The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-06-15
confidence OF both the patrons and owners OF

mako such radical recommendations regard
ing the law undey which 1t acts as to leopard
lie it's own existence. Such recommendations
would sceri pertinent to very large number
OF peorle FOR time has demonstrated that a
more fana,ical piece OF experimental leglsla-
tion was never placed upon the statute books.
Whatever benefits have been derived from 1t
have resulted from voluntary compliance
with its provisions by tho railroads,
for no attempt has been made to en-
force II. Wo doubt very much II the
Commission would take any steps to prevent
tho railroads from pooling their earnings or
otherwise dividing their competitive business.
The report referred to above was elected only
by an order OF Congress. while a matter OF
equal Importance which was formally and
eXhaustivcly presented to the Commission
some fifteen months ago. namely, the case
OF Coke Brothers against tho Lehigh Val
10y Railroad. involving tho rates charged
by the railroads on anthracite coal.
has according to all accounts been effectively
pigeon -holed. The manner in which the Com
mission has apparently disposed OF that case
will soon become a public scandal. for its
silence will be construed as confrmatory Of
reports that have been current for many
months that the Commission does not propose
TO pass vi on tho Issues raised, but prefers TO
let the contestants come To- AN understanding
between themselves as best they can The
st ef for Re Poad @SeS
arc restricted Ivy the lnter-State Commerce
law. while their Canadian competitors are
allowed to take their business away from
them.
The Commission is said to be moro than half
convinced that the law which 1t is supposed 10
enforce is Unconstitutional. and its evident
disqualification TO anlagonize any interest that
msh nd q e HeW
The railroads have unquestionably made an
earnest ehort to live up to the law. They have
a sp"t p0ors cut down their free
advances ftT s TiG redEctons in rates. The law Il
strictly enforced. might help them to maintain
rates. but 1t is not enforced against those who
In various ways. This entire subject is certain
TO obtain the consideration II, deserves in the
VITO use them win abide BY tho pres
ent legal reJiEict.ons lndentnithey. ,Already
at once. There is no more important issue de-
maILning attention with the sole exception Of
us good us passed here Is a good deal OF
skeptcism u. to this las. but those nrdu!GlnG
unable to see clearly through the political by
play that ut the moment engages the attention
Of tho %ne w 81 6o Sest things that
an Investigation OF the Inter State Commerce
Commission. with the view Of determining
vantugos have accrued TO the people from an
Indifferent enforcement OF an IMPERFECT and
impracticable law. II should be easy enough
bad ones cannot be stricken out too quickly.
The country has had three years OF it, and its
to demonstrate the benefits that have been
derived irolp il. The fact that the railroads
and that those which have had to, compete
directly with the subsidized Canadian roads
have not gone into bankruptcy. Is simply add
tional evidence that the country prospers in
spite oil itset-that Ia. notwth: tandng tho re-
stric'ions that the representatives OF the peo-
pie are constantly putting upon lis material
growth.
The reports of general trade are unusually
encouraging. and those relating to The crops
are all that could be desired The only unsat-
istactory feature is tho decline In exports with
out any CORRESPONDING diminution OF imports.
been infuenced unfavorably not ouly BY
these conditions, but by moderate spec,
deaSrs aaa fairy hesH Receipts of svs
from abroad. These last must be expected II
silver is, TO form u larger proportion OF our
trary "teration exports Of gold. For this rea-
son the Treasury Department cannot too soon
indeed of The tank OF England. and place a
premium upon its stock of fine gold bars. The
be airn even more this Week than
last. md as ret there are 10 signs OF revival
Of activity. 1t is clear that none 81 The large
interests care t. ga1vani1e the market. though
lace indications. be very difficult. Easy money
an investment point OF view aB approach Is
made to July |. when unusually large interest
disbursements will be made. Possibly by that
time the mask may be removed from some OF
tne important deals that are now being nsgotl-
ated between certain OF the large railroad in
tere-ts in the country.
At the moment Wall street is oppressed by
the com paratively sudden change from eXhila-
rating activity to hamilton. The statement of
averages OF the ASSOCIATED Banks oftheir bust
ness for the week ending yesterday is the most
satisfactory showing that has been made In
many weeks. Loans have been contracted
nearly t2,0O00o0. and the, supply OF lawful
money has heen increased by nearly the same
amounts; The net result is an increase in the
reserve that brings the surplus I'm 10 fairly
large figure s. The stock market was very dull
to-day until the bank statement made its ap-
rearance when it rallied little and closed
firm.
As compared with the final prices of last Sat
urday. the majority OF stocks arc lower. The
more important net declines were In Chicago
Gas St. Paul and Wabash preferredlH = cent.
each. Erie -. Wisconsin Central ~. Lake
Shore and Union Pacific l = each. Atchison.
Northwest and Pacific Mail ! each. Canada
Southern y. Rock Island New England. Texas
Pacific. and Wheeling and Lake Erie preferred
:. each. Louisville and Nashville 3. and Read
ing a r. cent. The noteworthy advances were
in Hooking Coal and Iron "a e cent. \. j.
Central =, Rrbmond and Terminal =. aud
Northern Tactic common "a = cont.
Final sales compare with those OF yesterday
rs follows:
June 10 Jun,l4 ypn, IL June u