New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-24
High Low. June % rune 10 Ch'gs' Sales.
TIE WEEK N WALL STREET.

TIE WEEK IN WALL STREET.
stock market of last week passed into condi
lion Of Gulness, which continued TO prevail dur
ing the rest Of the week II was rather wait
ing than a declining market. however for nc
general decline in prices occurred and no eN-
tersive liquidation was noted Uncertainty IN
regard TO the probable extent Of the gold eN-
mort movement TO Germany. and uneasiness lest
the preparations for making the enormous IN
terest and dividend Disbursements OF July ]
might involve e temporary strinGency OF some
severity in the money market combined TO put
damper the speculative spirit, another i'm
portant factor being the failure 10 appear of
any authoritative announcement regarding the
persistently rumored plans for bringing the St
Paul and Union Pacific roads into intimate rela-
rions of enduring cooperation. But IL was
recognized that all the underlying conditions
were sound and Were favorable for higher
prices and this being the situation, values
were well maintained, investors seeing no rea-
son 10 part with their holdings and the specu-
lative public which ordinarily would sell out or
be sold out under conditionsilike the present.
being interested in this market TO only very
small extent
1t cannot abe denied that present quotations
are high. as measured by the standards Of pre-
to affirm thatsthe phenomenal prosperity Of to-
aav can last !forever. But il does not seem
rash TO assumeAthat the national prosperity has
not vet reached its eliminating point All the
news from the grain fields indicates a tremen-
dous harvest Of wheatl and corn. while short
ages Of crops abroad are reported. which must
be made good tg the deportation OF as much
as can be spared sof the, product OF the Western
nrairies F3ountepus crops unean increased traffic
10 ,oslro dc oil
as added wealth for the farmers. great and
small and incpeased railroad earnings mean
the perrnanencesor the raising Of dividends on
railroad stocks. and the steadiness at the
present level or the appreciation in value OF
those stocks The steady extension. too. Of the
community OF ownership" principle in the rail-
road field Vast and West necessarily makes for
the view that prices Of stocks are not now, as
q rule. excessively high, for every road brought
within the operation Of that poliey-which Is
solid and tangible in its nature differing in the
widest degree Afrom the arily disregarded old
time ''gentlemen's agreements an additional
guarantee for the prevention OF rate slashing
in the territory traversed. The policy is
just now flndingSts most important and most
interesting exemphfication in he Western coun-
try where the great St Paul road. according
10 common report ana competent authority, IS
soon 10 become subject TO this new reign Of
unofficial law, joining the Union Pacific the
Northern Pacific the Great Northern and the
Burlington. AS matter Of fact, both the st.
Paul and the Chicago and Northwestern are
already practically parties TO this policy of har-
Ironious operation. having been included in
the agreement made between the Hartman and
Morgan-Hin interests after the Northern Pa
ciic corner: butA perhaps working out detail
of that agreement there is being arranged an
interchange of stock by large shareholders Of
the St Paul and the Union Pacific, it is as
serted with mucht positiveness. the completion
OF which arrangement will have the practical
result Of giving each road voice. and not a
still, small voice. in the councils OF the other.
Al important development of the week in the
direction Of concerted action and the proven
ton OF waste in railway operation has been
the appointment Of J. c. Stubs to the
newly created postiof traffic manager of all the
roads Of the Unioni Pacific system, and the an
nouncement that Darius Miller will fill similar
Office in the management of the Northern Pa
cihc, the Great Northern and the Burlington.
The announcement a few days ago that the
voting trust of the ST. Louis and San Francisco
would be dissolved on July L served as an In
teresting reminder OF the fact that the period Of
storm and stress Of the railroads Of the United
States has in truth passed, only few voting
trusts being still in existence. The Missouri Pa
cihc. which narrowly escaped foreclosure and
reorganization in the dark and fateful years
following 1898 and the stool, OF which as lately
as 1897 sold in this market at TO- last week
gave impressive proof OF the Improvement in
railroad conditions and the Astounding pros
perity OF the Southwest, when IL declared a
semi-annual dividend OF 2ls per cent, its first
dividend for ten years, and made financial
statement from which il appears that its sur
plus last year S3.}St COO would for the current
year reach So 500 900 dividends not being fig
ured. In forecasting the future and Specializing
as the prospect OF the maintenance OF railway
and industrial shares at their present levels. in
VestOrs are more and more paying attention Il
the fact that this country is not only great, but
growing. realizing that its growth in population
both by natural increase and by accretions from
abroad, means a larger productive and larger
consuming capacity, more grain and more manu-
featured products for domestic and foreign
needs. traffic for the railways. more EN-
ployment for the mills.
The governments fiscal year ends on June 80
and the latest estimates from Washington ar.
that the exports for that period Will be found
far TO exceed in value those for any preceding
twelve months in the history of the country. 4
little less than S5.ODo.0sO gold shipped I,
Germany last week. but from present indica
lions the export movement has ended for tn,
time being, while. on the other hand. the infiu,
OF gold from the KlondiEe is Just beginning 10
tho season. and bids fair to reach large proper
tiOns. Money conditions becoming NOR
the reduction by the Imperial Bank OF German,
last week OF its discount rate from TO 31s pc
cent. the lowest figure for four years. The loca
money market has been easy, call money ruin
curing the week at TO per cent, and averag
ing about per cent. The bank statement
while rather less favorable than had been locke
for. was much better than had been presente
on either or the two preceding Saturdays. Loan
increased about 81 800 600 and surplus reeerv
RIM Vx Il~ re %