New-York tribune., 1900-07-22
fIuGurldL.
The Financial World.

more to strengthen the market than All ..
scare dispatches from Shanghai could do 70 :.
| II down. If these rains had not come. the r,,-
ket would certainly have weakened, ana =
weakness would have been set down 70 N.
count OF China. They did come, in abunsan..
and there has been a very general irnDrov.
ment In prices and in the temper OF speeuIa+,.-
The Chicago bull operations in grain recaf,.A
severe set back from the same cause that Sc
ened the stock market The records shor g..
where the corn crop has been seriously 5,,-
aged by drouth. the great injury has ,na-a
| always occurred In the first half Of July. =.
spell then. left the plant In poor ccndj.5o, :.
stand drouth later; whereas II there was -.
Of moisture in this period. II could pull tbr,r,.-
any such spells afterwards with cOrapara,iv.l
small injury. Hence, as was said las, veel, -
| important thing for the moment % Wau ST..
was not the state Of affairs in China. bur -,
condition Of the corn crop ar home.
That the world at large has been daza5 -,
confounded by the food OF false dispat.s.-
poured out from Shanghai. viii soon bec,-..
manifest. For years, Shanghai dispatches b,-.
been notoriously alarnsh and unreliable ovv,.
to causes which the public will be made fa,,r
lar with as the news service from China I'm
proves through the arrival there OF a bs,,.,
class Of correspondents The suddenness .of tbs
outbreak Of the Boxer disorders, gave the a..
fn.f-
chance to turn themselves loose on the cabla.
with the result Of startling the whole world :.
will not be a great while before it VIII anna
that, despite some Krupp guns and Mana,
rifles, and a slight training In their use bv =
small portion OF the Chinese army that Chin.
as military power is not substantially di1s-.
ent to what she was when Japan scattered h.
rash but unOrganized forces. AS to the da,os.
that the European nations viii fall 10 quarrel
ing among themselves over the partition :,
China, there is less probability Of that now than
ever there was To those nations which bavs
already declared against such a partition helm,
attempted, must be added the I-nfta5
States, which has decisiveIy pronounced against
such policy There is. in fact less danger +,
the peace Of the world in the Chinese situation
at this time than there has been FOR na,v
years. Meantime, while military Operations
proceed. the feeding OF the armies. etc viii
have to be done from the Pacific Coast.
Very promptly. Pacific Mail stock jumped u
several points as soon as it was announced thar
the Government would need more transports
From p it rose to 33. and may possibly work ID
into the 40s again The last time il eot thara
was when the Government was TRANSPORTING
men and munitions to the Philippines The
payment of small dividend enabled the insid
ers 10 unload their stock on the public around
30; and this being done. the dividends were
stopped. the stock sank below 80. ard presum-
ably the same people have picked Up enough a.
the low figures TO repeat the process. now thar
the opportunity is afforded by the renewal a.
the chartering business.
London. which got a bad fright by the Chi
nese trouble. and by the raising Of the Bank
rate at one jump from 8 to per cent has sold
a good deal OF stock in this market during tbs
week 1t particularly poured out lot Of Union
Pacific. which -.-.a-
took on Monday and Tuesday. caused a reaction
of some points Recovery came when this sell
ing pressure was removed. and the closing price
yesterday was 5S14 The favora bic weather In
/ the Union Pacifc's territory, above referred 10
makes sure that the crops there will come out
all right, as the corn can now stand a good deal
Of drouth- If. therefore. there was any Iingsr
ing doubt about the dividend being raised ts,4
per cent, that doubt is removed. II is a con
servattve prediction that Union Pacific common
will work up TO g. More optimistic predictions
put 1t TO 20.
A considerable number OF broken lots OF the
preferred stock are daily recorded on the taoe
showing that the small investor is getting al
tracted to the stock 1t is a safe investment
The most prudent bankers recommend Union
Pacific preferred as a purchase They say that
the earnings OF the property make its I per cent
I dividend sure as the interest on a bond. 50
T
TO pay the dividend While speculation is and
always must be. more active in the common
stock than in the preferred. yet the latter viii
work up slowly through absorption by investors
and in time will certainly sell between So
and 90.
Quiet note is still made Of the buying OF Bur
lington. which is credited TO interests connected
with Union Pacific. Possibly the surrfse is
. true and if true 1t has very simple explana-
ton The two roads are in a position 20 b
mutually helpful mutually harmful accord
ing to the policy OF their respective managers.
1t is, therefore, the most natural thing in the
world, that unity OF interest should be sought
by the people who have their money in both
properties We have seen how this thing has
been done among the great eastern systems.
The same process is going on among the sys-
TENS west and south of Chicago.
The dividend on Illinois Central was raised.
as it rumored would be done from TO
per cent The stock is not likely 70 remain be-
low 120 very lOns, while paying at this rate
1t will probably work up to 125 or Whereabouts.
and now that London has relieved itself Of %
much Of what it formerly held. the stock may
be expected to figure more in the daily trading
than has heretofore been the case
\ lively movement in Sugar has been one OF
the incidents OF the weeks speculation The
short interest, which was large. has been badly
punished 1t is known. of course. that the
Sugar war is over; peace being concluded when
the National Company was formed. which toos
in the outside concerns Except the Arbuckles.
who work with the others) and removed the
Doschers from the field. Their refinery went
into the National Company. after having been
loss. ii is reported. from the day ii was
started II is rumored that II is not Mr. Have