New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-15
THE WEEK IN WALL STREET.

has enjoyed an increasing measure Of activity
-tth material appreciation Of values throughout
the general list and the outlook for the immedi
ate future is for a continuance Of the upward
course. The controlling influence is stil the
cheering prospect Of plenteous harvests, which
has not been narrowed within the last week. The
season Is now well advanced and IT may fairly
be- assumed that the corn crop viii be OF record
szr as the plant everywhere is in thriving
condition, although. Of course, liable to damage
from frost The government report as OF Au-
gust J. indicated a harvest Of 2,564,OOOOOO BUSH
els 50 that. with liberal allowance Tor possible
damage which has not yet threatened. fully
25O0OOOOOO bushels should be harvested, The
estimate of the Bureau Of Statistics at Wash
fngton Of q wheat crop aggregating 6OaOO0OO0
bushels was bulIishly interpreted in the stock
market although the grain markets took the
figures as too optimistic and promptly ad-
vanced the price OF the grain, while James J.
Eiu. president OF the Northern Securities Com
pany, whose opportunities for obtaining trust
worthy adv5ces on wheat are excellent. adhered
fo his former estimate Of 540oO00O0 bushels.
IN the fortnight which has elapsed since Au-
gust 1 there have come out Of the Northwest
many depressing reports OF serious damage TO
the growing wheat through rust but these re-
ports. according 10 excellent authority in the
wheat territory have been greatly exaggerated.
This is the season OF crop damage news" and.
although rust may corrupt and frost destroy, the
best opinion, based upon present conditions, is
that the wheat crop OF 1904 will be satisfactorily
large IA volume Even assuming Mr.. Hills esti-
maze OF $4,000 900 bushels as correct, however
and figuring the price at 81 a bushel and corn at
20 cents q btishel-conserVative figures, as the
grain markets are now moving-the total value
~ this years combined corn and wheat crop is
found 70 be about sz25.o00,000 in excess OF last
yss-se Cotton VIII this year yield a record
crop in spite Of the boil weevil end other olsad-
~sntages. and an important percentage OF the
1aG00000-odd bales which are expected 20 be
PRODUCED viii undoubtedly be needed for sup
ulying the large and urgent European demand
Indioations continue TO appear OF an improve
,nent in the iron ard steel industry. The manu-
fact11rers Of pig iron have finally begun to cur
.al their production. and coincidently with this
step q largely increased buying movement has
get In. sales recently having trebled in volume
as compared with these Of two or three months
ago. Prices have not yet advanced. but much
more hopeful sentiment now prevails among the
manufacturers.
Similarly, the steel making companies are
looking for an Improvement in conditions. al
though they expect no decided change for the
better until along in the fall Just at present
the air OF Wall Street is full OF rumors OF cuts
made and impending in the prices OF bets and
various steel products but these reports seem
10 have little effect on the quotations for the
stocks OF the United States Steel Corporation
and other concerns engaged IN steel manu-
facture Much discussion has arisen from the
action Of the Republic Iron and Steel Company
in taking q large contract to convert pig iron
into billets at q rate which would make the
final cost Of the bilets 81 q ton less than the
pool price. and by easy stages story has been
built up from that foundation that the Steel
81 IN he Inf talk
the Republic company. This story, circumstan-
tial as 1t is and embellished It has been by
the introduction Of the name Of John W. Gates,
has not been taken very seriously by Wall
Street
Railroad earnings are holding up well The
Financial Chronicles report OF the gross earn
ings OF sixty-seven roads in July shows de-
crease Of only Is per cent as compared with
the returns for July OF last year, an encourage
ing showing when consideration is given to the
adverse influences which tended last month 20
reduce the volume Of traffic among them the
packing house strike and the lessened shipments
% iron, steel and coal. Notable gains in gross
and net earnings are reported by the Union Pa
ciic and other roads Of the Hartman system,
and the impression is steadily gaining ground
IN well Informed quarters that dividends will
soon be begun on the common stock of the
Southern Pacific Company, an expectation which
has been rejected In the gain OF nearly 5lL
points In the market price OF Southern Pacific
stock IN the week Just ended. From the West
come reports Of general confidence among rail-
way officials that their fan traffic will he largo
and o. decided improvement in business senti-
ment
Inc week has passed without any shIurnAnt ~
gold 70 Europe. several millions having been en-
gagged for export and the orders having s,,bSa-
0uently been cancelled because Of fba bresl, =,
Foreign exchange rates. The rates are stu near
me export point however, and it is not inprob
able that few millions Of gold NAV vet % o,,+
although the period is close at hand v-beD 60
change viii decline materially under the pree-
sure OF mass OF offerings OF cotton ans es,,,
Dl!ls- There has been shipped to Cuba in the
iast week s4'5eo.ooo gold, and possibly as much
az sA'ooo,0oO more may be sent there within tho
next fortnight This drain is practically offset
% me Influx Of gold from the Klondike and the
racine ports, and the money market could we'll
spare rev millions TO London # London vouI5
onsr the necessary inducement
The governments report Of exports NJ doros.-
nc products IN July showed a decrease as com
pared with the same month a year ago in valua
OF Ss.seL75s. Of which the greater part was s,r-
pileo by the falling off in shipments Of bread
sruIs- Exports OF domestic products in tbo
nrst half OF the calendar year decreased In ,-sI.
over Seo.ooo,ooo. OF which over s57. 600 non z,ss
IN Wheat corn and lesser grain. On tho bssis
~ present crop estimates. exports in The s.oo,5
haif Of The year VIII show improvement over H.
siz months ended June 80 csnocjar,,, o-norte 80
corn and coror
ls'Aer spectacular rise in Metropolitan
seelsl1ies ard metropolitan Street Railway has
80 succeeded BY partial recession. the net re-
Ierrn