New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-01
financial
The Financial WorId.

blaze OF glory. Which means that II closed with
prices the highest Of the year or Whereabouts:
with big business doing; with the public for
eign and domestic. in the market; with big
profits made; and what is far more to the point
with the promise OF yet bigger profits to be made
In the future II the year 1899 be not a big bull
year. then the present outlook is all at fault
Signs go for nothing. and prediction OF the
future is possible from the past
Naturally the mind reverts to the last great
| bull movement. which followed the long ner,od
| OF depression after the panic Of 1873: and the
/ days OF 1880 and 1881 are remembered Tho
year 1850 closed with the tide Of speculation
running high; but by the middle Of the July fol-
! lowing, 1t had turned. and from that time ran
| downward for years Why? Simply because. on
| the top Of a great speculation. nature turned
| against us. The winter Of lss0-sl was one OF
! the worst the western roads ever had 10 FACET
positively destructive in It's severity: the
! spring came with the most disastrous foods and
alternate freezing and thawng spells ever
known following this came fearful summer
drouth; and In the midst Of IT. the country was
shocked TO its centre by the ASA ssination OF
President Garfield
Now while we can know nothing OF what the
spring and summer may bring us in this year
1889. We do know that the winter has generally
been favorable: that the winter wheat went into
IT in excellent condition, and that abundance
Of snow covers the country throughout the agri-
cultural regions. which is an excellent thing to
have. We know that the European reserves Of
cereals still down so low. that II even there
be good crops In Europe this year they will not
suffice to bring these reserves uD TO normal. and
that in any event there must continue the same
demand upon US for breadstuffs which s now
and for some time past has been. sending these
out in unprecedented volume In any event
therefore, we are assured of a large foreign de-
mand during 1899
But beyond this. we have now export trade
of manufactured products which for volume and
variety quite unknown 'n 1850 and 1881. We
were large importers then Of the very things
we now manufacture and export prominent
among these being steel rails. and other steel
manufactures. which in demand from Aus
tralia South America. South Africa and even
Europe.
We have also to take into account the POSSIBLE
tiles Of charging trade through our new colonial
possessions II is probable that while Cuba and
Porto Rico will figure more prominently before
will result directly and indirectly from our ORR
entail possessions. This will benefit mainly the
Pacific Coast. 1t is well again to recall that dur
ing the Spanish war. predictions were made by
leading fnanciers that the country about to
enter era OF industrial and commercial ex-
pansiOn as great. and possibly greater than had
ever been known: and that this would be spe-
cay manifest on the Pacific Coast our trade
with the orient. which was expanding before
the war inevitably must be greatly stimulated
by our possession OF the Philippines and the
Pacific Coast VIII be the principal beneficiary
The Pacific Ocean is destined 10 see larger
American mercantile marine than the Atlantic
ever saw. even in the palmiest days Of our mari
time trade The Cramps won't be in it as COM
pared with the shipbuilders Of tho Pacific
In 1880 there We're no stocks on the market
but those OF coal and transportation companies
common carriers. either railroad or telegram
Since then. the evolution Of trade hes brought 10
The market the stocks Of about twerty different
companies representing the following Industries:
sugar refining. tobacco. leather rubber, cordage.
metal manufacturing. dstillng and brewing
baking. electrical equipment. gas. paper. ice. and
oil. These corporations have combined capita.
Of several hundred millions. All have come into
the market since the Sugar companys stock
first offered to the public in 1887. There are
more 10 come in the year before us: and each
new company brings its own clientage.
One effect Of this is the increase in the volume
Of daily business. In the last great boom period
a day Of five TO seven hundred thousand shares
was phenomenal and always marked the climax
of a movement In these times the market has
several such days and takes no special note Of
them.
That the industrial stocks will be the leading
speculatives Of this year may be considered a
certainty; and the state Of the iron and steel
trades is evidence that the stocks OF companies
representing these industries Will be very prom
inent Five different companies are included:
the Federal Steel. the American Steel Wire, the
Colorado Fuel and Iron. Tennessee Coal and
Iron. and the National Lead-if the latter can
properly he considered metal company. OF
these the Federal Steel is. Of course. by long
odds the leader 1t manufactures all those things
which are most in demand when the industries
of the country expanding and it may be
considered either a lucky. or a sagacious. move
that the corporation was organized Just at the
time when an era OF Industrial expansion was
before the country The Federal Steel stocks
have risen In anticipation Of what is before US,
and the chief men in the company. which In
clude our leading capitalists. declare that they
are a long way from the top yet Governor
Flower is quoted as predicting 30 for the pre-
ferred stock very soon. and - for the common
the coming week. His productions Of late have
been marvellousy correct. His optimistic tenn
per. combined with boldness Of operation, htted
him well for leader at such n time as tnls'
and the combination OF vast capital lately mace
in his office furnishes him with all the means
necessary to carry out his ideas.
Ten days ago he said that the granger stocks
would go up the next week. and Rock Island
PARTICULARLY They are doing as he said. Inc
earnings OF these roads. present and prospective
Justify the advance London has become spe-
cially bullish on these and the Pacific STOCKS
There Is evidently something coming out ABOUT
one Of the leased roads OF the Rock lsann. the