Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-07-03

vertised purchases for September and Oc-
tober delivery will bring the net figure to
within minute fraction of II. including
the carrying charges, which have to be
borne by the seller.
There is an entire cessation of merger
talk for the time being, but a resumption
of negotiations looking to a cutting down
of output. There can be no open agree
ment to reduce production because 1t
would be in violation of the federal law
forbidding combinations in restraint Of
trade. Heretofore gentlemens agree
ments among the big mine owners to cur
tail output have not been carried out
faithfully. 1t may be that the necessi-
ties of the situation will compel them to
observe general agreement to that erect
extending through the next two or three
months If they could do this it would
be the salvation of the copper trade.
Foreigners Like Legislation.
Advices from banking and bond houses
In London and on the continent are being
received which show that foreigners have
been very favorably impressed with the
enactment of the railroad rate law. They
are accustomed over there to govern
mental supervision of railroads and have
come to look upon it as beneficial to
understand the alarm and hostility ex-
pressed on this side. 1t is quite possible
that Wall street will take a different
view OF this matter ere long, although
at the present, it refuses to be recon-
ciled..
The decision Of the interstate commerce
commission ordering reduction in
freight rates in the Rocky mountain and
Pacific coast territory is additional cause
for anger and distress in high financial
circles and among railroad arrangements.
1t has been known of all men that
throughout that great region freight rates
have been excessive since the first rail-
h,,|Y - t. lass
shock that the commission should have
actually ordered reduction In the
charges. The people of the states direct
ly affected have always commended that
money making move for the railroads in
that it would greatly increase tonnage
and build up the country. Railroads
have persistently taken the other end OF
the argument. however. and this Is the
first time they have received check OF
consequence. If the interstate commerce
commission succeeds in enforcing the
order it will become a very popular BODY
with the people in the far west. which
may compensate for the disfavor Of Wall
street.
Advise Clients to Buy.
After Wednesdays break in prices
many of the strongest and most con-
sentative banking commission houses ad-
vised their well-to-do clients to buy sea-
soned dividend-paying stocks. AS good
things as are to be found on the list can
be had now on an income basis OF 51 to
61s or per cent. The very best stocks
are now paying more than per cent.
The response to the suggestion to come
into the market has been generous and
great many securities have been bought
and taken out of the street within the
last three days. There has also been
some very good buying of this kind for
foreign account On the other hand
American stocks bought for speculation
in London, Paris and Holland have been
thrown back upon the home market. 1t
is quite likely. however. that the volume
of investment buying by foreigners has
more than counterbalanced the sales.
Wall street does not like to go through
experiences such as it has endured the
last week or ten days. Too many good
speculative accounts have been extin-
guished, and these days 1t is hard to en-
list new blood in the game. The COM
plant all along has been that there Is
no public in the market The outlook is
for still smaller public in the near
future.