New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-29
financtal.
The Financial World.

Rock Island looks like selling at par q.
dividend and the dividend Is calculated to b
worth in cash and stock close to ten Der can't
Though the directors will meet in Chicago On
Monday to take formal action, nothing may b
given out that day. It being holiday: and an.
nouncement will be postponed till Wednesday
when the annual meeting Is held. This extra"
apportionment TO its stockholders by one OF tia
granger roads, marks the return OF the period az
prosperity TO this great group after the lonr
period Of depression consequent on the fall from
the old dollar wheat" level The Rock Island
road was the first to recognize that fall, and 70
meet the changed conditions by cutting down IL
dividends. II is. therefore. according to tho
fitness Of things that 1t should be the nrst n
lead the other way.
While the Flower people have been buyfnr
Rock Island :hey have not been neg!ectfui Of
Chicago Gas which has gone above par. a. Wa
intimated here last week It was soon likely 10
do. The threadbare trick Of springing lavsuit
on the company. just the dividend was de-
clared, had no effect on the market price Of ths
stock. All it did to disclose the fact that
there was a short interest in the stock large
enough to make II worth while for some one 20
go to the expense Of hiring plaintiff and set
ting lawyers to work. who do not work for
nothing especially in suits Of this brand. Some
stock was probably sold short on the bringing
OF the suit, (Which had been heralded in the
usual way beforehand). but It Is more likely that
the short interest 1t was intended to help was Q
comparatively old one; in which case It must
show handsome loss at present quotations for
the stock, and these are likely to be left behind
very soon.
Another Flower stock which will receive due
attention at the right moment Is Minnesota
tbn
perfectly equipped iron properties in the world.
In the late extreme depi ession Of the iron trade
the company was forced to suspend dividends
for while; but IT has resumed them again. end
is paying per cent The stock has been very
quiet. and is quoted about 49, 1t may not Jump
into activity at once. for certain reasons; but it
is Of the things which Is on the list for a
movement and the points which have come from
the Flower party Of late have all been good. The
combination which has It's headquarters In that
office in these days is a hard one to beat.
1t Is strong enough TO take care Of its own
specialtes in an adverse market, and hence We
may see the stocks above mentioned advance
more or less while the general list waits The
failure Of the market in the latter part Of the
week to follow Rock Islands lead, although sup
pemented by some adroit handling OF other
parts OF the list was unmistakable evidence
that speculation was inclined to halt The tenn
per OF the public was cautious. and the pro-
fessonals could not stimulate It. Several well
known operators realized on their holdings a.
they found things were inclined to drag. and
they are at present in waiting mood. distn-
clined TO buy while awaiting developments
In times Of war. however. things move very
rapidly when they move at all week, two
weeks. or three weeks OF waiting may be ended
~, hxy ole and ttnpa
based a continuance Of the waiting attitude
be upset in an instant. What could be noted at
the close OF business yesterday that the
speculative public had evinced indisposition
to follow the upward lead as the week wore on.
The causes were. firstly. that no news came Of
the expected battle and victory: secondly. that
the Navy Department refused to commit itself
TO positive statement that the Spanish feet
was really bottled up in Santiago harbor. This
came cold drizzie after the earlier positive
statements that the fleet there. II between
now and Tuesday morning news comes OF q
stimulating character, the market will probably
open with lively whirl: whereas. II nothing
comes. It appears that the old fox Cervera
has successfully escaped. We may look for
reaction. Not that the underlying conditions
which make this a bull market would he changed
thereby; for these conditions quite inde-
pendent OF the movements OF Cerveras feet;
but the latter are adequate TO cause rally or
reaction. the case may he.
Another contributing cause TO the slight chill
ing OF bull sentiment observable was the second
call for 10000 more volunteers. The Manila
Victory seemed 10 give the public an idea that
the war would end quickly that the troops
already called out might not have a chance TO
see actual service. The second call. therefore,
came as a sort OF surprise. and apparently i'm
pressed people that the job on hand was bigger
one than II looked. You never can tell exactly
where war will land you. Who would have
dreamed that the very first battle fought IN a
Cuba. would land on our hands a
great group Of islands 1000 miles from our
Pacific Coast with eight to ten millions OF In
habitants requiring a military force for their
occupation nearly as large as our whole army
before the outbreak OF the war? And beyond
this. Pumping us right down in the very storm
centre OF European politics. which happens at
this time 10 be the far East. This Philippine
business will grow into a bigger affair than
Cuba.
Apart from what the war may bring us the
coming week. there are several things likely to
develop in the market which will affect prices
ultimately II. for reasons above stated they do
not operate Immediately. Some OF these have
been already referred TO. and Il is intmated that
something new may develop in Manhattan az
fairs. The buying OF American Spirits lately by
prominent house is considered to indicate
a (. ade deal Of some importance on hand
II is almost needless to point out that rail-
road earnings continue 10 pile up. that foreign
and domestic trade is increasing weekly despite
the war; and that money is still accumuatnS
IN the banks. and Will go accommodating until
the time comes when the Government will draw
back through loans and bond issues some OF tho
large amounts II is now 80 freely distributing
for war purposes. None OF the burdens OF war
have been felt yet. They Will be when the new
taxes come into operation: and when the market
iS rtrn Cor q