The Washington herald., 1908-08-03


and recuperation, stocks on Friday. under
the leadership OF Reading, resumed their
advance in more aggressive fashion
than before Usually. when the market
halts after an important upward move
nent. a number o. stocks continue TO
Tlse. this being especially the case with
yscomParatively narrow speciaIties OF the
class which the trading community would
be likely 10 overlook while there were op-
portunities for profits in securities Of the
better known and more active kind.
Il was the case last week. but with this
significant difference from most other oc-
casions, that in addition TO the rise IN
specialties there were movements Of some
extent in a number OF weu-known stocks.
such as the Erie issues, Canadian Pacific.
and the securities of the Gould roads.
and American Smelling and Refining
Analgamated Copper, Anaconda. and
others likely 10 benefit from the improve
ment IN the copper trade which has made
Itself felt !n an advance OF prices for
the metal both here and abroad; and
while on the whole the market moved
little one way or the other until near the
end OF the week, and there was a con-
traction IN the volume OF business that
at times produced a condition approaching
stagnation, contrasting sharply with the
activity OF q couple Of weeks ago. the
underlying strength was at all times
maintained, so that the resumption OF
the upward movement in the last couple
OF Gays was entirely natural.
OF matters OF market interest Mr..
Iafts speech accepting the Republican
nomination for The Presidency, the publ
cation Of the figures Of the Steel Corpora
uon's results for the June 80 quarter, and
the announcement Of a plan 20 pay OF the
Se.uv,eo notes OF the Wheeling and Lake
Erie Railroad. which maJured on Satur-
DAY. were the most important
While. Of course, Mr.. Taft's speech sUf-
erred IN dignity and in other respects
rom the Endorsement given IN its open
Ing Passages TO President Roosevelt and
ms policies Il was generally conceded
tLlaI N dealing specifically with some Of
The more important questions affecting
capital and business the Republican can
oldate acquitted himself Creditably and
showed that he was not only possessed
Sf conservative regard for the needs
OF the country but Of a depth OF knowI-
edge concerning them such as in the pres
ent Executive might have saved the
United States from the greatest troubles
that have come upon II in the last year
OF so.
steel Statement Satisfactory.
The statement OF Ire United states Steel
Corporation gave Seneral satisfaction. the
figures and the announcement made in [
Connection with their publication 70 the [
effect that the bookings OF new business !
n the first twenty-foUr days OF July were
equal 70 2 per cent Of the daily average
capacity OF all the plants. showing. con
cusiveiy that an Improvement IN business /
has come and al a rate more rapid than I
even well-informed people in the trade /
hoped or expected
The earnings for June were larger than
for any other month since last Nover7- I
Der, and the reduction in the volume Of 1
orders on the books on account Of 0per-
atoms during the quarter was conpara-
lively small The company succeeded in 4
Showing a small surplus for the quarter 4
after payment Of the regular quarterly
dividend on the common stock and did
TINS after making a much more liberal /
appropriation 10 depreciation and reserve
funds th-n IN the previous quarter But
OF even more interest than the results
for the last quarter was the announce
ment that business in July approximated
= per cent Of capacity. for Il Is not % .
the last few months that Wall street
now looks for data 70 establish the value
Of securities, but 70 the outlook for the
future.
The announcement Of the plan to meet
the notes Of the Wheeling and Lake
Erie was naturally regarded as a matter
Of great Importance for the Could roads I
and especially for the Wabash. which. as
guarantOr, would have been placed in q
trying position IN the event OF default
Assumption Of control Of Wheeling and
Lake Erie may be followed by some
highly important changes in the railroad
world
Concern as to FreIEhta.
The matter Of an advance in freight
rates received much consideration during !
the week, and there has been talk OF a ]
conference Of represeutaatives OK the rail- {
roads and the leading shippers 20 decide
what should be done. Il is hardly to be
expected that the solution OF the diff
Guilty can be reached IN this way. The ;
shippers are as strongly opposed 10 an {
advance IN rates as the railroads are in J
favor Of it, but there IS a necessity in &
The case which viii force a conclusion.
md that is the necessity on the part Of :
The railroads 10 increase their revenues !
II cut their expenses The latter they :
.annot do 70 the requisite extent except
Il the sacrifice OF efficiency. and this
he country Is not prepared 10 stand
The Interstate Commerce Commission I
.ppears 10 assume that it has the right
o declare that a general advance in rates
& not justified. and 20 order a reduction 81
tariffs are horizontally raised Il IS
Oubtful II II possess that power. and II y
does il cannot too soon be taken away r,
rom H. Il IS Is proper function 10 see s
hat published tariffs are adhered 10. h
nat there IS no discrimination between c.
ne shipper and another. between one
sction Of country or one class Of freight I,
nd another section Of class. and that -
be laws governing interstate commerce ri
re respected by the carriers L
II the railroads are to properly cater
the growth Of the country's business.
ley must be allowed TO make good
-oits. and If their profits are very large
le evil will effect its own cure as IL will
.duce capital 10 embark in the building
competing roads II is often argued
lat the difficulty OF obtaining terminals
the large cities pTecIudes the possIbil-
; % the building OF new lines OF any
's.lt magnitude. but there Is a side OF
Is question which does not seem 10 be
uched upon. and that is the terni-
lis owned BY the railroads To-day
e OF immense value purely from the
al estate standpoint. vet the railroads
e not allowed 10 derive revenues from
EN- in the way OF freight charges that
n compare with the returns on other
al estate investments Their foresight
s brought smaller return than that Of
rsOnS outside OF the railroad world and