New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-22
financial.
The Financial World.

| has been strong; and wherever activity hs. A.
| veloped In a stock, 1t has brought higher nr,o..
| There Is no reason why II should be otherv,..
| in view of the strength Of the general econom,
situation. While war Is the first thing in puh,.
| attention. and necessarily must continue A :.
| long as It lasts, 4. is not Of sufficient masn,r.
| at this time 10 constitute itself the dom,n...
factor in the making Of prices. Every che reco,
nizes that the strength OF the market rests :.
the prosperity Of our international trade, almo.,
unexampled in our records and the steadily n,
creasing railroad earnings which grow out a,
this trade. The war has not interfered with III.
but has rather augmented 1t than othervi,.
The activity Of domestic trade Is represented 4,
an increase Of - per cent In the bank clearinr
over the corresponding week last year
Under such circumstances the advance in n.
prices Of securities is natural; and resting on
| solid foundation. 1t may be expected with IN
cidental reactions, to continue; which will s,v.
| US such bull markets were seen In 10 N
| and 81 The bull market OF last summer Va,
| only preliminary to those We are destined IA
enjoy. That the market should have narrovsA
| to a professional one the past week, was q CON
sequence Of the public apprehension that a Rre,,
battle and one largely decisive Of the war misht
| be expected at any moment. This Apprehension
became acute on Washington advices. apparently
official. that the Government was looking FOR
| the news within forty-eight hours. Sunday To-
| good fighting day. The biggest battles often
| take place on Sundays.
While the general public IS disposed to wat
| for the important news. and Is therefore not
| buying though confidently expecting a victory
which would cause prices TO jump. certain Of
| the leading professionals have not waited Ths
| Flower contingent which includes some Of thu
wealthiest men IN the country, have been buy.
| Ing their stocks and thus ii has happened that
| the Flower stocks have been the most active on
| the list: indeed but for them. the market would
on some days have been barren. Rock Island
Chicago Gas, and Brooklyn Traction are con.
| spicuously the Flower stocks. The former hu
led the movement. and not. only crossed par
for the first time since November. 1SS9-but
went to 1924. leaving Burlington behind and g.
Paul still further In tho rear. For Rock Island
TO get ahead Of Burlington was something %
remarkable that presidents were hunted up
and they were Only found back In the IOs, or
| some equally remote time. The reason for this
change Of position Is the expectation that at the
annual meeting Of the Rock Island Company
June LIST the stockholders will get something IN
the nature Of plum distribution OF surplus
moneys in the company's treasury which will
compensate them for the loss they suffered when
in the years Of the lean kline the dividends wers
cut down to per cent per annum.
Chicago Gas went up to 9Sla- and as a div-
dend Of III per cent had come on only day Of
two before this quotation was made. the price
was equivalent TO par. AS per cent stock
II ought to rule above par and probably will
An early movement in that direction Is looked
for. Brooklyn Traction became active only the
- ~ ayhan
Of points or more from 40. on large transaction
II was rumored that some new and favorable
ARRANGEMENTS had been concluded with the
Brooklyn elevated roads. The per cent bonds
OF the company. ceiling about 95. ought to be
good investment.
The Flower people are also talking favoraby
Of st. Paul. and intimate that when London seu
through with Its selling. for It has been selling
the stock freely lately and must be pretty well
bailed out, that It will go up to higher prices
than were made last September. which was
something over par. The earnings OF the road
are very heavy. It will earn between 33 and "a
millions gross this fiscal year. Burlington Is also
piling up large earnings
One effect Of the war has been TO give great
stimulus to the rubber and leather trade. The
demand for the manufactured goods has been
large and the stocks OF the Rubber Company
and OF the United States Leather Company have
reflected this in an advance in their market
price. Leather preferred is said TO be booked
for a good rise Some Of the more speculative
element OF the Street are taking hold OF H. on the
theory that the war will wear out a good many
thousands OF pairs OF shoes. TO say nothing Of
harness. etc.
Manhattan had a smart rise. and runiors ~
current that a deal is in progress between the
company and the Metropolitan. insiders say
that as soon as the market gets the stimulus
Of news Of a victory by Admiral Sampson. thesa
stocks will be leaders In the upward movement
which Is certain 10 follow.
The bullish influence Of easy money CONTINUES
and will continue. Mr.. Sage 10 the contrary not
outstanding The old gentleman gave out
very bearish Interview the other day. In WHICH
he predicted tight money. possible reverses fof
our arms and five TO ten point drop In inc
stock market. He has sold his stocks and
wants 10 get them back" was the comment OF
those who are posted on his ways Leading
bankers do not agree with Mr.. Sage on tne
money question. They danger OF as
turbed money market. And as money can no"
be had at 1 per cent up to February next IL
looks as II money lenders other than Mr. sage
were willing 10 take chances on n reverse "
our arms.
One OF these bankers. one whose sagacity mas
been proved by his success said the other Gay
that the issue OF bonds by the Government
would be so contrived by Secretary Gage tna'
no disturbance whatever would be made IN the
money market All the machinery OF the panA
ing interest would be IT his disposal to maze
the issue: and it would be effected so that money
would at time be withdrawn from circu'S
ton In any nconvenient amount In the mean
time the Governma nt was paying out for wal
expenses about a million per day: which money
went into immediate circulation. and was
powerful contributing cause to the present eass
OF the money market. This gentleman cacuia''
ed that the passage OF the revenue bill wou'd re-
quire about 30 days: hence il would be % days
certainly before the Treasury began TO get pacA
any NJ tho mon.ys II was now distributing al