New-York tribune., 1900-07-29
financial.
The Financial World.

The present condition OF TIE Street surv.,,.
the idea Of a large store which all but q -,
customers have deserted. and those thar az
left paving a limited number of a.
ticles. without buying selling much Of thar,
This makes it rather hard 70 find anything h
teTestlng to say. since in the business of -.
week there has been little that Is inferas.
ing done. Business has shrunk as IL usrau
does in midsummer A few stocks have bee,
active. the rest OF the list stagnant. The one
look is that we shall have TO stand few vvast,
more Of the same sort Of thing. The markst
is, in fact. waiting. 1t IS waiting FOR the ont
come Of the corn crop. waiting for the dris, \,
domestic politics. waiting for the foreign si,r-
alton to clear a little
The only thing ahead which may give ~. .
sudden chill. is in the line Of the political cam,
paign. Just at present there is an easy Ir5rf-
ference to this the assumption being that Brva7
has show anyhow. To prevent this FEELING
running into dangefous Indifference. the Pc
publican managers may find it necessary n,
throw little scare into mOneyed and CONNER
cial circles. which would inevitably be reflected
IN the market. There would be a slump in
prices. temporary OF course but rather disturb
ing all the same The. Wall Street would b
aroused from its present political apathy and
exert itself against the 16 10 l party. The an
prehension that something Of this sort is ahead
Of US. is a contributing cause Of no small effect
to the stagnant state OF TIE securities market
at this time. 1t has most influence with the
large capitalists and the banking houses.
In respect TO the crops, we appear TO be com
ing through all right; not with bumper crops
but with good average returns. Very large
yields in some sections have been offset by dam
age in others: so that while the general average
will be satisfactory. there viii be considerable
spottness in its make up. This viii apply %
both wheat and corn. though much less % the
latter than to the former. The bearing OF these
conditions on railroad stocks is important II
should, logically. differentiate their movements
in the market, and probably will
The money market seems TO be the medium
through which we shall feel. II at all the infu-
enee Of the Chinese complications. With the
latest estimates presented in the British Far
lament the South African war seems 70 b
provided for. Those estimates cover all ex-
peCted costs up to the end OF next January:
and things are now. the estimates ought %
be made on pretty solid data The possible bor-
rowings for China are a different thing. All
the leading European nations are involved and
how much their respective governments may
have TO borrow before the business is through
with, is the doubtful point which contributes
to making stagnan- stock markets-this being
midsummer also. wher the average speculator
is not disposed 70 do hard thinking FOR quick
action follow
II we were TO believe one-half the de-irtun
tremens dispatches with which Shanghai has
startled the world. there would be no escape
from the conclusion that a gigantic conflict OF
civilization with barbarisrn was about to occur:
some mighty struggle making another turning
point in human history. But matter OF fact
such lighting as has already taken place does
not indicate anything very terrible ahead The
naval forces which happened TO be near, first
captured the Taku forts without difficulty: with
some land contingents the city OF Tien-Sisn
was next captured; but a small column o. troops
which attempted to force a way over the hun
d1ed miles OF swamp country between Tien-sisn
and PsKin, was compelled to return By the
opposition Of the enemy and the dlficulties OF
the ground There Is nothing very terrible n
this II will be time enough 20 get alarmed
over Chinas alleged new born military power
when the strong columns the allies
forming are unable to make hesdway- L any
thing like that should be demonstrated, then
things would look serious indeed and the mar
kets OF the world would very speedily show T.
But there is at this time absolutely nothing 70
indicate that the allied forces viii not sweep
away the Chinese forces more easily than Japan
did.
If this be the case. the borrowings of the
China Will not be large enough to make 3 ser-
Gus impression on the money markets OF the
world. The mystery. however which clouds the
situation out there has a powerful effect on the
public Imagination; and the speculator disposed
to take bearish view OF things, already sees
the various governments borrowing untold mill
ions, money tightening up everywhere. and
prices of securities falling as consequence.
People who do not take this alarmist view viii
be content to look at home TO the conditions
OF trade and the earnings OF the various rail
road systems. The Union Pacific directors VII
act on the dividend probably next week; the
directors of the b & o. Will do the same. The
latter dividend will. it is understood, be at tns
rate of per cent; and perhaps 1t may be sad
that the stock is already high for that rate O.
return. Union Pacific continues 70 furnish ex-
ceIent opportunities foc trading. seeing thai
while it is working upward, it has frequent re-
actions giving the chance to sell on rallies and
buy declines. The preferred ought 10 Dc
bought on all weak spots for 50. The Atchis0n'
hold steady. There seems to be more trading IN
the common than in the preferred
In the traction stocks. which have been
strong. some OF the prominent traders are TAX
ing about an upward movement IN Manhattan
based on calculations OF what may be saved N
cost OF operation after the road is electrician
equipped. This seems. however, 70 be raths
far cry. seeing that the equippins has no'
started yet Brooklyn has been run above o.
but on nothing which appears 10 be anythNe
but a speculative move.
The safe thing seems to be to buy on wsaS
spots the stocks OF railroads which have goo1
crops along their lines The Boxers went tFoa
rIa chase CT-Tu4REyPT MILLS