New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-03
Gndncial.
The Financial World


out precedent. active domestic trade. splendid
crop prospects with fair prices for our export
nroducts-and war. with the taxes which 90
with IT, Some Of these are rather burdeusome;
others are merely troublesome. None are agree
able For the Stock Exchange. the ~ tax on
eyery sale Of 100 shares is the worst II ID inc
hes West tax which the new revenue law I'M
noses. It has to be endured FOR there ID no wy
out: but It ought to he the first 10 DE remo'eo'
or at least lightened as soon as the war !"
over -
Having begun the new fiscal year win ~a1'
r.o ,ooy exnect IN close up the first half OF II
with peace. and the new Responsiveness WIZ.
the war will bring on us. Probably the opan''n
nation will consider IT'S honor has been sdusneo
about October After that We snail haS7 'ne
cheerful task Of getting into shape tne govern
ments of our territorial acquisitions
The Stock Exchange was rather ou'i PIC
on Friday. and the members re" 90 'u'e
would be still more 20 next day tna' 'hes W."
TO c,ose. 60 of. and read the accounts OK tho
asrault Of Santiago without the additohai eacu.
ment Of the clicking Of the stock ticker. wan
c,root IL we'll represented in the fight. ana u
WAS not difficult to meet people VINO no" "a
anxious personal interest in the possible fsts OF
L,,,ed and wounded Those lists make one nau
ashamed of growing about the new taxes
For reasons set forth last week. the granny"
stocks remain comparatively neglected Ther7
,s nothing In sight for the moment TO Dull the"
on from this level OF prices. something may
develop later but that has to De waited 'o'' anu
may not come. There is a great zeal III 'n'
Western dispatches about the wheat NOT t"rn-
ing out az well in the cutting as II prom'se" 'ne
Weld in threshing being much lighter tnAn n.o
been anticipated. The stocks are NOT hKe'y 70
60 down-unless the genera market does-oe-
cause of the cheapness Of money and the lhVes''
ment demand for dividend payers THIS, now
ever. is a different thing from the active ouyihs
by large operators with a view TO moving up
prices sharply. At present they see netter
chances In other directions. Rock lslano may
perhaps be excepted. as there are special causes
for a speculative movement In that stock
Some news on Manhattan Is looked for the
coming week which is expected to have bullish
influence on it.
Tobacco has been active through the week.
and is not likely to be less in the near future.
II had a characteristic break one day. when
the whole list was raided: but the recovery cams
quickly There vas no news to account TOT the
sudden drop: II was just one or those orie'
movements incident to a bull market. wheh
waiting time Is reached and some bold operator
considers the time opportune to put the market
10 a test. Tobacco. being one OF the most act''e
OF the speculatives, dropped suddenly. and Ale
most as suddenly recovered. The Insiders con.
tinue to talk Of very high prices for II. wh'cn
probably means that they see the way clear 70
extra dividends.
Sugar had a quick advance on the covering OF
a short interest In It. and dropped back again.
While 1t going up rumors naturally so'
into circulation that a settlement with the
coded these died away Just as naturally. Either
a fight or a settlement cannot be far of now. for
the Arbuck!es are about ready to begin business
The talk from their side is very belligerent. ana
II may continue until Sugar gets TO a lever
which promises proht I'm a settlement
After a satisfactory advance in the early part
Of the week Rubber preferred became quiet. ana
has so remained This may. for certain good
reasons continue n while longer. II depends
upon conditions But it is only a pause IN the
upward movement. This Is an per cent stock.
selling below 90 at time when call money
goes begging at liz per cent and time money Is
at correspondngly low rates. II Is not likely 10
remain at such a figure very long. The common
stock has had little attention paid - H. II II
quoted about -. There may he as much In this
stock as in the preferred. The reports OF the
company show considerable amount Of surplus
over the dividends which have been paid on the
preferred. and this money m:y be said - have
been appropriated for the benefit Of the COM
mon stock There Is the chance that II may
come out In the shape ~ a dividend on H.
Nothing OF positive character can ne said as
10 this. II Is rather In the way OF a suggestion.
based on the companys reports. But the thing
is worth keeping Ia mind. since the Ruooer
stocks are likely to be more prominent In the
trading thar they have been. incidentally II
may be mentioned that the insiders make light
OF the talk about the business In army supplies.
They say that the furnishing Of rubber goods to
forty or my thousand men. while good enough
thing 10 have and profitable. is yet mere drop
In the bucket pared with furnishing supplies
Ia the farming population Of the country. The
farmers arc the Rubber Companys big custom.
ers and II they are prosperous the companys
business hourshes. Just now they are specially
well of
Union Pacific Is. on the July coupon. sold At
967s on Friday. They will sell easily az par.
Brooklyn Traction sold up to 55rs. closing at y
on Friday This is the highest quotation yet
made for tho stock More significant yet is the
price Of the : per cent bonds of the company.
which have risen 10 1o2i:. Attention fire.
quently directed to these bonds IN this column
when they were selling In the sos At the time
the Flower people were able to make financial
and other arrangements tending to greatly i'm.
prove the Brooklyn Traction property. and be.
gan to talk of the possibilities OF the stock
/ Uhen selling In the o0s) It seemed the safest
kind Of point to direct attention 10 the bonds
II was sure thing that II tho improved pros
poets Of the company justified a higher price for
the stock the bonds must inevitably advance
| and advance considerably. Hence they seemed
as between the two. the safer speculative pur-
| Traction. made when the market was raided on
| Wednesday. rather badly punished and the
| same seems true OF Chicago Gas The suits
ca I'D ti,o