The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-10-14

planters ere stil holding thstr cotton. and
wheat exports. a. well ~ those OF mer-
chandiss In general. show q declining lon
dency. This makes commercial bills OF
foreign exchange scarce, and the sur
prisingiy large buying Of e1chsnse In
remittance OF foreign loans paid on In this
market has lifted the exchange market Tar
away from the gold-import level.
All these factors make for conservatism
and prudence In f~inancial action. and u IL
fair TO say that advice Of this character 10
that which IL alone heard at this time In our
most important banking houses. II oannot
be denied that railroad eanings show an
inclination TO dccrcasc, while the reports
Of the great commercial bureaus are that
some slackenins h observable In th" ac-
tivity Of general business. Two more
industrial companies made lad weary
showings last week. The United frult
Company showed surplus earnings OF only
els 900 ~ against $4,000 last year and
announced a bond issue. while the American
Bicycle Company showed earnings oi put
$500 10 on $50 $40. 600 Of stock, and stated
that many IL It's factories Ind been closed
On the other hand. tho Western Union lelc-
graph Company made one Of the bnst an
nuAl reports In It's history, which must
have been exceedingly gratifying 10 the
very large number Of small investors who
hold the stock. The Governments last
monthly report OF the condition OF the
corn crop made the condition worse than
was expected and the lowest ever known
an October. and a. the report next month
OF tho corn acreage harvested II eH-
pected 10 show a reduction on account
Of the large quantity Of corn ploughed
up, IL seems that even the poor indica-
tons already afforded Of tho corn Yield
are not bad enough for the facts.
This leads To the just, II unpleasant,
necessity Of recording the widespread
disapproval with which t1e action OF the
Atchison directors In placing the common
stock Of their road upon a . per cent. basis
was received. The Atchison road 10 now
putting out 81 90. 90 more In dividends each
year thar the Pennsylvania Railroad. and
nearly twice as much a. st Pau and North
western roads This Is moro like the NV
dend vpclicy Of a new formed Industrial
concern than that ~ a ConscrNatlNsiy
managed railway. and IL must irjurc che
value OF the adjustment bonds and other
prior securities ~ the Atchison company
There u another consideration. Ia adj
dit ion Ia those already mentioned, that Is
inducing Important and substantial in
tercsts to preach caution at this time IL
Is not one that IL very frankly or openly
adver,ed To. but II Is the fear ~ unplnas-
an,ne.s for the stock market Of a political
origin when Congress meets Reference
j. not made here e. any stories ~ friction
betw.-en President Roosevelt and Re-
publican leaders or to any courses. which
the President may 500 II, 20 adopt which,
however just from an economic Joint Il
view. and certain 60 receive stern appro-
baton In th" country at large. will he viewed
viii dismny IN Wall Street. but 90 the
programmes which are openly urged 10y
large and influential sections 81 the Re-
publican party There seems to IL real
enthusiasm N ~" party over tho scheme
Of rrciprocity treaties with foreign nations.
and the suggestion - this nature rather
vaguely made hy th, late President has
been popularity expanded 10 great lengths.
II Il a very attractive ami fascinating idea.
but inlsmuCh a. no practical application
Of IL has ever been devised since the late
Mr.. Blaine invented Il, u i not probable
that IL will emerge from tho region Of vague
discussion whare Mr. Mckinley left II.
II would be idlo to deny that events In the
financial world since tho last session %
Congress have enormously weakened this
argument for a continuance Of a protective
tariff In many lines - industry, and have
increased the prc'cxts for a gcnesll assault
upon trusts and corporations that do
not publish full and intelligihlo statements
Of their earning and business Neither
h II improbable that the proposed measure,
known as the Cullpm bill. giving % tho
Interstate Commerce Commission power
To enforce railroad freight rates. will rs
taken up and pressed with a vigor not before
accorded 10 u The visit 81 the Minnesota
miler 10 President Rou-, Welt las, Thurs
day complaining 81 the discrimination
exercised by tho railruaIs against them
wa significant. PHILIP ktNu