The Washington times., 1901-08-18

mate indicated about 1890 600 Qpa bushels
| The 1894 yield. the worst in recent years,
was about midway between the Snow esti-
mate and that of the Government and the
Price Current" or LIZ, 0Jo000 bushels
Conservative opinion in the street inclines
to the belief that the Government and
nearer the truth, SO that the outlook Is
for yield nearly 800. 10000 bushels larger
than that of 1894. Both the Price Cur
rent and Snow estimate that the wheat
yield will be very large. The Price Cur
rent estimate is for 715.y0 90 bushels
and the Snow estimate for $50 o10,G90 BUSH
els These figures are not of such 4 char
acter as to destroy hope for the West for
the coming year. AS matter OF fact the
early pessirnistic predictions regarding the
outlook for the West and for the granger
securities are giving way to a very cheer
Iul view of the situation, which takes into
consideration the big wheat Yield :hn big
prices that will be obtained for both wheat
and corn the prosperity of the farmer
generally that assuredly cannot be de-
stroyed by the losses in one crop in one
year, and finally the community of inter
e*lS plan that is now Supposed to be in
working order for the good of all con-
cerned.
The street does not give up the oDinion
generally held for the past few DAYS that
the Damage to the corn crop was dis
counted and more in the declines in prices
IN July. This accounts in a measure for
the much stronger tone of the granger
securities, showing as ii does that The
professionals are now in turn discounting
the better outlook for these stocks The
granSers generally and the securities of
the wheat roads in particular seem likely
to be strong during the coming few
months.
St. Paul may be taken as an example
of the latter. The most careful analysis
of the outlook for this system reveals
nothing that is not satisfactory. Last
year the wheat yield was smaller than
will no
erably larger. Last year the St Paul
earned something like l3 per cent on both
the preferred and the common stocks
This year. with big wheat yield and
general business prospects good. the man
agement Of the company has announced
that IT will curtail its expenditures for
betterments of rolling stock and roadbed
materially, so that considerably greater
percentage of gross earnings will be
shown in net Gross earnings should in
crease and net should increase heavily
The st. Paul is earning at least third
more for its stocks than the Burlington is.
The Burlington stock is on an per cent
dividend basis practically. The st. Paul
preferred receives per cent and the COM
mon per cent 1t is not likely that any
increase in the dividend rate will be made
this year, but the chances favor an in
crease to Z per cent on the common stock
next March. After that the preferred and
the common share alike in dividends.
The officials of the Atchison system. the
missouri racine the ROCK Island, the st.
Louis and San Francisco. and, in fact.
nearly every granger system have come
out with statements that they expect
earnings this year to be fully equal to
those of the twelve months just finished.
When II is remembered that this means
repetition of the best earnings ever
made by these lines 1t will be seen that
there is no pessimism regarding the out
look. 1t IL not necessary. however. to
credit everything that is said by the rail-
way traffic managers, If one wishes to be
particularly conservative. Without ex-
ception these systems showed earnings
far in excess of dividend requirements
last year. A good many millions of dol
lars could be cut off gross earnings this
year and there would still be no fear that
any dividend would have to be curta lied
The Atchison system, for instance. earned
100000 in excess of dividends last year.
and while the Atchison officers say they
will do better this year. n big reduction
might be sustained without endangring
the common stockholders expectations of
a continuance of the new per cent rate.
The strike situation is unchanged ex-
cept that the strikers nave rather more
than held their own since last Monday.
The street takes the phiosophic view that
whatever the immediate developments
may be in the strike the big trust will
in all probability win in the end and be
fore very many weeks have passed 1t
Is also remembered that one OF the AK
IONS of the stock market is not TO sell
on account of a strike. Thus, while there
was some decline IN the steel securities
and in the market generally before the
strike there has been an upward tendency
since the trouble actually began. II seems
probable that this will continue and that
the Steel stocks may be bought with rea-
sonable safety on the declines Possibly
there may be some decline in these stocks
when the strike is declared Off but 1t is
not in the least likely that il will carry
their level as low as 1t was a month ago.
The effect of the strike on the independ-
ent steel and iron concerns is interesting.
The Republic Iron and Steel Company is
the largest of the independents as far as
its steel business is concerned, having a
capacity of 100000 tons annually, and
being capitalized at So. 900, 600 The Off
GERS Of this company state that It has
accepted work that viii keep its mills
busy during the remainder Of the year
even If the strike should end Immediately.
II has had so many orders without solicit
ing them that il has not made any effort
to secure more. There has been some
talk of the company being bought up by
the trust but the statement is made
semi-ofticially that II will remain indie
pendent for the present at least The
same general statement might be made
with regard to the Tennessee Coal and
Iron Company. Undoubtedly the strike is
a good thing for both of these concerns
up to the present time, and will continue