New-York tribune., 1901-06-17
IHirh. Low June Is June 5 ch'ss, Sales,
THE WEEK IN WALL STREET.

The stock market last week opened badly and
closed well The decline Of Monday due
70 two causes-uneasiness excited by the ex-
ceptionally unfavorable figures Of the preceding
Saturdays bank statement and apprehension
regarding the showing which the government
crop report would make. The crop report,
which came out late on Monday afternoon.
caused a halt in the bear campaign, which later
in the week was temporarily abandoned; for the
government figures indicated a crop which
would not be much short of record breaking
The estimates on spring wheat and corn are
still subject 10 sweeping revision. but the pros
meets for abundant harvests of these important
staples are excellent. and weather conditions
since the government report appeared have
been favorable. While the promising outlook
for the crops gave improved tone to the mar
ket the trading continued TO he in relatively
small volume. and rather lifeless. until the mid
ole Of the week The publication Wednesday
Of the government report. showing a total in
crease in value Of S106000o0 in the exports Of
agricultural products in May, as compared with
same month Of 1900, increased the bullish senti-
ment. and another stimulating factor appeared
in the shape of an announcement, now widely
credited that negotiations having in view the
inclusion Of the Chicago, Milwaukee and ST.
Paul road within the scope Of the community
Of ownership plan in the trans mississippi ter
ritory were in progress, Little definite news
regarding the means by which this is to be ac-
complished has yet developed but the generally
accepted story is that certain ST. Paul stock
holders are TO sell their large holdings Union
Pacific interests; while another report-rumor
rather-has il that the ST Paul, the Union
Pacific and the other big roads in the Western
field TO be controlled by the Railway Sc
curfties Company, which was organized a few
months ago. with the object of acquiring shares
Of various railway companies and issuing its
own securities against them. Still another YER
sion heard was that the ST. Paul and the Chi
cago and Northwestern would Jointly guaran-
tee the Union Pacific dividend which would
be increased.
Whichever theory shall prove most nearly cor
rect, the idea has become absolute conviction in
the Street, opinion fortified by the course of
the stock market during the last three days OF
the week. that the harmonizing Of railway rival
ries in the West and Northwest toward which
great step was taken in the agreement by
which the Northern Pacific and Great Northern
undertook not TO discriminate against their COM
petitors in operating the Burlington is TO be
carried still further toward the basis of per
manency through the pending negotiations in
which the 81. Paul system is the principal fig
ure.
Earnings OF railroads In all parts Of the coun-
Try continue encouragingly large the most
noteworthy example in the last week having
been the report OF the Missouri Pacific, the net
earnings Of which for April We're nearly
100 per cent in excess Of the figures for
the corresponding month Of 1900 But phe-
nomenal returns from railway traffic. in SO
far as they depend upon phenomenal gen.
sral prosperity and enormous harvests. cannot be
ms
the impeiing force In the extension OF the .conn-
nunity of ownership" idea among the railroads
Tor community Of ownership means community
OF interest, and that means permanent absten-
non from rate cutting. the net result being the
stoppase OF waste and the assuring of the full
returns legitimately possible on capital invested
10 the railroads OF the country Lean vears',
are undoubtedly ahead, but all conditions now
iaNor continuance Of business activity and of
prosperity for considerable period. The bank
clearings Of the country. for instance, were last
week % per cent larger than for the correspond
Ing week in 1900. although a little smaller an
volume than for the week ended on June s The
crop outlook. as already noted, is all that could
be desired. and the railroads are making great
preparations for moving these vast crops when
the harvest shall have been gathered. The ex-
port trade. too, is in fourishing condition the
countrys exports for May having exceeded in
value those for May Of last year by more than
sll,eoO.eoo. new high record. Money is easy
at this centre as well In. London. where the
Bank OF England last week was enabled 70 re-
cnee its discount rate TO 3 per cent The banl.
statement OF Saturday. while showing a further
decrease OF more than s4.5O0o00 in surplus re
serve and an increase of more than $4,000 ooo
in loans. affected the market only sligb,l, ca
temporarily for the conditions resulting in ,b.t
hoWing were taken TO be only tenonor. a.,
f II nature.