New-York tribune., 1902-07-07
THE FINANCIAL MARK ETS.
STOCK VALUES HOLD FIRM.
MONEY, CROPS AND EXCHANGE-RAIL-
ROAD EARNINGS
THE WEEK IN WALL STREET.

were irregular on small volume Of business,
but the undertone generally firm. despite
persistent efforts to depress values. Stocks
show every day that they are unusually we'll
held. Developments that ordinarily shake in
vestment confidence fail to induce liquidation.
Scare reports about the crops do not provoke
important sellings. while attempts to worry
holders with tales Of what may happen in the
future do not disconcert the greater number of
owners Of securities. The higher rate for
money in the week and the development Of
conditions favorable to gold exports
ceived as legitimate factors that in way
foreshadowed unfa vora ble changes in the fnan-
cial situation. The question may be asked why
stocks do not decline. and the answer may be
given that holders will not sell because they pin
their faith to railroad earnings and other evil
dences Of industrial prosperity a better meas
ure Of values than the passing adverse develop
ments, such labor troubles, crop damage re-
ports and passing Of dividends by certain in
dustrial concerns
Railroad earnings. except on the anthracite
coal roads. continue break records. The
freight traffic and freight situation through
out the country are eminently satisfactory. and
The heavy losses by the anthracite roads will
doubtless be offset by increased gains as soon
as a settlement of the strike nas been effected.
Despite the advance in wheat and corn last
10 the crops by rain, trustworthy adyfces
from the railroad officials in the agricul-
fural part Of the country were favorable TO
bountiful harvests this year. It suited the pur-
pose of certain powerful grain spectators to
interpret last weeks rains as detrimental to the
growing crops If the interests of these men re-
quired report that a long, hot, dry period of
weather would bring a splendid harvest, the
port would be indorsed and countersigned by
he in
usual number Of unthinking people who would
accept the report Gospel truth. It is the
general opinion of men who the ground
that more good than harm has been done by the
recent heavy rains
The drouth has been broken in Texas and
other Southwestern States and as a conse-
quence great relief is felt among the farmers
and the intelligent holders of the Southwestern
railroad securities. If the Southwest is favored
with big crops this year. Texas and Pacific and
ST. Louis Southwestern shares will doubtless
become more popular. There has been excellent
buying of all the Gould shares in the last few
months, especially of Missouri Pacific and Wa
bash. The plans for the development of the
Gould system Of roads mean higher prices for
the various securities. AS to Wabash it is we'll
10 note that the road will undoubtedly enter
Pittsburg, despite opposition; that il has now
secured tide water terminal. and that it rot
only has line from the lakes to the sea, but
also is an important link in the big Gould sys-
tenn that already practically reaches from the
Pacific to the Atlantic. The report that the
Goulds are buying Reading with view of secur-
ing a New-York entrance is not credited in
many circles.
Buying OF Reading shares is apparently for
the account of interests who are anxious to
cure absolute control of the property. Control
of Reading will involve the ownership of over
100000 shares. and it is estimated that the
present dominating interests in the company
do not hold much more than half of the amount
named. II is thought in many quarters that
control of the Reading Will eventually rest with
the Baltimore and Ohio. Chicago Great West
ern is evidently being accumulated. and it is
thought that the so-caed Gates element has
purchased large amount of the stock, either
10 hold TO transfer to interests prominent in
certain Western properties Chicago Great
Western common may prove a profitable stock
TO own if outsiders desire to buy the property.
Control is held abroad, and it is pretty certain
that IT will not pass TO new hands at current
market quotations
| Chicago and Eastern Illinois feature of
] the week that attracted much attention. owing
to the high price reached by the stock and the
various reports concerning the future of the
property. II is evidently believed in some cir
cIes that the road Will be bought by the Louis
willie and Nashville. but there few who
hold the opinion that it will eventually be taken
by the St. Louis Southwestern. Examination
Of the railroad map shows that there good
grounds for the latter belief.
The most important report of railroad earn
ings presented In the week came from the Penn
sylvania Railroad. For May the company
showed aggregate gain on all lines Of
S2,2SO,900 gross. the gain the Eastern
lines alone amounting to S1,499, 500. while in
net there was increase of 81 ,077,4O0,
parison being made with the month a
year ago For the five months ended May 81
the companys gross receipts have expanded
S6912J00 AS the Pennsylvania Railroad taps
about every important industry in the country
il can readily be that industrial activity is
not on the wane. Trade reports continue salts
factory. The iron and steel business is breaking
records, an evidence of which is presented in
the report Of the United States Steel Corpora
tion showing net profits for six months of $G4.-
407. .1-3. and a surplus Of $50, ,463 623. Profits
large in steel and iron at present, and
there is no reason TO believe that there will be
any change in this respect for many months to
come. In connection with this. IT is interesting
20 note that the United States Steel Corporation
has increased its employees wages 10 per cent.
Money on call did not go above per cent last
week. against high rate OF p per cent in
the same week year ago. Banks and trust
companies quoted minimum rate of > per cent.
in time money the demand has been chiefly for
long periods at quotations OF AZ per cent for
ninety days TO seven months. The commercial
paper market is dull without feature. In Lon
don the Bank of England rate OF discount re-
mains at 3 per cent. while open market dis
counts rule at 7-16Q215 per cent. The open
market rate in Paris is 2I2 per cent, and in
Berlin and Frankfort > per cent. The foreign
exchange market is firm. and with the lower
pa on col rfe rOl,ld