The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-25

NEW YORK. June 24.-There is never
anything like a mean between the eA-
tremes in Wall Street. Either the country
ia pnins to the devil and much of the out
side world with it or prosperity rides
rampant and uncomfortable over every
thing. Either the prices OF railway ana
industrial securities are to mount TO the
skies. or they are TO sink out OF sight AL
the preeent time the entire professional
Wall Stree; world walls over the calani-
ties that are to follow the Chinese sltua-
ton, over the entire destruction oil the
wheat crop, over the fact that railway
earnings are rapidly diminishing and the
industrial companies on TIE verge VI
bankruptcy over the tumble IN seeuri'!
prices and the outlook for far more srie'-
GUS declines such as have not oeeh seen
before for many years.
The tipstcrs sing their dirge all over lhe
street. One of the most persistent OF the
bears. broker and Spectator who mas
come into prominence within the PAST
wear because OF the good fortune ne hao
in reaching New York with his pessimism
at the top OF the boom Of last year, mas TINS
to say in a recent interview among other
things:
Ii is true that an bsar on b-ook-
Ign Rapid Transit, but. as mater VI "a
/ am bearish on the general list. L ha'e
been fighting the Brooklyn pr9pos'.i9n e.Si
since il crossed lbs, and my present op lion
liz that the stock is not worth as much LOW
as n was when il sold down around ~
And what is true of Brooklyn RAPID Tran-
sit is true OF many other stocks. Iahe, ior
instance the steel stocks. VITA hardly an
exception the prices OF all OF them, ana
particularly the preferred issues, VIII SIX
materially lower. Indeed, If / do not m,ueh
mistake 1t, many Of the properties viii have
sooner or later TO be reorganized or g 10
the wall. They have altogether too mu'h
watered stock, aid most of them are trying
to do too much business.
In the railway list think you Will see
lower prices all round. more especially In
the grangers. Apart altogether from the
fact that this is political mafk=t 1t must
be admitted that, considering t2eir earn
ings and dividends. many of the railway
stocks are selling abnormatly higa. This Is
due to clever manipulation by capitals g.
with the object of fleeing the general pub
lie and inducing them to buy at the hcd-
tiously high prices.
"Of course, there are good investments
always to be habitat Is, If psople wait
for them. For instance Pacific Nail VIII
be good purchase around Is. No Invest
Is or 80 points lower, some o. the grangers
below par, and SO forth. But 1t will be well
to wait till they &c; there's they Wi /.
This is much like the other news"
that is current at present. The talk OF
the wheat crop destruction and OF the de-
clines in railway earnings that must follow
II is one of the chief topics dwelt on. Peo-
pie who have memories for Wall Street
movements and Wall Street news" will
remember that this same talk of the de-
struction OF the wheat crop is always
heard at this time of the year. Few specu-
lators do have memories however. The
farmers who furnish the frst-hand infor-
nation Of the crop prospects always talk
small crops because il is to their interest
to do SO and because they quite naturally
see things in that light. Usually, how
ever. these farmers estimates are far be-
low what proves to be the actual yield. 1t
is certain that this will be the case this
year. The crop has been damaged IN
doubteoly, but IL has not been ruined.
But even supposing bad crop conditions
are assertive that yield is reduced, that
quality is hurt, is the net result SO bad as
current sensations represent? Just now the
fashion is to accept any record that is dis
couraging, but that policy is not the policy
of common sense not the policy which
seeks and establishes facts. Even If all
Wall Street hears be true, even If damage
be as extensive as represented, II is after
all q damage confined 10 one section. The
West and the Southwest are not embar-
raised, are not losers even to a slight ex-
tent. And what is the Northwest's afiiic-
ton? Is it more than that single crop Ia
somewhat diminished?
To calculators VINO regard comprehen-
sively the situation. wherein is there &C
tual net loss? Crop yield may this year
be less than 1t was last year, less mate
rally than the average has been; but
with higher prices per bushel-and dollar
wheat is now the popular forecast-how
does the Northwest suffer? Intelligent
estimates must comprehend a crop as
unit-and what as total will be the COM
parison Of this years production with past
productions. even II bad weather has cut
down output? August wheat Saturday APP
proximated 80 cents bushel at Chicago
such a gain over the price current year
ago as TO make this seasons crop repre-
sent in dollars materially more than the
total approached year ago, even taking
the worst estimate SO far issued as to this
years yield.
Earnings records are quite as different
as wheat crop prospects, from the talk of
the bears. Nearly every railway in the
country is increasing its earnings over the
phenomenal record of last year. The
buoWluS ludue lue iOTtMOst llucs III
the country for the year that will end
with this month will be the most stu
pendous the world has ever seen.
Prices have been declining for many
weeks. The present level is near the
lowest since 1898. The statement is made
in inner Wall Street circles that J. Pier
pont Morgan. the Vanderbilts. and other
influential fnanciers are beginning to in
vest heavily in railway securities. II is
- 49, TY-s.-
wonder Is that the purchases have not
yet proven large enough to stem the short
selling of such people as the gentleman
above quoted.
New York stock Market