New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-14

The Financial World.

Sunday last indicative OF a higher level. IN.
grangers were the leaders Of the market ana
notwithstanding the reaction on Thursday ana
Friday ended with gains extending from 4.
y. points, being within small fractions OF the,,
highest prices The strength In Rubber both
common and preferred. continued. the stocl,
finishing with net gains OF points each. To-
bacco, Brooklyn Rapid Transit and Peoples Gas
also scored material advances. The Goula
stocks failed to participate In the general I'm.
provement. Manhattan being exceptionally
weak and closing nearly five points lower than
the previous Saturday. The dominating char.
acterstic Of the general market was strength
The war with Spain has come to an end ata
time when all domestic conditions are most
favorable to a protractcd period of prosperity.
Peace removes the last obstacle TO the revival In
trade which was under way last spring. and I'm.
less all signs fail the country is entering upon
cycle Of development such as It has not seen In
nearly twenty years TWO successive crops
Of unusual abundance, combined with good
prices have placed the agricultural community
in easy street. and the farmers contentment IL
all the greater through the promise Of third
even better than It's immediate predecessor
The benefit is felt in every commercial circle
and is reflected in all branches Of industry
an Immediate revival Of the silver question
Our fortunate position in reference to foreign
trade has brought a plethora of gold to the
country so that the currency question viii take
care of itself until the complexion of Congress
70 so changed that desirable legislation can b.
secured.
Many people are afraid Of the present high
prices Of the dividend paying stocks. 1t is true
that the existing level s above what we have
been accustomed 70. but it r. also true that
underlying conditions better than In many
years. Capital absolutely secure invest
rnent returns considerably less than per cent
The new Government 3 per cent bonds are In
active demand at 105. Therefore anything
which is reasonably safe and pays per cent 10
n desirable investment. Stocks which pay
per cent annually with reasonable certainty
must be figured worth par and on that basis
there is plenty Of room for further advances In
the market. People must educate themselves 70
the per cent basis and those who are slow in
doing 50 Will lose opportunities which may not
present themselves again in generation
ST Paul has always been speculative
favorte principally because 81 tho good market
for H. But II is rapidly becoming more than .
speculative stock and is being purchased by in
yestors who recognize the strong position OF tho
company The earnings for the year ending
June 80 last were the largest In the history OF
the road not excepting the enormous figures
that followed the great spring wheat year OF
1897 Its net earnings exceeded Sl3.N"Voo and
after ALI fixed charges the surplus equaed more
than 5 per cent on the common stock Last
wear the company paid Z per cent in dividends
a distribution which certainly was not ex.
cessivc In July this year there was decrease
n.n I, u
with particularly heavy month. and the move
ment Of grain this year was greatly restricted
For the first week in August the company re.
ported an increase Of S24.p instead Of an tx'
pected decrease. and the result was all the more
gratifying because II came from general bwi
ness. the grain situation being unchanged s.
Paul is a spring wheat read. the August eord'
ton of which grain is given at So, or virtually
that Of the banner year OF 1891. as against ~
last year In Iowa. where the roads largest
mileage lies the condition of corn is given at "
as against IS last year. II is evident thar not
only from the crops along its line but as 70
suit Of general prosperous conditions the NJ
Paul company ia going TO do an enormous ousr
ness this year probably the heaviest in It's hs'
tory And certainly In view Of everything the
stock cannot be considered dear at los
Sugar has attracted attention, but It ended
the week with only a fractional change Inc
traders as rule bearsh on the stock ana
explain its strength by the existence OF large
short interest. on several days II mas COM
manded a premium In the loan crowd. Compe'
titlon in the Sugar business Is growing ana
will be added to materially within sixty oa!~
when opposition refineries will be in operation
The enormous profit In the business-the COM
pany's dividends equivalent TO 4, per cen!
on the original inves,ment-has encourages
competition and already the trusts share OF 'hs
total output has been reduced TO - per ceh'
against 81 per cent not so long ago. The new
rehneries will make further inroads on lis DUST
ness. Manhattan has been notably weak ana I'D
decline Is explained by the distinctly unfa'of
able showing made in its quarterly report pup
lished Yesterday. with modern cars anu
methods which will be in use on the surface
lines before many weeks Manhattan VIII GER
tany suffer to a still greater extent It's man
agement has ignored the march OF Improvement
and is now reaping the penalty OF its parsr
mony With an admitted deficit for the quarter
on its dividend requirement and with It's FUTURE
even less promising par seems high price iO'
the stock.
Peoples Gas regained its dividend promptly anu
seems to be destined for higher figures IL
safe to say that there will be no trouble o'e'
the Indiana Natural Gas Company. although a.
one .ime II was threatened. Neither will the
ogden gas franchise be used in competition WIN
the Peoples company. Details are not gwen
but It may he said confidently that stuauD"
which at one time looked stormy has entire"
cleared In recent days. The Flower people d..
again very confident that Peoples Gas Is gooa
purchase. and II Is only proper TO add tha'
has been demonstrated that they have pee'
wonderfully correct in their prognosticatiohs
racer, VAR. W II. B.