The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-07-17
PubIieations.I

uuAlca EfuuHsl
way may be found 10 guarantee or in
sure these bills OF ladiug, before the
actual movement Of the cotton croD
begins, for otherwise bankers can not
run the risk OF being sWindIed out Of
So'VI9.V1J or Sl0UJ0,G00, as they were
last season, by fraudulent operations
which have gone unpublished. 1t IS
doubtful II anything has happened in
years 50 harmful to American COM
mercial credit abroad as the rremend-
Gus swindlins Of the Fnriishn1en on
the fraud ulent cotton bills or ladfng
CoGpl6q with the TACT mat. while the
swin1ling is admitted. no one mas
been punished for IL. and the persons
defrauded, many Of whom were forced
into bankruptcy, are unable 70 obtain
any redress, OF recover any portion Of
their stolen funds
News Developments Mixed.
News developments Of the week were
OF mixed variety. In the budget Of
news bearing upon the general sisua-
ton and u.,On specific properties.
were number OF encouraziue fea-
lures. such as the assured prospects
OF gold imports. the better trade
statement for June, the improved
showing Of interior banks here and
there, disclosed through preliminary
publications Of their reports under
the Comptroller Of the Currencvss re-
port, and in the action OF the Inter
state Commerce Commission. IL permit
ting the advance Of communication
rates in and out OF New York, pend
ing Inquiry as 70 their reasonabIeness.
OF course, this latter feature was
offset 20 some degree by the suspension
sion OF the freight rate advances fled
by the roads in the central traffic ter
ritOry. which were TO take effect Aug
H-- .H9- a.
commission. bankers and railway man
ayers saw a disposition for fair
treatment On the part OF the commits
sion in dealing with the railway rate
question
Wall Street however, IS dealing with
q condition OF mind, and paid little at
tention 20 good news, and at the Same
time appeared disposed 20 magnify the
adverse happenings. The unfav0rabIe
crop news Of the week, with the sharp
recovery in wheat and the very low est
mates Of the condition Of spring wheat.
sent out from the Northwest, together
with the violent advance In Spot cot
ton. the labor troubles. involving 4
strike among 1000 garment workers in
this city, and he possibility Of a strike
or the Pennsylvania railroad. quite
naturally excited a depressing influence
on speculative activity
That wheat has been injured IS IN
QUestiOuably true, bur why ignore the
generally favorable conditions. and
abundant Promises OF the corn and cot
ton crop That the damage to wheat
Is eXaggeTated and the condition OF corn
ana cotton IS ignored illustrates the
attitude Of tbs Street perfectly.
Speculative Tone Unsettled.
tiers upon the movement in spot cotton
with its possibility OF a disastrous out
come for somebody, but il is clear that
the violent advance nas practically no
bearing upon crop conditions. and Erows
out Of the speculative position Of large
operators in the market That the prac-
teal COrnering OF one OF the c0uutry-s
great staples has had. and is having,
a serious effect on the textile industry
and the wholesale dryEOods trade is
quite apparent from tfs estoppage Of
q heavy percentage OF textile ma
chinery, Influenced by the high price
Of the staple and By the uufavorabIe
OF the six months business OF
the II B. CIafin Company, which was
published duri g the week showing six
months earnings Of S2oS0a3, OF $500
less than during the first half Of the
preceding year, and $500 less than the
dividend requirements
L1sseued commercial activity IS an
parent IN many different lines OF in
dustry, including iron and steel, copper I
and textiles, bat bank clearances and
railway gross earnings still show that
q very large volume OF business IS IN
process throughout the country, and
GIE. Claim IN referring 20 the report
Of his wholesale department. took Oc-
CasiOn TO remark that the retail bust +
ness was good everywhere
The outcome Of the troubles between /
the Pennsylvania railroad an% its train
hands IS reg 1rded as q very serious /
matter, IN consequence OF the attitude
Of the latter after having been so
literally treated in the matter Of waCe
Increases n the recent past, and the
present high wage scale. In financial .
circles il Is not believed that the pub .
lie VIII svmpsthize with the employees .
should they strike. but bankers are
fearful OF the influence upon labor else
where Of a strike on the Pennsylvania .
road
Yesterdays bank statement with its F.
fine showing Of Increased surplus reserve.
heavy loan contraction, and substantial .
cash gain, cheered Wall Street some
what after the close Of business but il .
cannot be denied that speculative senti-
nent IS depressed