New-York tribune., 1904-08-07

fra1
without marked depression upon railroad trse,o
or general business. And this wear eve, -
wheat should be cut down 1OOOOOOOO bnsbsl,
there Is promise OF enormous yield Of corn ana
other cereals more than offsettng wheat ro,,
and there is assurance OF record breaEI,.
cotton crop.
1t IS no new suspicion that unofficial cro,.
damage reports can be exaggerated for snsc,,-
lative purposes Now rumors are extant ~
during this week stories VIII be proclaimed a.
damage to corn similar to those recentIv put nm.
on wheas. Should this happen 1t will be well N
accept them cautiously and await gOvernment
information II IS the habit IN certain efrcl..
to sneer at the statistics Of the Depar+rna,t -
Agriculture, but figures for many years mas.
prove that the departments estimates ava ~.
most correct published, and If they err AZ an II
Is on the side OF nservatisnl-undsrestiuna
rather than overestirnating total yield. No prt
Nate agency can possess the facilities for 4ba
collection Of data which are at the service ~
the government. and no private agency can h
so completely removed from the suspicion az dis
position TO doctor the returns; and with the an
thority OF the government stin standing sr
bounttful crops. it would be uuwisdom nor ~
accept its figures until Of ar alb they sasH ba
corrected.
ANS uII9 Aotaoie dlrect crop influence On the
security market IS the advancing strength Of
Southern securities. logically refseting the m
precedented prospects for cotton. It seems Ger
tain that the South is to enjoy yet greater pros
perity than fourished last year Then was the
season Of the paying of debts. now comes the
time Of disbursing surplus wealth, assuring ac-
uvity Of business in every channel A pros
porous South and a prosperous West-what can
this mean but q prosperous Nation? Crop con-
ditions are treating US well enough
Industrial Improvement shows-a fact 70
longer very vigorously combated even by Wall
Street professional pessiufsts Those specula-
tors who get all their comfort out OF being dis
couraged have finally given over insisting tha.
iron and steel COnditions-as safest trade baron
eters-are bad, or growing worse and worse
as the chorus has long phFased It. A facr OF
easiest confirmation is that marked Improvement
shows throughout the metal trades. that con-
sumption Is much increased. that prices are well
he!d, that there are prospects of further better
@nent @ IN practlcaIly every important quarter.
Talk cOnhdentially with any irOnmaster OF con-
sequence, and you will learn that there Is de-
clded encouragement In the situation One su-
thortty OF great prominence, hitherto outspO-
kenly doubtful OF the United States Steel Cor
poration's earnings for the immediate future.
has OF a sudden completely changed IT'S attitude
Another interest intimately identified for quar-
ter OF century with the iron and steel trade
shows also its share in this confidence by
quietly acknowledging 20 friends the purchase
during the last month or so OF G0O0O shares OF
United States Steel common stock In incidents
OF this character there is a sign much more TO
20 trusted than can ever be found IN ths oracular
smartnesS Of intruding stock market tipsJera
Railway earnings are contributing effective
indication OF the general business trend That
serious contraction so abundantly propheSed
does not matsTialiZe- Gross earnings IN some
conspicuous quarters Shrink-but the nnaly
controlling factor OF net earnings remains en-
eouraSing. and. giving especial point TO this
signlfytng phase OF the situation are state
ments fer June. officially presented this week
these two great representative properties, One
In the East and one in the West disclosing the
same inspiriting record of a gross earnings de-
crease actually turned into net earnings m
crease--and the figures big. This tesrnes
to the efficiency OF the policy OF economy and
devoted such a large percentage Of earnings
during nuSh times 10 physical betteTmentS ana
increase OF rolling stock whereby administra-
ton of the roads is now benefited. Those
moneys diverted from earnings into improve
nneltS concerning which diversion there has
been so much OutCTy1 are become now producers
of net revenue-justtfying amply what IN rail-
way operation can fairly come to be known as
the American policy. This is accomplished
moreover. not to the extinction OF sUrpluseS but
colncident with actual unprecedented expan-
sion In surplus accOUnts-Haklng divtdenos
stable never before assured here o. at
tempted elsewhere
In the stock markets immediate future il may
happen that there is leiSurely development Or
does seem sure measured by what has been
taking placs-the view supported BY va
Streets very highest authOrities-is that noLe-
A. Farff