New-York tribune., 1904-08-14
The Financial World.

the appearance OF the government monthly cro.
report showing conditions on August 1. Deter
mined effort had been made from numerous
speculative sources to create the impression
that the crop situation was not 50 favorable "a
believed Circumstantial stories OF damage 70
wheat freely circulated accompanied by predic-
tions of a total wheat crop as low as 5S0,0O00o0
bushels The government report disposes or
these alarms. Upon the condition as Of August
l. the total wheat crop is estimated to exceed
100000, 900 bushels. and OF this the larger part
the winter wheat. is harvested Some damage
to spring wheat has doubtless taken place since
August /. which may reduce the total yield from
August 1 figures but to disturbing extent
Some reduction OF yield IN wheat can be borne
with eqranirnity in view OF the very high prices
which It is bringing and which are not the re-
suit OF domestic crop conditions aloue-there be-
ing world shortage D1minutioI1 OF yield here
leaving any fair exportable surplus WIN meet
with more than ample compensation IN the mar
ket value OF the crop. And OF first Importance
the government report shows the most glowing
conditions for corn. OF which a crop squaIling
or excelling any ever raised may be expected
estimates figuring over 25oo00O000 bushels
This great crop. apart from It's direct uss as
grain is the rnainstay for the production OF
cattle and hogs and is an important raw ma
teriaJ for than a hundred great rnanufact-
urlng industries As producer OF railroad traf-
DC. it far outranks wheats and the actual value
OF the corn crop to the frmer this year at pre-
vailing prices viii be more than double that Of
the wheat crop
Cotton indications continue nattaring. ana II
is an early harvest this year. 1t is now be-
| yond doubt that the total OF an the I'M
/ portant staple crops VIII be enormous both as
| to yield and value. creating conditions which
must inevitably prolong and expand national
prosperity. Industrial development goes hand
in hand with agricultural prosperity. Every
mill and factory in the country viii feel the
stimulus OF good crops; the well-to-do agTf-
culturist is sure TO buy literally OF the necessa-
| ries and luxuries Of Iife-and that makes rail-
way traffic.
Throughout the whole week the security mar
kst has been strong. Some parts Of it have been
huoyaut- This. moreover. has been IN the face
/ OF actually aggressive efforts upon the part OF
some OF the markets very best friends TO bring
about reaction--a policy induced BY the feeling
that the markets quality would be best helped
by thoroughgeing conservatism in it's develop
/ ment
| But the general market, as whole. has ez-
panded substantially; and it has been an sx-
pansion that can be fairly regarded as altogether
| healthful.
/ AS matter OF fact. the public right along
/ has been indicating in a variety Of ways its
I readiness to come into the market as soon as
/ there was any real market to come into. Judged
/ BY abundant tokens. the strong men who have
/ hesitated and who have kept others hestattEg
| see now no reason for hesitating further. Bug
| ahoos most strutted-politica1 doubts and crop
| dsaster-disappear
With conditions satisfactory and leadership
I ready, there is scant need for explanation OK
the betterment in the market
| e.. cloaa Of ~ -azr<af ear7a
activity and a sharp rise in Atchison. Why
| should this stock not go up? There is
/ no railroad more advantageously situated
/ IN regard to crop yields; the territory
/ which it taps raises winter wheat corn
/ and eotton-and all OF these crops viii show
magnificent results. President Ripley Of the
Atchison system has Just been quoted as feel
ing sure OF expanding prosperity for his system.
and there Is no reason to doubt that IL will come
| Ripley was never yet an exaggerator- Ateh-
ison common stock is paying dividends at the
rate Of per cent. which at its present market
/ price Yields about 5 per cent. In the opinion
| OF conservative authorities there can be no
/ question as to the maintenance OF this dividend
/ the one question being TO when 1t viii be
! deemed wise TO increase Earnings, roughly es-
| tlmutsd after liberal allowance for betterments
are variously figured at from to per cent
on the common stock. the difference between
L
in continuous accumulation OF surplus. From
any point OF view, the immediate future of
Atchison Is full OF promise-and It Is IN the
hands OF a competent management, prepared TO
reap every advantage made possible by excep-
tionaIly line conditions.
\ And what is said OF Atchison is applicable 10
Missouri Pacific. which has been acting slug
| gishIy, but no doubt the attention aroused by
/ Atchison viii turn investors and spectators TO
| consideration OF Missouri Pacific. which. with
every other Southern and Southwestern railway
/ system, Is destined to enjoy record breaking
/ revenues.
/ The list IS long OF stocks bound to participate
In the markets bettsTment. Il present tendencies
| are rnaintained-as they promise to BE- ST
| Paul has the look OF being held back, ready 70
/ make records the moment 1t. Is free-and ST.
/ Paul stands as representative Of long list Of
/ high class properties In favor with those ultra
/ conservative SPECTATORS who are always ready
| TO come into ths market. but only after condi-
/ tions are tested and quality proved. In the
group OF lower priced railway shares are seors
/ sure 70 be conspicuous the moment market lead
/ ership is provided What are known as the
| HawIey properties are among these which have
evidently Teen forCibly held back-every one ol
| these properties selling now away oeio" netl'
! value. And there are many Of what the uau
ers cali little stocks. ready to appreciate mar
ketwise IN any general broadening deVelopnsen-
| Mexican Central. for example being now maj
| ly assured OF It's opportunity to prosper II WIN
| be no great accomplishment In q fair maEAe'
| FOR Mexican Central 20 double its present mar
/ kat value almost onhand-