Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-16
Without Serious Fall in Prices.

Without Serious Fall in Prices.
AT the end of last year We remarked
that the United States had got through
1906 without a serious fall in prices. The
nonoccurrance of such a fall was certainly
due to the measures taken by Mr.. Shaw,
the late Secretary of the United States
Treasury. who helped and compelled the
national banks to import gold from Europe
when their reserves We're evidently being
drained at a rate which would have left
them unable to help the legitimate bust
ness Of the country If they had not been
replenished. With the commencement Of
the present year it was hoped that more
favorable conditions would come into ex-
istence in Europe, and especially that the
Bank Of England would reduce Its rate and
no longer feel imperatively obliged to dis
courage Withdrawals Of gold to New York.
The bank. as we know. reduced its rate
to 5 per cent January II. but intending
shippers of gold were made aware. rather
to their surprise. that the bank was not
ready to allow gold to leave it's vaults
journey to the United States. and that If
any such operations were attempted the
directors would be reluctantly obliged to
revert to per cent. We think 1t probable
that this attitude on the part of the bank,
which was thoroughly approved in the city.
was partly due to the and dsquieting
phenomenon of American railway finance
the issue of enormous quantities of short
term notes by various railway companies
which had found it impossible TO issue long
term bonds. During the first six weeks of
the year about $2OO,OOOO00 of two-year
promissory notes were authorized by Vari-
Gus companies. and as the term on which
they were offered provided yield of to
81 per cent to the investor fair amount
of them were actually placed in London
and Paris.
But both in Europe and the United
States the purchase of these notes could
,I1y ho off cd r1tfa nv Of
sale of existing railway securities, and
these consequently began to give way when
these notes were pressed on the attention
of investors According to some persons
entitled to an opinion. very powerful con-
tributory cause of the great fall of prices
was the cumulative effect of the revelations
as to the methods of Mr.. +. II. Hartman in
conducting the business of the vast rail
road systems under his control and his def
ant attitude toward the interstate COM
merce commission. In regard to the latter,
however he enjoys the more or less con-
cealed sympathy Of many American rail-
road men. who are by no means pleased
at the endeavors of President Roosevelt to
| impose more control over them"
An American Trotting Team.
At Red Hill Farm, Edgware. part of the
team of American trotting horses which
Mr.. Alfred Vanderbilt intends to show at
the international horse show, which is to
be held at Olympia June 7 and the fol-
| lowing days, have just been inspected by a
number Of visitors at the invitation of Mr..
| Charles W. Wilson. who brought over the
| horses from the United States and who
has entire charge of their preparation for
| the exhibition at Olympia.
AS they were seen the horses which
| with one exception-a Kentucky-bred sad
! die horse-are all trotters. looked well,
| considering their long journey and the
| fact that not one has been in harness
since the show at Madison Square Garden
| last November, but to men who are &C
cuStomed 10 see the best type of English
| horses in the show ring. even In the
| streets of London. the bulk of Mr.. Van
derbilt's team appeared to be coarse. In
| harness their failfngs cannot be noticed
SO much as was the case during the in
, spection when they were shown quite in
/ the rough, and after their preparation
| during the next two months an improve
| ment no doubt will be made, but two of
the English directors of the show-Mr.
| Walter Lloyd and Mr.. John Kerr-together
| with other men who are admitted to be
| good judges expressed disappointment at
| the all-round appearance of the team. The
| horse which pleased the visitors the most
| for he is Of the English type-was Albert
| a pure bred American trotter, standing
| ISL hands in height, and the winner of a
! second prize in the run about class al
| New York. In color he Is dark bay, he is
| smaller in head than the remainder of the
neck. has perfectly placed shoulders. fine
racing quarters and possesses plenty OF
bone.
Although by far the smallest horse in tbs
| team, he shows more quality than any OF
the others. The saddle horse, Lucille a
washy chestnut in color. by Rex Mac
| donald. the sire Of the best saddle stock In
| Kentucky, was also admired, for In gen.
eral appearance she is just what hack
should be, but of course there was no OPP
portunity of testing either her manners
| temper pace during the hurried inspec-
| ton. A pair of 1862 hands brown barouche
| horses, King James and King Edward, by
| a French coaching stallion. out of a hunt
| ing mare and three parts thoroughbred