The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-26

year regarding tho sise OF crops OF certain
staples have not been fulfilled, and while
1t seems clear that we shall not have much
wheat for export, It Ia probable, at least
that We will have big cotton crop and q
corn crop above the average, II the pos
sibilities Of disastrous early frost In the
cotton belt be excluded, We now know, al
any rate, tho worst that can be eaid about
our crops this year; and this IL great thing
from the Wall Street point OF view. All
the news last week regarding the foreign
crop situation was Of increasing damage
and all statistioians engaging themselves
with the subject have recently raised very
considerably their estimates Of the needs
OF grain importing countries this year
Reference must be made In conclusion to
two forces whose influence 10 undoubtedly
affecting not only the stock market. but
general business at this time One OF chese
is power whose work II Ia difficult to gauge
accurately and which operates In vague
and indefinite way. but whose might Is
nevertheless ,mquestionable, and that is
the Increased production of gold in the
world The rise in commodity and security
prices alike has undoubtedly been helped
by this cause. II would not be correct,
perhaps. to say that We have had and are
having a gold imitation Of values In this
country, but somehow this Ia the term that
best seems to express what is going on.
The other influence is q feeling that is grow
ing strong among our great fnanciers and
railroad captains. that our transcontinental
railroad situation must shape itself event.
ually, and the sooner the better. into q real
and abiding community Of interest like
that which obtains in the Eastern part Of the
land. This situation at present Ii struggle
none the less acute because some Of the
combatants concerned are lying on their
arms; but the time has gone by in this
country when the final and healthful ad-
justment of immense interests, like those
involved in the current Northern Securi-
ties litigation, or the ultimate disposition
of the great streams Of travel and transport
tation from the Mississippi River to the
Pacific Coast can be effected by means Of
lawsuits and railroad wars. There must
be, at some time, an interchange Of owner
ship, a mutual buying Of rival stocks.
not for the purpose Of creating monopoly.
but for the purpose Of obtaining such q
joint representation in management that,
while ownership will be saved from the
raids OF stock jobbers. policies will be
secure. The opinions Of the different
Justices Of the United States Supreme
Court in deciding the Northern Secu-
rites case make 1t reasonably clear
that a control by one railroad comp any
or an individual over another company
obtained by means Of an ownership Of less
than a majority Of stock, does not come
within the purview Of the Antitrust law.
This is the plan that has been adopted.
as is we'll known. by the Pennsylvania
Railroad Company. 1t is not only possible.
but it is a fact that. taking advantage Of
the easy conditions Of the money market.
purchases of a great deal of stock by power
full capitalists and banking interests have
been made during the summer. with the
end in view that has been suggested. Nor
is it at all likely that these purchases have
been concluded.