New-York tribune., 1901-07-22
High Low. July 20 July is ch'ss. Sales.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
movement OF stocks last week. but the net re-
suit was a fair gain in values. The things that
accomplished the enhancement in stocks were
the Northern Pacific deal, by which the fight
over the property was terminated; the improve
nnent in crop conditions and increasing ease in
money. The situation in money is erninently
satisfactory, as was demonstrated by the bank
statement Saturday. Money has been flowing
into the banks and loans have contracted
the surplus reserves substantial In the
coming month six weeks much gold arriving
from Alaska and the Klondike at Pacific Coast
points will be transferred through the Treasury
by Assay Office checks TO New-York. and it will
place the banks at this centre in position to
meet without difficulty the calls that may be
made upon them for funds to handle the grain
and cotton crops. 1t is not yet practicable to
determine how much money Will be required
for this purpose, but bankers agree that the
amount will not be large In former years,
for the reason that the banks in the West and
South unusually well supplied with money.
1t is believed that at time In the fall will
rates be so stiff as materially to interfere with
operations In stocks
The final settlement between the opposing in
terests IN the Northern Pacific Railroad was a
matter Of paramount Importance. Il meant not
alone the termination of the tight for the control
of the Northern Pacific, but also a strengthen
ing of the community Of interest among the
transcontinental lines and the so-called granger
roads The tendency is toward what may
amount a common ownership Of all these
roads. In the week there considerable shift
ing of holdings of the stocks Of these roads. and
this was particularly true of St. Paul Whether
correct not. the belief existed that the st. Paul
destined to become an adjunct Of the Union
Pacific. 1t is. if anything. more natural con-
nection of the Union Pacific than the Chicago
and Northwestern, between which and the
Union Pacific close relations have long existed
The opinion still obtains that control of the
likely to be acquired behalf Of the Pennsyl-
vania Railroad This would be a development
from which the community OF interest would
derive additional strength, for il is well known
that the Pennsylvania is for peace and strict
adherence to regular rates.
The business OF the railroads at large is
phenomenal, and further expansion in 1t is
not improbable. 1t is the high paying miscel-
laneous freight in which there has been the
heavy increase. Only untoward change in
the affairs OF the country as q whole can con-
tract this variegated business of the railroads.
and that IS something of which there is no
present sign probability. On the contrary,
the prosperity of the country bids fair to grow
with the passage of time. The abandonment OF
rebates and other secret methods of rate cutting
by the railroads has brought about in
crease in net earnings greater proportionately
than the increase in gross earnings. 1t is the
conservation Of revenues quite as much as the
enlargement OF business that has made the
railroads stronger financially, take them alto
sether than they We're before. A disturb
ance in rates in the West a few days ago was
suppressed before any harm could be done.
Financiers Of experience and wisdom now
the directing spirits Of the leading railroad sys-
tens. rather than the traffic operating off,
cials and they will not tolerate the dissipation
OF earnings by rate wars, as in the not remote
past.
There has been a gratifying betterment In the
situation as TO the crops. Good rains have
fallen in the sections where they were desper-
ately needed These rains have not only arrested
the deterioration in the crops but have produced
an Improvement in the growing products. There
has been a marked revival in the condition OF
corn. and there is promise Of a much larger
yield than was a week ago thought possible
There WILL however. inevitably be shortage In
corn. Anything like definite estimate Of the
outturn OF corn this year is out OF the question
but the crop Will fall in all probability. consid-
erably short of 100000 bushels. The loss to
the farmers IN bushels may be partly compen-
sated for by an increase in the price The rail-
roads viii sustain loss in tonnage. but general
traffic is excellent, and will nlaks up for much
o. or perhaps all this loss There a period
when the outlook for the grain carrying lines
was forbidding, and, already indicated, this
YVES notably the with the roads which are
largely dependent the corn crop The ee-
raents, at first inimical. took favoring turn
and what might have been almost calamitous
outcome was averted. Winter wheat has beer
harvested. and the garnering Of spring whea,
IS advancing. The total production OF whea,
VIII be as large If not larger than in any pre-
ceding year, and there viii be ready sale in
foreign markets for the surplus beyond home
requirements.
The labor troubles ore not looked upon as
particularly serious. There is widespread
unrest in the ranks OF labor, and accordingly
there is little risk OF an extension Of the exist
ing strikes 10 Industries not yet affected. There
is less disposition than formerly to fight out
strikes to the bitter end. The inclination is
more toward an arnicabe agreement. IL possible
Likewise, too, there is more readiness to submit
differences 70 arbitration. The absence Of dis
order in the strikes under way is signif-
cant, ard IT unouestionably materially helps the
position of the men. Forbearance from violence
wins public approval and secures more liberal
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