New-York tribune., 1904-09-19

Activity in Pennsylvania Southern Railway
and United States Steel issues was not accom-
panied by news developments affecting the
properties, while. as a matter OF fact there was
little in the general news Of the week directly
connected with the present and future actual
value OF railway Investments. Various rumors
were put out regarding the movements Of diff
ferent issues, as for instance, a report that
Pennsylvania would secure control Of the South
ern Railway and that there would be further
conversion Of Steel preferred stock. but talk OF
this sort was merely the vaporings Of magina-
tive Wall Street minds. The most sensible eX-
cuse for the upward movement was found in the
growing belief Of improvement in trade condi-
tions. especially in iron and steel: also in the
expectation that the crop would reach
turity without serious damage from frost. To
many minds however. industrial expansion that
may develop has been more than discounted
by the advance in stocks Crop conditions as
reported by the Department of Agriculture. in
dicate a shortage in wheat and a large yield Of
corn. expectation Of a bumper corn harvest
being based on the assumption that in the rest
of the month climatic conditions viii be ia
Tcrahle 20 the late growth Of the cereal Ac-
cording 10 estimates based on the governments
figures Of September I. there ought TO he
crop OF 2,491 000000 bushels. and even il killing
frosts should develop this month it viii be safe
10 count on a 20oVQ0000 harvest, at least
In wheat The shortage is heavy. but the reduc-
fion in WELD viii be Offset by the higher price
which she farmers will receive although al its
present quotation this grain is considered above
the level warranted 10y legitimate conditions.
The high price for wheat this year has ma
ierially interfered with The country's export
trade reflection Of which is presented by the
governments report Of exports Of breadstufrs
since January !. showing a decline in value to
the amount Of $64a56G0I. While the export
statement for August showed a falling off in
shipments of agricultural products, there was
an increase in the exports Of other products in
value over S1.0O00Oo The excess of exports
over imports for the month WAS the smallest
Tor any August since 1893.
While the advance i'm the United States Steel
Corporation shares is due 10 a speculative move
ment based on the theory that the iron and steel
business viii soon begin TO show marked inn
provement- there is yet no indication Of an
important Increase in the demand for steel prod
ucts- According to The Iron Age the recent
reduction in the prices Of finished material has
not stimulated better inquiry from consumers.
but reports. however, from officers of the United
states steel Corporation indicate the belief on
their part that a revival in trade OF no small di-
mensions may soon be looked for. There appears
20 be- no prospect of a reduction in the dividend
the United States Steel preferred stock and
the advance in the issue is therefore warranted
as even Z per cent Industrial stock is not dear
at the prices at which Steel preferred has been
selling. The solid dividend paying industrial
issues relatively cheaper than The railroad
further Improvement in these issues than there
IS for continued bull activity in the railroad Sc
caEltes. Railroad earnings appear 10 bear out
the theory that business is expanding along
healthful lines, as current traffic receipts show
more Increases than decreases. as compared with
Lnls tlIne last year, reports for the first week ia
september presenting, a rule most natterIng
eEhlb!ts, especially the roads in the South and
Southwest- Southern Railway increased for the
nist week Ia September S96JG3; Missouri Pa
elfe. $4,000; Missouri Kansas and Texas $50
80; 81 Louis Southwestern. SIS. .174: Central OF
Georgia, $loJOo and Texas Pacific. $l2.445
heaEy gains were also made by Wabash and
canadian Pacific the latter's first week results
showing an increase Of 600 making from
July an increase upward OF 100000 The ,
poorest returns were made by Chicago Great
western, Colorado aud Southern sud Denver and
RIO Grande
For the first time in many weeks call morev
rates Slowed an advancing tendency, per cent .
being quoted on Thursday and Friday. Al
tHougA no disturbance is expected ~ tho local
money market this fall. Indications point toward
higher guol for loans. and 81 money is aJ-
sanoeo n or . oer cert stock market operators !
wso have loaled ~ With securities in a 1 per