New-York tribune., 1901-08-11
fiunur1aL
The Financial World.


part Of the week there was decline. and later
came rather sharp rally; which again. weak
ened Friday afternoon and yesterday. That ia
the history of the week. Indications are tha.
something very like IT, will be the history ar
several weeks to come.
The general sentiment in the Street is bear,sh
temporarily. Furthermore. there IS a consider
able element OF absenteeisn-so many peopIs
more or less important in speculation away or
on vacation. While the one makes for lover
prices. the other makes for dull trade Just =,
present there is not much news coming out
from day to day calculated to enliven trade
even If everybody were at his post. or II it did
enliven it, the activity would be at the expense
OF prices
There is no trouble with railroad earnings
Not only are they showing increases over the
phenomenal figures of last year, but the con-
sensus of opinion is that they viii continue n
do so through the first three months Of the
fiscal year; that is. through July. August and
September. II the temper OF the public were
less apprehensive than it is, bull market could
be worked up on this The average investor and
speculator would think it was good enough 70
buy. on anyhow This typical individual how
ever has been thrown into dubious mood ~
the crop damage and labor troubles. He does
not respond with enthusiasm 70 the efforts ~
bull leaders. He does not in the bond market
any more than in stocks, which IS always con-
sidered a sign Of some import
The difficulty is that at this juncture there Is
no way of measuring the extent Of the crop
damage or how serious the labor disturbances
VIII prove That is where the doubt comes in
which deaders speculation We are however
getting to know every day = little more about
the first item Of our troubles. and the situation
d. es not improve on acquaintance. which is nor
! ofr'e for hat q
mer minimum estimates OF the corn yield VIII
have 10 be dropped little lower. it being as
serted that the estimate Of 1900 million bush
els--the lowest made ten days ago-is too high
In fact this seems now to be the maximum
estimate. The main loss Of course. falls on
Missouri. Kansas. Nebraska and iowa, while
Oklahoma, and parts Of States east CT the Mis-
sissippi stand the rest The Government re-
pert issued Yesterday. it must be borne in mind
is but one estimate in the great mass OF est-
mates on the same matter. It is not more con
elusive. or less than the work OF experts and
others in the service Of large firms whose fnan
ciaI interests call for the best crop information
Admitting the great damage done we have 70
consider on the other side. the comrensations
There is big wheat crop and sure demand
for all have to sell in Europe, where the
wheat yield this season is poor II is the opin-
ion of people whose Judgment is usually cor
rect these matters. that wheat is bound %
sell much higher If this be true. the farmers
who have wheat to sell will make I'D much Of
their corn loss. In the Northwest where wheat
is the principal crop. the farmer should do very
well indeed on conditions like the present. Then
again, in the corn belt. rains came in time to
save fodder crops and grass; enough. at least
to enable all but the worst sufferers 70 carry
their cattle through the fall and winter They
probably won't be carried through IN prime
condition for the spring market; but If carried
through at all. il is better than having them
rushed to market in an immature state now
Finally the farmer is vastly better of to-day
IMAM he in "a. when the last corn crop
failure occurred. He has had several good
years in succession. whereas the losses OF '94
came on the top of some very bad years.
These facts are TO be considered in offset 10
the admitted destructive work Of the drouth;
and will mitigate. to a considerable extent
what is really a serious disaster
In respect to the strike, il Is obvious that no
living being can tell at this time how far IT win
extend, how lons it Will last or how much II
will cost the parties to it, It may peter out with
comparatively little disturbance; OF II nav last
long and be very serious. One thing there can
De little or no doubt about-the An1algarated
Association will be beaten in the end; for IT has
declared war-a strike is an Industrial war-on
-
relating to hours OF labor or wages Neither The
one nor the other is in dispute Theoretical
ideas are great things for oratory. Your 10
critics are in danger; you are battling for free
DOM" shout the labor leaders; and Mr. Compers
compares the fight to the struggle in South
Africa This was an ominous comparison for
the Amalgamated; since the contest referred TO.
While costly for the one, for the other is entire
destruction. Mr.. Gonpers may ponder this fact
Referring to particular stocks II will be noted
that Atehison finds strong support around 10
and friends of the property assert that DESPITE
the corn shortage, the road will earn as much
this fiscal year as last. Southern Pacific is an
other stock which holds up well. for on the
markets weak days some interest seems willing
to pick up the stock The earnings OF the road
are simply immense; and the time cannot be far
of when the spending Of everything over IN
terest requirements for improvements viii stop
and the payment OF dividends begin. The South
ern is the greatest asset the Union Pacific owns
and it was the requirement OF control Of the
road which caused the prediction that Union
Pacific would sell as high as Burllngton-which
was then 40 As TO Union Pacific itself the
directors acted conservatively, as was known
they would do, in keeping the dividend down 10
per cent St Paurs earnings are the largest IN
the history of the road and will doubtless con-
ttnue to be for some time TO come Outside Of
the railroads. the steady support the steel stocks
receive at current figures is generally com
mented on In the gas stocks. one Of the resu-
lation drives at Peoples Gas knocked it OF sew
eral points. the instrument being the regulation
motion before Judge Tuley Ga familiar name IN
these mattersl. questioning the company's legal
status; and Consolidated Gas rather lags for the
time but all the same there is a melon prepar-