The Washington times., 1910-06-12

NEW YORK, June 12.-In its later
analysis the Government Injunction
suit against the Western railways
has proceeded along lines widely d.
vergent from anything which ap-
peared possible a week ago, but moth
ing has occurred during the interval
which changes the epOch-making
character Of the event. In fact, the
importance and far-reaching infiu-
ence of the Government action has
bssn accentuated by President Taft's
truce with the rate advancing rail-
ways. and with others not included in
the original complaint, and by the
proceedings in Congress bearing upon
the railway dill, all of which is a
direct cOrollary OF the Injunction suit.
As time develops, we VIII see with
a clearer vision than at present the
deep significance OF these later de-
VelOpments. IL is, OF course, too much
TO say with the extremist that the
entire future Of the railway trdnspOr-
tatiOn industry of the country hangs
in the balance, but il is evident that
very much which bears upon the ad-
minisIratiOn Of the great industry in
days TO come Is being shaped and
nodded in the conference committee
OF the Senate and House Uncertainty
as 20 the true import and the final
outcome of the railway bill was the
controlling force in the security mar
ket of the week. as IL IS likely TO be
for some time 20 come.
Washington Dominates Wall Street.
After the first convulslve uprush IN
stocks on Tuesday, the natural result
Of the hasty retreat Of the profess
sional bear traders following the un-
expected outcome of the meeting be-
tween President Taft and the dele
gates Of the Western Trunk Line
committee. the speculative division OF
the market hesitated, and then, after
an interval Of irreguiarity developed
reactionary tendencies. The entire
course Of the market gave a fairly
accurate reflection of the conflict OF
opinion concerning che scope and ap-
pncation OF the Washington develop
ments.
That stocks failed to sustain their
full recovery; that extensive public
or investment buying failed 10 mate
rialize after so long an interval OF
liquidation and such extensive de-
cIines as the market has experienced.
was highly disappointing 10 the pro-
fessional traders, who, having COW
cred their short contracts and shifted
their position. united in an effort 10
bid prices higher. That these efforts
were not crowned with success on
this occasion was due probably TO the
unusual character Of The develop
ments. Apparently the professional
traders did not realize how seriously
confidence has been disturbed by the
injunction proceedings against the
railways. and how slowly IL re-estab-
fishes itself.
No doubt everything will come out
right in the end, and, arguing from
that point Of view, ne professional
traders We're amply justified in taking
q hopeful view Of the favorable turn
given to the railway rate cOntrO-
versy. but bankers and merchants and
corporation managers cannot adjust
their affairs with the same celebrity as
a speculator shifts in the market.
Seriously disturbed IN the first in
stance by the Injunction proceedings
they now see its suspension pTedi-
Gated upon the passage Of the railway
yet know little, and SOncerning which
there is a wide diversity OF opinion.
Conflicting Opinions.
In view of the undetermined status
Of the railway bill now in the hands
OF the conferees of the senate and
the House, IL does not seem necessary
to dwell at any great length upon its
possible provisions, for anything now
contained in the original House bill
or the amended Senate bill may be
modified IN the conference, as sec
tons are restored 10 or dropped from
the measure. AS 70 its general appn-
cation, however, Wall Street during
the week was treated 70 three groups
o. opinions typifed BY the comments