The Washington herald., 1907-06-17
MARKET WAS HEAVY
Influences Tended to DiSpel
the CheerfulneSS.
MONEY OUTLOOK HOPEFUL
indications that Government Will
Pay on 4 Per Cent Bonds on July
1 Has ReassuFing Enecf-Wheat
Damage Believed Overestimateti.
Anthracite Coal Roads Cases.

New York, June l6.-NeWs bearing upon
the stock market last week was Of de-
cidediy mixed sort. and whether because
Of confusion over the variety of develop
ments that occurred or by the operation Of
purely general and long existing forces,
the market was shifting and Irregular
and tended toward increasing dulIness
and naTrOWness. II must be admitted
that although there were no violent
changes in prices there was a percept-
bic oozing away Of that more cheerful
feeling regarding the immediate financial
future which was plainly evident at the
close Of the week preceding. The mar
ket was not only torpid but heavy
For one thing. the weather during the
week was such as 10 suggest disagree
able reflections concerning its general
effect upon the state Of the country's
business. There is little doubt that retail
trade in many mercantile lines is suffer
ing. People are not buying spring cloth
ing in anything like the degree that they
ordinarily do, and summer travel on the
railway lines is not half what it usually
IS at this season
Anthracite Litigation Discounted.
The proceedings instituted by the gov
eminent during the week under the Sher-
man act against the Reading. Delaware,
LackaWanna, and many other anthracite
roads excited very little attention. be-
cause they have for years been antici-
pated and il is known that years more
must pass before they reach a cOnclu-
sion. In the meantime everybody under
stands that nothing can divest the share
holders Of these companies Of their prop
erty rights. and that if it were to be
announced tomorrow that the Reading
management, for instance was about 20
make a segregation" Of the assets sub
mitted to its care. that is TO say, was
10 divide these assets among the Reading
shareholders. the Reading stocks would
advance nightly in price. The result Of
the Northern Securities litigation is a
Well-rememberd lesson in these matters
On the other hand, there were not a
Few occurrences during the week that
were decidedly in favor of values. The
price Of wheat fell 10 a point Is cents
a busheI below that Of the high level re-
Gently touched by it. following the publi-
cation Of a government crop report that
asTent far 20 establish the fact that the
tax about damage 20 the crops this year
hat been greatly exaggerated. That
there will be a shortage in the winter
wheat crop is now conceded. but the indi- |
cations for spring wheat are by no means
poor according not only to the govern !
ment estimates. but 10 all trustworthy /
private authorities, so that it seems that |
this years yield, taken along with the |
I2 01feo bushels Of wheat left over from
last years crop. Will be sufficient for |
the demands of consumption so far as /
they can be reasonably calculated What /
the farmers really think about the mat |
ter can be seen from the way they have 1
been sending the old wheat to market in /
recent weeks, and doubtless it has been
the flooding of the market with this /
wheat that has been the definite cause Of |
the break in prices.
Hughes Veto of 2-cent Fare Bill. /
A Circumstance, too, than which none
could be more refreshing was the veto /
interposed by Gov. Hughes TO the railway |
2-cent fare bill recently passed by the |
legislature and the calm and statesman |
like reasons presented by him for his /
course. Although it might have been ex- /
qected that this action Of the governor /
would have been unpopular with the peo- \
pie at large, the reverse has turned cut /
20 be the case. The veto message has /
met with the almost unanimous approval /
Of the people. Not a dissenting voice has 1
been raised against IL anywhere save in |
purely socialistic circles, and the event |
proves what has all along been contended |
by experienced observers that there has /
been no real popular demand for such
sweeping measures against railway and 1
other corporate interests recently passed /
by 50 many State law-making bodies.
Secretary CortelyOus announcement
that he would call before July 10. for
the return Of $50 100000 OF the public
funds now deposited with the national
banks was of course, reassuring. in that
10 indicated that the Secretary had. in
substance. adopted the wise plan Of pay
ing of the { per cent government bonds
maturing on July l through a checking
for the amounts due upon the govern
ment depOsitaries. so that the money
drawn by the government from one bank
10 pay the bonds will be quickly deposited /,
in another bank by the individual to
whom the money is paid. The unavoid-
able exigencies Of this transfer should.
however. serve to temporarily stiffen the
money market. and have indeed already
caused quotably higher rates for both
call and time funds. But this. in turn.
viii have an effect. which will not be
regarded by any one as displeasing. OF