New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-06
(inanrial.
The Financial World.

has to do with the situation, the stock marbe,
OF the past week must have been disagreeah,a
object lesson, and they likely TO get manv
more such lessons Since "Wednesday las,
bad bank statement was rumored and the price,
ofsecurtties eased off accordingly. With full
hllment Of the rumor, by statement SATURDAY.
! which showed two and three quarter million.
decrease in reserve the market sold off sharn,v
1t is useless to disguise the fact that OF m.
| bearish influences at work none ia N
potent as the money situation. Yellow fever 4,
| found In the country but, happily. so far has
! been checked almost soon as reported II I,
! STILL however an important factor because at
this season Of the year it is liable TO break our
! afresh In other parts Of the Union. But an
compared with the course OF money, It has litt.
/ weight. The drifting Of speculation into stock,
Of the second-class; the action Of the hgh-prced
grangers and standard four per cent bonds: the
stringency in Europe. just now reflected in q
fall Of French securities. all give evidence OF
preparation for active money at full rates
When the week opened evidences were NOT
! lacking that the bull leaders had definitely
/ taken hold Of affairs. The support which was
given Monday morning when London came in
with a batch Of selling orders In the Southern
stocks indicated that the backing given was
/ of the best
/ After the large sales and heavy realizing OF
Monday and Tuesday things quieted down. the
! Tobacco stocks excepted While prices have run
/ off smartly damage has been done that can
! not be mended This is mid summer and a
id-winter pace cannot be expected
/ The quick recovery OF the Trusts showed that
/ their wild fluctuations and recent heavy de-
/ cnes have not cost them the favor Of the trad.
| ing and Investing public. They call it simply
! the seasoning process that each new security Is
! subjected TO. and that they recover at all shows
! that they have come TO stay. Whether we want
/ to admit II not, the Industrals were Ger.
tainly the leaders last week True. It was To-
bacco and Sugar-old listed propertes-that led
| the van but the steel and iron stocks vera
! close seconds.
The Tobacco shares need a paragraph for
themselves. They simply went up and the rest
! Of the market could do what it liked. Many
stories were anoat to account for their startling
/ enhancement In price, and those which told Of
large dividends being earned and stock rights
! to come through the capitalization Of the new
! plant in Japan. probably had the greatest basis
| in fact. or course. II was inside buying, but
! for what big interest or interests has not been
! satisfactorily demonstrated The Havemeyers
and the Standard OIL people were most prom
! inently cited as being active in both Sugar and
!
! these stocks.
There has been a great deal OF talk about tho
! preferred stocks Of the Industrial companies.
! the opportunities they offer for investment and
! the large returns they yield particularly at
| ruling figures This column has had something
/ 20 say OF Leather preferred. Its rise in price
| has not been much to boast OF. but It has held
! it's own under all conditions and paid per cent
regularly. Hints are thrown out that steps are
! being taken 10 put this stock whore II belongs.
at or near par. as soon as the condition OF the
general market is favorable.
The earnings which came 20 hand this week
! for the month OF June brought 70 fitting close
the fiscal years Of many Of our largest r. Il.
systems. In magnitude they were worthy ono
! II the most prosperous years In rairoading. Ot
the number perhaps none gives more solid salts
| faction than that Of the Chicago Burlington &
! Quincy. II is the gross earnings that tell the
! tale-the net are what the officials choose 10
! make them. All through last year and the first
| half Of this Burlington was the leader. what
! Burlington did the market did. and its earn
! ings dividend announcements. and rounding
! operations looked for with feverish inter-
! est. We indeed having feast OF good
| things" when an Increase Of SJcSOco gross
! earnings in one month causes hardly passing
/ comment. Inc estimated production VI Nolh A'A
| the states OF Kansas and Nebraska this year
] runs TO the enormous figures OF 3iOOoOOtO oush-
els for the former and 320O000oo bushels for
! the latter The State authorities give these es-
/ Inmates ard say that the rains Of the past week
put the crop out OF danger, and II might ne
added. grasshoppers. hot winds and bear lies
! 10 the contrary notwithstanding. When we re-
member that last year Nebraska raised only
! mi bushels
/ 1870 million bushels and the largest crop state
ever raised was $50 million bushels, II VIII 70
seen at once what It means 10 the ROADS that
lie within this territory II corn crop of .hess
! PROPORTIONS IS harvested Now remember that
! Chicago Burlington & Quincy is the great corn
CARRYING road then take your r. r. Map ana
note how II stretches like net over the state
OF Nebraska II has been shown that specua-
ton is not likely to run in the high-prCeu
stocks and II is improbable that this stock VIII
resume It's old-tme leadership. but II no'Wns
happens TO corn, Burlington VIII be sooo
/ thing 10 have in the house. The road VIII De
great money -earner this year. IL u lro" NV
same source that the large earnings OF NUN
Island. Atchlson, and Missouri Pacihc are 10
come. and In the case OF Rock Island II IS wen
20 bear IN mind the words OF prominent ran
road expert Rock Island is the cheapest OF INV
graugers."
Among the factors which contribute 20 INC
country's prosperity, but of when 100 "'"'
heard. was that pointed out by MT "eo's
Gould when speaking of the continued ''a
prosperous business attribute TINS l"'' ~
the wise. able and conservative poh'y VIM
has puiaed the present administration In mo
! conduct OF governmental affairs" It was not
SO long ago that the constant meddIins OF pu,
lie legislators in business matters with ul"'"S
remedies which were a sure cure Tor al ""
/ cal Ills was one of the greatest unse''e'S -
business confidence. That these well-nea".ns
neople are turning their talents to ne" he'us