock in them. Every newspaper
/ man on the other side Is diplomatist every
ono has exclusive sources Of information A.
cording TO his own account: and the amount Of
! exclusive information they are furnishing IN 70.
! spect TO the secret councils Of the German and
! Spanish governments is astonishing.
The plethora Of money seeking investment
! evidenced in one way by the demand for the
! new Government 3s. which are already bid f1
Mt above 1O4 and may go a point or 50 higher
4 leading banker said they might do this, while
/ he confessed they were already ceiling at price
/ higher than he had supposed they would Co.
The test will come when the bonds are delivered
| since II is certain that a large proportion have
been subscribed for with the idea OF selling
aSain--in other words. subscribed for as
s,oculo,i,n Purchases and sales now are
merely contracts to buy and sell when de.
,vered" II has been pertinently asked who
are the people who contract 10 sell these bonds
IN large amounts. when the Treasury Depart
man, has already announced that no BIDS FOX
over five 1000 bonds In lot will be flled'
Whether there will he another issue Of bonds
later 900 millions more are authorized is prob
ably dependent on whether II VIII be necessary
% mako another snd third call for volunteers
II the one comes the other may be reckoned %
"a certainty The Government has intimatd
that there will be no third call. This however
90 NOV no hardened for declining 70 receive
with implicit faith. Wars are things which
most often grow considerably AFTER tney are
| started. We started with nothing but Cuba IN
! mind: and we have Porto Rico and the Phllp'
pines on our hands In addition; while what may
! como ~ the projected expedition 70 the Spanish
coas, "a another unknown quantity. SO there
may yet be the third call and second issue
Tho first issue Of SoOOOOo.o0o has already
proved Itself 70 be a mere drop IN the bucket "
compared with the National wealth. sec0na
issue Of the same amount. II not Drought ."
for a few months so as TO allow Tor aosorp"oa
Of the first. would be just as readily 'sA'a'
Meanwhile the demand for good railroad OO1"
IS constantly growing. and the avallao!e ssu"
will soon be selling at figures when VIII TIA"
their present prices look cheap. Four per on'
! hords ca secured as 70 make them safe. wmf8
| sell below par. 1t is noticeable tha' mahS'F
! cent bonds. which for years have SOLO oelo"l"
because the security was considered dououa|
are now moving up 10 par or ABOVE H. i'A'
the Texas Pacific frsts They sold ior year"
dasnita the regularity with which they paid tnsH
ir,eres, down around 80. and in bad times
much below that. They rose above par 'or 'n'
first time this year and are quoted no" aO0U
ioG The Iron Mountain rs were In the sans
B catecorv-but los IS now talked OF for taem
The new Union Pacific Il are bound 'or pa'
and when they are established around 'n''
dqure they Will not be abundant In the market
as they are this time. They VIII nave Veen
absorbed BY investors. The Atchison IS WI"
T take the same course. Atchis0n Adjustment
which seemed 20 be top at 60 are above ."
Speculative issues Ike Union Pacihc Dsh'e
and Gull bonds Wisconsin Centrals. ana
variety Of others OF the same class. mor'eae''
and incomes. too. are sought after, both 'or ID
vestment and speculation
There is indeed a general appearance OF u"'
locking OF boards by capitalists. VINO hao ",
away their money because the times oON''
stormy: but now that the skies are ''eain,'
have got very tired OF sitting on money ""''
was not earning interest The capitalist se'
as tired of that as the manufacturer OF seems
his machinery lie idle
The unlocking process commonly discovers "
self first In the movements Of the bond nia'HeS
This market Is the basis OF speculation DIV
fore long the movement extends u the SUM
market and we have bull speculation the's
That IL what Is before US now. though We sn''
probably have TO wait a little before IL s'a'''
That the close Of the war will be marked D! a.
enormous expansion OF trade. anu ~ d"
burst Of Industrial activity greater IMAM 80"
been seen since the close Of the CINh Wa
the conviction OF our leading inanclerS' ~ NV
tofore stated In this column. The pear"e :,
this on the future Of the industrial STOCKS w. :.
not be overlooked by any capable observer "
gives force to Mr.. Keene's prediction tha' speN.
latIvelv. there il more money In these than u
any others on the list.
When the war will close is the doubtful que''
ton We NAV have 10 do more than conquer
peace with Spain The permanent pacihca'''"
Of Cuba Uhe avow ID object OF the war; H"'.
necessitate the forcible coercion OF the insure''.
mountaineering which has been pre'N'~.
from the first. We may have 10 do the sou.
In the Philippines; and at this time - a
looks as II General Merritt would ma HIS nos.
est task in that direction Whatever j. nv
sary OF course will he done. The Earc'as