Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-08
Financial News Letter
BY W. G. NICHOLAS.
NEW YORK. IulY I.

Wall street did not share in the magnifl-
cent prosperity enjoyed by the country at
large during the first half of the calendar
year. which, by custom, has come to be
commonly looked upon the last half of
the fiscal or business year. While the rest
of the nation fairly dubbed over with Joy
and hope and plenty. Wall street was
seized with bad case of blues. and pro-
ceeded to unload stocks as though fearful
that the end of the earth was at hand,
Foreknowledge of the disbursement Of
s16O, 900, 600 in July half yearly dividend and
interest Ga record breakeT did not dispe
the gloom; neither did good reports from
every quarter pertaining to crops. COM
merce and the industrials. To the Wall
street view everything was to the bad.
Twenty (2O railroads and fourteen Q4)
industries, of the two hundred and forty
stocks more or less actively traded In on
the New York Stock Exchange suffered
a shrinkage OF $S43, 200, 600 on the market
slump. 1t is entirely safe to say that the
loss on the remaining two hundred odd
stocks Is as large in the aggregate or
larger, for with two or three exceptions
everything ON the list underwent terrific
price punishment. At a low estimate there
was a total loss of $1.700. 900, 600 in the
prices Of American railroads and industrials
from the middle of January last The
DT6dk was TdSSeQ, UcliB IHOSt beNcT6 IN the
specialties which had been subject to great
es. pool manipulation and felt least In
standard properties which had been run
with smallest regard for the Wall street
end Notable in the latter category were
Atchison, Rock Island. Southern Pacific
Illinois Central, Louisville G. Nashville and
Erie. The Jim Hill group had the hard
est fall among the railroads. Great North
err shriveled around 100000 ,Oo0 and
Northern Pacific s62. 600 900 as measured by
quotations, the first breaking sixty-eight
points and the latter forty New York
Central sold twenty-five points OF from the
highest, equivalent to $3T 100000, and Penn
sylvania had drop of twenty-five points,
a shrinkage of $87, 600 600 on a share capt.
tai of 1905 GOO 900. Union Pacific was trim
med s4s GOO 600, Reading ss5. 100000. Chi
cago & Northwestern 81. 600, 900, and Cana
dian Pacific $20.00O0OO.
In the industrial list United States Steel
leads off with loss OF $61, OO0, 600 on its
sos, 600 common and $50, 100000 on It's
1866. COX, 600 preferred. total Of Sill ,000,-
900. American Shelters records a decline
of 30 points in common and 16 in prefer
red. which together represents loss Of
100000 In market price. Amaigamated
Copper, the foot ball Of the Rogers coterie,
shrunk 22 points. equal to $34,O00.000. and
Anaconda, a subsidiary copper company,
broke 66 points. or $20000,000. and Sugar
$20000,000. New York Consolidated Gas
lost $34, 100000 since the fight for SO-cent
gas was launched against 1t in Albany last
winter.
Now that Wall street has taken time to
give serious thought to what the adminis-
tration and Congress have done. the ad-
mission is shamefacedly made that the re-
suits may be for the common good instead
Of for the destruction of vested interests
or an attack upon property in any guise.
What has washington done. after all, ex-
cept to sound general proclamation on
behalf OF the whole people that the rich and
the mighty and the favored must be honest
and fair in their treatment of the public?
Congress has ordained that railroads must
cease determinations In the handling OF
traffic; that railroad arrangements must
be honest to their stockholders, whose trus-
tees and servants they are; that manu-
facturers OF food products and medicines
and beverages must cease adulteration and
brand their goods for what they are. Sura1y
there Is nothing in these things OF an In
cendiary nature or seriously likely to dis
turb values or impair confidence. The most
important Washington development having
bearing on business affairs and material
interests 10 the Increasing tendency toward
federal centralixation. and this & some
thing which most certainly cunduces to
greater security. or at least that would be
the vote of four out of ffre property own
err In all the Washington agitation and
performances there Ii not one single thing
which can be construed as hostile to law
abiding citizens In any walk OF 1ike or to-
property In any form. The agitation and
performances have All bean 70 The uplifting