Evening journal., 1900-09-10

roads which entered the dividend list
A number Of roads have expended i'm
mense sums upon improvements, new
rolling stock. etc. These extra eXpen-
ses should soon diminish But a very
large item. cften the chief item. Of in
creased expense has been the pay roll,
and this is not likely TO be diminished.
The outlook for further increases in
dividends Is therefore not good, but
the rates already established by the
new beginners are likely 60 be main
tanned: especially as the majority Of
these first dividends were started upon
conservative lines with a full apprecia-
tion that the present prosperity could
not last indefinitely. In the money
market outlook there is nothing new.
Firmer rates may be expected as the
crcp and regular trade demands de-
velop. but no special stringency is yet
IN sight. The general situation, there
1 fore. warrants ample confidence in the
future. Very few active stocks are sell
| ing higher than year ago and these
lonly from special causes. Many of III,
good active shares are selling 8 10
points below last year, and some CT inc
old speculative favcritea are 10 a "a
points lower. The market Is sound and
lsafe. Quite likely il will have setbacks
incident 10 election news, but when
these have been discounted there Is
treason to anticipate better c0nditiona
The general situation has presented
lscme especial features Of interest dur.
ling the week The very large purchas,
OF 500 600 pieces Of cotton goods by q
/ well-known manufacturer indicates
strong faith in the maintenance a
llcast Of prevailing prices in that line
This acticn relieved a condition Of az
fairs In Fail River that threatened tC
lresult in a curtailment of wages Of op
: erhtivcs, besides showing that the mar
kct FOR these goods Is passing int
lstrcng hands in addition 70, and per
lhans as in part complement of this
large advance n the price OF cOtt0l
Itself has taken place, In such proper
, ton as to enhance the actual value o
the present crop by at least thirty mil
P lions Of dollars Such accreticns o
values are apt to furnish potent argu
mcnls against a reversal Of nationa
. rciicy The Stock Market has hcei
somewhat stimulated by the Vernon
election returns, but Wall stree
+ seems to show a little mere dispOsi
tion to await the later development
OF the campaign before inauguratin
, any pronounced movement Railwa
j earnings continue to be gratifying {
4 both shareboldersandt the general bus
4 ness community. and money remain
in abundance. The movement Of cuI
= rency for crop moving purposes is
little late in beginning, and ought nc
to influence money rates to any grea
degree in the absence Of any furthe
y experts Of gold TO Europe. This LAT
4 ter movement is among theposslbilitiC
e later on, although the weakness {
i sterling exchange at the moment pr,
i cludes its immediate likelihood. Nh
5 heavy expenses under which the Bri
u ish Empire Is carrying on its varior
+ military operations may conduce
r the aoiai0n OF another EXchequ,
loan later ou, in which New Yor
dnanclcrs would most likely be Il
y vifcd TO participate. These are p0ss
d bilities 10 be reckoned with any prol
3 nosis of the course of the marke
Z which in the light OF recent repor
n from all over the country has q foui
u datlon of permanent prosperity {
which TO rest
IS Henry Clews