New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-06-01
financial.
The Financial World.

West
| continued bad crop weather, it would be a bea
market beyond peradventure; as they, are NOT ~.
on the contrary. good as can reasonably,
, he expected. it is only dull and waiting MAJ
ket. 1t waits the outcome of certain tbi,.
some immediate and temporary ana others
| otherwise. Meantime, there is special activity
in few stocks-Canadian Pacific for examine
The two subjects most. if not exclusively dis
cussed during the past short business week
were the strike and the prospective ending os
the South African war. The money market has
| ceased to give trouble. 1t has come to he recoe
nized that the crucial point in the strike is the
I pumping of the mines. The pumps must be
kept going at whatever The mine oper-
ators are determined they shall, and are making
| preparations accordingly The strikers know
| that IL the pumping be stopped the oper-
/ ators must speedily surrender or suffer a heavy
| destruction of property. Hence everything
| turns the continuance OF this work. There
| is very little chance of spreading the strike to
! the bituminous regions. at least extensively.
Trouble may be made at isolated and mutually
distant points. where local causes may con-
! tribute: but no general movement is anticipated
! or probable. 1t is right in the anthracite region
that the strike will succeed or be beaten
The yesterday Of the voting of the dis
trict or lodge organizations. mixed: but,
the whole. could not be considered encouraging.
eraI convention tomorrow. will be in favor OF
going out If this be the case and the prepara-
tions Of the mine owners 10 protect their prop
erty shows they expect it. non union men will
have to be put To work at the pumps and en-
gfnes. We may hope that no violence on the
part of the strikers will follow; but we can
scarcely expect it. 1t is altogether probable
there will be fights. and that before the strike
ends there will be some blOodshed- AS to the
Of tEa -Tr1r
among the best informed. are divided. 1t may
be said however, that most OF the operators
think it will las certainly couple Of months
In actual depression of the market. it may be
that this industrial has already done all
that n can It's influence now is mainly to
check trading and so keep the market dull AS
the struggle draws TO a close, this REFRESHING
influence will give way to speculation on the
ending of the fight: when the mines will have
20 be worked to their extreme capacity TO meet
the demands upon them There seems to be.
therefore. nothing now in the strike sell
stocks on. As in other wars. when the guns
have opened the fight has been largely dis
counted.
Another expected event of tomorrow is a
statement from Mr.. BalfoUr, the Government
leader in relation to South Africa; and the
ton Of the London markets indicates the sure
expectation OF an announcement Of peace Ac-
cording TO the correspondents. the chief buyers
lately have been the traders Of the continent.
while the Londoners have held off. having been
frequently bitten before through premature
peace reports The continent, if this be true.
will have some stocks TO sell on the market
which peace announcement will make The
chances are that after brief excitement the
London market will peter out and become about
as dull as our own, because there are many
other things which are necessary 10 keep Up a
strong bull movement over there besides an Of
fetal statement from Mr.. Balfour: and some Of
them need time to work out
The increase in gold production is one As
soon as the South African railroads are re-
ueved from the pressure of carrying military
supplies. the work OF rushing in material for
carrying on the mining industry viii follow; but
with all the speed that be made, 1t Will not
be till the close of the year at the earliest.
that the rnipes will he turning out gold at the
rate they did just before the war broke out
that Is az the rate Of ninety millions year.
II will be a great thing. indeed, If anything 50
good as that is done The chances are against
it, for IT is altogether improbable that the light
ing will be wholly ended by the coming in Of the
Roer leaders now IN conference. There will be
enough irreconcilables remain out to keep Kitch-
ener busy for some time 70 come. although he
will very thoroughIy clean up that job in the
end.
It is however a mere guessing TO try ard
forecast what will happen with the close OF
war so peculiar in manifold respects as thar IN
South Africa All one can see with any de-
gree If cIearness is that it is a bull event OF
large importance, in that it releases the ener-
eias of 4 foremost commercial nation from the
s+ress of war leaves them free for the
Durs11its of peace, while effect OF the war
has been to quicken these national energies ana
enlarge their scope in one extraordinary degree
This is often the effect on 4 nation OF nara
struggle Beyond this. it restores South AFRICA
again to the list of producing countries INTO
which il came through the gold discoveries
and from which it was struck by the war. AS
a great and growing producer it had powerful
in causing the industrial and COM
nerciaI revival which started about 1877
of specific stock market operations during
The week there is little 10 speak of, for only
n a few stocks was there any degree Of activ-
ty Prominent among them was Canadian Pa
,ifc. which acts as if bull pool were working
n it. and as if the pool had been working lately
o realize. Certain it is if the things more or
ess vaguely promised to justify the advance,
ire not very soon brought out, Canadian Pacific
$ good for a ten pcint drop or something more
There was some good buying Of Atchison, on
he continued large earnings of the road; and
Union Pacific was we'll supported for the same
ause. The much debated question of the rate
f the next dividend. remains where II was;
hat is il will be increased 10 per cent if the
rop outlook be favorable. and not otherwise
III other roads reporting tell the same crafty
ng STORY, of large earnings. increases over the
10 totals of last year; which. when they were
made seemed 10 be the highest possible notch.
ubsequent comparison with which must neces-