New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-25
ftuanriai.
The Financial World.

for a while: but there is nothing in the situation
to found bear campaign on. The past week
the whole list has been for brief periods weak
and strong by turns: but most OF the time this
stock has gone up and that one down each by
Itself according to the special conditions con.
trolling 1t: and altogether giving the market the
irregular look referred TO- Sugar has been
leading feature. and moved about four points
per day until Friday. since when 1t has remained
comparatively quiet. The word has been passed
from good sources" as 1t Is expressed. that the
stock Is likely to remain around present prices
900 for a time, and then take another dip. This
tip. while II may be the right thing Is not guar
anteed 1t may be said, however, that 100
seems scarcely a fighting price for the stock
Tobacco has continued to be the other promi-
nent stock in the industrial group II has been
above 1913, and closed yesterday at las. Al.
rangements for the formation Of the new Con-
tinental Tobacco Company az that is to be the
nance are evidently completed. The dispatches
telling Of various companies or plants being
purchased, are obviously statements OF events
at least several weeks old.
Rubber has been less prominent in the trad
ing than Tobacco, but inside Of three weeks
action will be taken by the directors OF the COM
pany which Is likely to make the common stock
sell much higher than now. n has already been
published In the Street that a dividend is com.
Ing The amount only seems to be uncertain.
II comes from the insiders in the Cotton Oh
Company that a dividend for the past fiscal
year will shortly be declared on the common
stock-the first the company has ever paid.
The granger stocks have been rather out Of
the swim except st. Paul, which is a stock too
influential speculative sentiment to be neg
lected. The wonderfully large earnings the COM
pany is reporting may properly be taken as an
indication OF what all the Western roads are
doing The earnings are larger than even the
most sanguine anticipated
In the Pacific stocks. Northern Pacific pre-
ferred is quiet; the common stock Is now tho
favorite in the trading. 1t was pointed out last
week that the programme of the Northern Pa
cinc party evidently to devote the current
fiscal year to exploiting the common stock,
showing that It was a dividend Garner, and put
ting it on the dividend paying list. The last
fiscal year the preferred was the main feature.
When the preferred stock was selling about
where the common is now, Mr.. Hill declared It
would sell at So II has sold at 1913 II had
many backward and forward movements on the
way up but each forward movement carried 1t
a little higher than IL went before This will be
the way the common will move.
The Union Pacific dividend was declared on
Thursday-1h per cent semi-annual This rate
was determined upon last June when the earn
ings for the half year could be closely approx.
mated and the fact stated in this column
at the time. Nothing has happened since 10
cause the controlling powers in the company to
change their conservative position. The stock
holders will not. however. have any long wait
for a per cent rate. The company Is In excel
lent condition. It has paid out OF earnings a
large sum for improvements. has cleaned up the
branch line business without having to touch
the reserve bonds in the treasury: and the earn
ings for the six months are within $1,000 OF the
full dividend for the year.
Stockholders In the Pacific Coast Company
uhe oregon Improvement that was) are warned
that the election for directors takes place Octo-
Der ~ that the reorganizers. after promising to
get out. are soliciting proxies TO continue
themselves in office The stockholder who con-
suits his best interests will give his proxy TO
turn them out.
In relation 10 Pacific coast properties. II Is
timely 10 note that while the Spanish war was
On. the statement was made here. on the author
ity OF one Of our leading financers. that the
country was about to enter on period Of indus
trial and co nmercial expansion greater than had
been seen in this generation; and that this ex-
pansOn would be In its largest develop
ment on the Pacific coast The Atlantic coast
has grown through its trade with Europe; the
Pacific will develop through its trade with the
Orient.
In the Orient there are In China 400 millions
Of people: 40 millions In Japan. eight TO ten
millions in the Philippines This vast mass OF
humanity is undergoing an awakening wnch
will make the first quarter OF the next century
one OF the historic periods OF the world. IL IS
| being leavened with the leayen Of Western Ideas
| The leaven has been working for half century;
| and now the effects are appearing. They are
| most conspicuous in Japan which has oeen
| transformed China is following and the fh''
| ipplne Islands under American control have I'M
| measured possibilities.
II Ia sign the full significance OF whlch -
| fell, only by students OF the subject that these
| raillions Of people are beginning to eat p'eau
| We have eaten bread so long we have forso'.
| ten what IT signifies. But to eat bread maze u
| wheat. Is the privilege only Of peoples OF 'ne
| highest civilization. Even In Europe thete a..
| large sections where material comfort IS sun az
| SO low a stage that only coarse or INFERIOR sun
stitutes for wheaton bread are consumed the
| Orient has begun TO eat bread It's s'ap'e ioo1
is rice: but every year finds importing Paeihc
coast -four III larger QUANTITIES. i""'"e
! Increasing material prosperity OF the peop''
| This increasing comfort means enlarsihe VANS
| To supply these wants there is no nearer so''.'
| to draw on than the Pacific coast Europe
| two weeks farther away.
| The Pacific slope has everything me- essa'' !"
| sustain It's own population. destined to increase
by q heavy percentage every year II mas a'.o
all that is necessary to meet all the de'"a"u'
i ~ nria TIE eli IA of
| the world. 1t produces grain ana l'u''
| world famed observation-disclosures whea'' W.
example. 1t has the precious metals IN ao'n
dance: II has coal. iron and copper. 1t mas so''e
| OF the best lumber known-as the oregon p'"e'
| Nd haa In aI,nast unIiInlt ed nuantlties