New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-31
financial.
The Financial World.


against the short Interest in Sugar. ten.po,r.
rise in that stock had scared the shorts in or !.
stocks. and couple Of points rise had resul,sa
in most OF the active iist-which. however wa.
not very broad one.
The movement In Sugar had been planned O..
a week or ten days before 1t actually startsd
Judging from the numerous bull points given on,
that something mysterious was coming ana !.
is difficult to discover that either here ., :.
London speculation was appreciably affectsa =.
the first movement toward peace. There v,.
/ great deal done on the other side In snsn,.,
securities. which rose rapidly; but In ours MOI,
| ing out Of the usual took place. As the ua,,.
so little OF a speculative factor, peace is nscs.
sarily OF like small consequence. The fact sAs,n.
TO be recognized that the is too small.
us-to disturb the country much. In Cub. !,
has come to be mainly a medical campaiy,
| against fever. In Porto Rico. It seems 10 h. .
sort Of military picnic. The discussion now !.
what we shall do with the Philippines; and N.
answer will soon be given by the country Ev.,x
| square foot will be held.
More important. in its immediate effect on n.
market. than the Spanish proposals. is the star.
/ of the crops in Kansas and Nebraska wo,1
has been coming daily through the week ia.
the dreaded hot winds were burning IN -,
corn crop. Friday afternoon came reports ~,
a heavy rain had fallen all over Nebraska ~.
night before. The granger stocks. which h.s
begun to weaken were at once stimulated n.
rains seem to have been copious enough IN CAV.
the bulk of the crop: but that serious ntu,v
has already been done. and done beyond renal,
| is a certainty. Advices TO this effect have hs.,
received by houses which have need Of KNOWN.
the exact truth The Atchison, the Rock Island
the Burlington. and the Union Pacific are yi,anv
concerned The ST. Paul and Northwest are mn
corn roads, wheat is their manstay
Allowing that Thursday nights rain was q,
heavy as claimed. in Nebraska at any rat.
gives the crop there not already gone. a n,
chance for life; but at the best IL will N.
short crop. Iowa does not seem 70 have ,u,.
fered so much. as we have heard little compaln,
from that State. Fortunately we have GOOD
| deal Of old corn in farmers hands and an en-.
HANGED price for II will largely compensate n,
the seasons shortage. The roads, however. los.
the transportation; and they are not likely "A
get much wheat to move, while the price is fall.
ing as 1t is. Sixty-fve cents for Sept.mb4r
wheat Is calculated TO make the farmer hold
back his grain; and he is sufficiently well Of
now to be able TO do it.
The situation at the best is one which gives
point to the declaration OF Governor Flower re.
Gently made. that while he was bull he did
not care to do much in the market until the
spring wheat and the corn crops we're nearer
maturity Other large operators felt very much
as he did. Governor Flowers remark, however,
did not apparently apply 10 Brooklyn Rapid
Transit, which his people have evidently been
buying Of late, for II is higher than 1t ever was
The hot season is the harvest time for that
property. and the hotter 1t is the more the road
earns. The earnings have been running up
amazingly Of late. and the stock and bonds Of
the company have gone up with the rise OF the
thermometer.
In the industrials, outside OF Sugar. the sharp
est rise has been in the preferred and common
stocks OF Rubber. 1t was pointed out in this
column recently that these stocks were in good
shape for an advance. The preferred stock. pay
ing per cent dividends, and selling below W.
was a dead sure purchase, at time when
money was a drug and the business OF the com.
pany was rapidly growing. The common STOCK
then selling in the POS. was in some doubt. be-
cause the chances OF its becoming dvidena
payer were In doubt. AS 1t has gone up more
than the preferred since then. and is now SELL
ing around 80. 1t is probable the directors OF the
company see their way to putting 1t on the
dividend paying list. The company has hSa
some streaks Of luck lately-one OF them peihs
the removal of its most formidable opponent
Another a condition Of the trade when mas
permitted a general advance in the prices I"
its goods.
The Manhattan tax decision was couple OF
weeks or so later in coming out than had oeen
expected. but 1t came along all right, ana III
favor Of the company. II the referees repo"
be confirmed. which Is confidently expected inc
decision Is worth something over ! per ceh'
on the stock OF the company. The per cent
bonds OF the company ought 10 sell higher tnsa
95, their present price. They are SAFE anu
money is cheap.
In the matter OF bonds, now in more ac''s
demand than stocks. It is well to direct Afternoon
10 the issues Of the reorganzed Baltimore anu
Ohio Company. The fixed charges OF the he"
company had been reduced TO bed rock as me-!
be surmised from the exceedingly cautious anu
conservative character of the people VINO con-
Quoted the reorganization. There are TWO
Sues: 100000 600 prior lien 3i2 per cents "hi'A
call for So 10000 interest; and S5OUoooV mrs.
4 per cents. S2OOO.0O0 interest ines
bonds are safe investments The 3l2s are sen
ing between 90 and o. They are just as gov,
as the Lake Shore 3l2s-just as safe lhe' ~.
soon be selling at par. and any investor coH'.a
with gu for his money can buy these bonds WI"
absolute certainty OF getting 1t. There 10
safer railroad bond in the market. The PER
cents which come behind them have ii'''
more speculative element In them, and pern"V'
will be more agreeable to the speculative 0u'''
on that account.
They are selling between 50 and 80 In'
will sell at 95." said one of the syndicate "he".
ever this gentleman says a security VIII se"
certain figure II is safe 10 bet that II VIII y"
FIVE points higher. 1t is safe 70 buy II al inc y.
figure at which he says II Will SELL TOT "a
TO go so far above 1t that the buyer VIII see
profit on his purchase. The way IL VIII s,,v
probably this-the bond Will go rather IT. a.,