New-York tribune., 1901-07-14
financial.
The Financial World.


Ae'- The younger generation there 60
knows anything about crops. or uh.. V
40 for speculation so compe,e,v eaa
for some years been absorbed IN co.s,.es ''ses
OK combinations. Industrial railroad ana ~ aoa
rest For the same reason the older r,o,,,.s - 'as
become rather biunted to crop oue.t,o,. Aa
'nere mas been an enlightening and a,
ins' que 10 shrinkage in prices which =. -.
~ estimated. on - stocks. at 45O m,,,,o,. 'A'
The speculative situation at this u,r,.,
simple one The fall in prices has so r,r..
than discounted all present damage to ,ho 'e
crop thae on the first report of the dro,,h ~
oioNen' the market would bound up ,ita
oer oaii- On the other hand every dav ,,....
u'ou'h continues the damage is ax,ansas e
i'i'ensned; and the temper Of speculation :. ..e
ihoinehe represents the apprehension q, 80
evil may still be coming. ""as
when We are talking about weather n
essary TO fix times with some precision. ~
may De said that up to the close of businss. =
'e'oay' the only section which had suffered No.
any severity was the eastern part q, E.u
ahu 'he western part of Missouri Nabr...
anu iowa were all right but about these s,.,.-
apprehension was acute In respect To K,n.
IL may as well be counted out I,s .o~.
lot this season Is virtually gone Pafn, S
"ouio serve not much more than to co..
"reckase. Luckily for the State il snc.o.-.,' .ne
harvested very large crop Of good -.
-, oe some onset to the loss of other crons
"Ilcn include corn. oats and garden nrodrc,.
Inc conditions in Iowa and Nebraska NO..
'hat no material damage had been dona 49,.
'nd' ram must come very soon or the crons e.
"ouid go the way Of those I'm Kansas r, 49,"
"oros' critical time was approacbinv ~
was 'he Keynote TO the market II had ad;r...s
i'Seil already through heavy liquidation. 70 an
'ie known damage; but II was nervous ah,n,
"hat might still be coming
Iii 'nese days. when the area under cuItiva,,,.
70 'nat OF a continent. embracing a wide ",
VI natural conditions. crop failure mean,
'onie particular section suffers severely.
i'o' .hat the whole country does East a,
tne drouth stricken section now. the corn a. :.
por'eu IN good condition. and abundant Yields q,
all agricultural products are promised. ra.t
years corn crop was reported at sonetbtn.
over ZuO million bushels; allowing tha, N.
worst will come to the worst and tba, ,hia -.
there viii be a loss of 500 million bushels hv
drouth ian excessive estimate) this still leave.
iooo million bushels for the territory outs,a.
OF the stricken area.
In the stock market the perception that ,,s
damage is largely a matter of locality wa.
quickly evidenced The main weight Of ,he
selling fell on the Atchison stocks which broke
under the pressure severely. 1t may be said
'hat the selling of these on apprehensions Of
drouth damage began on the first of the month
wnen the common stock was quoted about So
ana the preferred at 1O5. The selling increased
In volume as the western reports came day by
day worse than before: until on FRIDAY. the
common touched 30: while the preferred had
fallen to 92is Tex dividend of 2K3 So severe a
fall cut deeply into margins; and other
stocks were brought down In the crash rhs
fears OF what might come in the Union Pacific
territory. caused heavy selling of that stock
which went down from 40 TO 91. The preferred
moved very little. AS the Missouri Pachc's terri
tory is already badly hurt that stock started
10 break early. and from 12O dropped to 1O1
The case OF ST. Paul and Rock Island was
peculiar. Had not ST. Paul been so heavily
cliqued. it would possibly have suffered little;
large blocks Of long stock thrown on It by
holders who We're overloaded. and whose losses
in other things forced them to tighten cargo in
hurry From ia, ST. Paul took several head
ers. until II landed at 154. In respect 70 Rock
Island. ii has been understood that the new
interests which recently entered the directory,
had accumulated what the Street calls jag
of it, When the slump started. IL became evi-
dent there was market for the stock UP IN
the neighborhood of 160: or for some distance
below that figure Hence. occasional small
sales OF the stock, il came down in a light and
graceful manner four or five points between
sales now and then: until IL found sup
port at last around 1S4. and rallied. Doubtless
the impossibiuty of finding a market in the
skies for Rock Island. had something TO do with
the hasty unloading of other stocks. for which
there was a market
To add TO the cheerfulness Of the Street. re-
ports were spread that there was serious trouble
between Mr.. Morgan and the Hartman parf7
over the Northern Pacific affair. The reports
were against common sense. for any intelligent
person can see that all parties concerned are in
the same boat now. and can only get 10 snore
by working together But if there be any who
think that these people insane enough TO 80
to uuarreling at such time this. they can
have ii on the very highest authority that not
only is there no truth in the reports referred TO-
but that the various parties in interest are work.
ing earnestly to carry out the agreements en-
tered into TO the full extent of their letter and
spirit.
In the general slump of the market. the steel
stocks had their full share. They have troubles
of their own. independent of the weather Tney
were about their lowest yesterday on the con'
tinued uncertainty as TO the outcome OF the con-
ferences between the company and the men, tn'
differences between whom have narrowed down
to a question whether or rot two mills ~hicn
hitherto have been run with non-union labor
shall be forced into the union. According 10 tne
DISPATCHES President Schaffer. of the ANA
camated Association seems to have the ulfi-
matum habit In a bad form: since he has been
issuing ultimatums every morning before break
fast lately Whatever be the outcome. however
the steel stocks at their present quotations seem
to have about discounted. or very nearly So any
troubles which a strike may cause; whereas H =