The sun., 1902-04-21
There will then be about 800 900 900 of full

There will then be about 800 900 900 Of full |
Reading common preceded only by a COM |
paratively small quantity Of Reading first |
preferred and entitled 10 the bulk OF the
earnings OF the company. The Wall Street
rumor Of the week that the activity Of the
Reading shares was due 20 competitive
bidding" may be dismissed as untrue; but
there are manifest reasons why the actual
control Of Reading should be lodged in the
right hands before the voting trust Is dis
solved; and il Is a fact that the actual owner
ship Of these shares is now in doubt. While
the so-called First National Bank party is
the largest stockholder In the company,
IL does not hold anything like a ma ajority
OF the shares. The motives which would
impel the Pennsylvania management to
obtain at least a fair representation for
their own and the Baltimore and Ohio
road upon the Reading board OF directors
are plain The questions Of a rival tunnel
under the North River and OF proper use Of
the Jersey Central terminal facilities. tho
most valuable in or near our city, alone
raise sufficient issues in this regard. And
then there is the constant danger. brought
home by the fate of Louisville and OF Rock
Island, that some great speculative interest
is desirable. All these facts point in only
one direction for the price Of tho Reading
shares. One matter only causes little
hesitation-that Of possible trouble with
the miners. But all Trustworthy informa-
ton and indications are that there will
be no strike, and that tho developments
Of the present week will so prove.
In saying, as many people do, that solid
foundation for the continuance Of the
present range Of values in the stock market
as well as Of the general prosperity Of
business will be afforded by good crops
this year, they mean, for the most part
or they ought TO mean-a good corn crop.
There Is plenty Of wheat in the country,
and unless unusual havoc Is visited upon the
crops Of both winter and spring wheat, we
will have more wheat next fall than we know
what to do with. 1t has recently become
known through the publication Of the census
report of 1900 that for tho last few years the
grain area OF the country has been under
estimated by between 20 900 900 and 30 .Oo0,-
600 acres. and that the quantity of wheat
produced year after year has been about
lo0,OOO.0O0 bushels more than has been
supposed. Another bumper wheat crop
this year with average crops in Europe
would mean very low prices for wheat
in this market, and the farmer would
| derive much less benefit from the fact
than from smaller crop sold at higher
prices. 1t is, perhaps, realization of this
| truth that made both the stock and grain
markets comparatively unresponsive to the
news of a drought in the western and
southwestern portions of the country
that came last Friday and Saturday De-
struction of the corn crop this year, In
view of the similar disaster last year and
the high prices for food products entailed
thereby, would be. Of course, a great mis-
! fortune. Indeed, we ought TO have a corn
crop so big that all the bins and granariee
could be filled and we could again supply
the magnificent foreign demand for the
staple that we have created. 1t is pleasant
to remember, therefore. that the failure Of
two corn crops in succession has never yet
occurred. PHILIP KING.