New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-17
Financial.
The Financial World.

a
full than it was. The volume of business con-
tinues small dullness still being the prevailing
characteristic; while the growing ease of money
makes the carrying of stocks cheaper. and tends
10 improve the bond market. In the past week
the Steels have claimed most attention among
the leading speculatives; and as the previous
week, there have been special movements 4,
minor stocks, Realty. Chicago and Alton
Paclnc Mail. and one or two others. The strength
of the Wabash issues started circumstantial re-
ports that the Gould-Rockefeller and PennsvI-
vania interests had come TO an agreement: but
evidence OF this seems lacking. The Fries were
oftsh, on expectation that the next dividend on
the preferred would be la instead of . per
cent; or, 1t may be. because ii is known that
the December earnings were poor
Who Is buying Alton, and for what purpose
is a much debated question: but it is plain that
sale OF the property to one Of the great
systems is in contemplation. that being plainly
implied in the advertisement asking for deposit
Of the preferred stock At least three different
companies have been named the probabIs
purchasers: one OF which would be open to ques-
ton as being a competing line. while the others
would not Speculative operations on the ex-
pected outcome OF the deal account for some OF
the more erratic movements of the stock.
In Realty spectacular change of manage
ment occurred at the annual meeting of the
company when two thirds of the directors re-
signed; this party having failed to get the de-
posits of stock their committee had advertised
for. The other party, who are now left in pos
session. fought them in the market and out of it,
and won. 1t is understood that Mr.. Henry
Black will be the President. He was the
principal man In the Fuller Company. and a sue
cessful manager. representative Of the sue
cessful party presented their side Of the case
this way: The people who have gone out
wanted to become guardians for three years.
after they had shown that they could not man.
age the company. We think manage it,"
The books close for the dividend on Steel pre-
ferred the 10Th inst Tuesday,. and there is
some talk about large amounts of stock waiting
for delivery soon they do. The stock. how
ever. does not act that way, as the buying has
been steady. and the bonds particularly have
been in good demand Whether this buying will
continue depends upon whether the recent in
dications OF improvement in the steel trade
mean that permanent turn for the better has
come II in the steel trade it has in the gen.
eral commercial situation Upon this point the
following letter has interest:
the fact that have done everything pos
sible unsettle public confidence by continually talking
and %rlhs ao0T Tb Ss1Iyo sgnsy Tr4b,ns 9i,bt
be well call attention 70 the report Of the H B.
1908 that their orders for spring larger
past in order TO try and fshen the public OUT Of their
sGnda Tbune in which You undertske to Tsmna ons
that IN ,hs event OF war ,St ,h ussa anu JaPan u
rice etc or IN other Tofas s1assv0ri1s to 6ss
how a TesseStahls paper Ike The Ne"-YorI Tribune
''A' AN OLD READER OF THE TRIBUNE.
The strong part of the above is the rice and
export trade discovery. The Clafiin report says
that business continued good till last Septem-
Der. when it suddenly fell away, and did not
year when there some recovery. II
about September that Wall Street had got
through it's worst troubles, they having started
In the Spring. When the extent Of the Hqui3a
ton had manifested itself warning given
in this column that the liquidation would
tend 10 manufacturing and commercial circles;
where IL would be felt about the time Wall
Street was recovering
No great upward or downward movement ever
strikes all branches Of trade simultaneously or
with equal force The dry goods trade. as the
report shows. did not get hit till September.
The iron and steel trade felt the blow earlier,
but the decline most rapid after August.
Pig iron production in December only 30
per cent OF what IL was in August, and prOdue-
ton in the latter month had already diminished.
Correspondngly. the business of the L. s Steel
Corporation fell away. did that of the various
car and railroad equipment companies. Their
stocks had anticipated this by their collapse in
the market. Since the turn of the year. the
outlook has improved. apparently in the dry
goods in the steel trade.
Apropos of the Japanese eating rice. some facts
may be noted pertinent to the wheat market
To eat wheaton bread is a mark OF high civil
ization and material we'll being. Only the most
favored fraction of the human race attains 10
IL. Even in some bread eating countries. the
poorer part OF the population have 70 take the
less nourishing but cheaper bread, Of rye. barley
and oats From this level. the next lower IS
to no bread at all. Rice is the substitute
Rice is the food Of the countless millions whose
economic level Is next below that of the bread
eaters Beneath this is the omnivorous hunger
OF barbarism. In proportion as rice eating
people advance in the scale of economic we'll
being they become bread eaters. This change
is going in the Orient
The first small beginnings OF it We're noted by
a great railroad man-Jay Gould. who observed
that -four was becoming increasing item In
the cargo lists of his Pacific Mail boats. he
said that the Orient was learning TO eat bread.
In these later days. another great railroad man.
Mr. HILL has noted the Ieaven working in the
Oriental lump. and has recognized It's bearing
on our own economic development. To increase
the business of the Pacific with the Orieus
Is with him an overmastering idea. To pro-
mote this trade he has utilized every factor hy
which freight rates to China and Japan could
be brought to the lowest possible figures; and
has made it possible now to carry 100 pounds Of
-four 5000 miles for 40 cents
In Mr. Goulds day the little -four exported
did not know what the article Four years
90 ono nor cent Of he DODuiation OF Japan was