The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-09-25
FINANCIAL AND couuEmIAL.


SATURDAY. September "a
Al the cluzr 20 ~" stock uIlraet to-day
after an extremely d'-ultorv two hours
trading net changes 900 prices were almost
entirely in,,u-", lu"atnl Tn" local trac-
ton stocks the American Telephon" and
Telegraph shares ant uu' or ~ others W
which som" particular strength has re-
.,.utty p'ru manifested again moved
moderately upward Elsewhere rho mar
get NaS 50 Atci"~s a. - CIV" no con-"-
orr1,r. whu'"yng tn any ~ a." dealings.
Tie only matter 1T financial discussion
proper vas a pp~~h." advance next
w,,.k IN m" discount rat' nf the Inn
Il.rill Bank ~ Germany, an event which
lIs Tor -rmr weeks l.'ru recognized a. one
likely 20 ttk" place AT any time. III"
prevailing up Mon -, however, that an
advance m IA. Bank 81 hnglani's rate ut
di-Cnunt - ~ mo- way immediate \ ,i'-
cline In tho price of wheat. corn and cot
ton took place today. based uu further
reports IT favorable weather FOR the crops;
and decrease 1t over 5,dno ~ IN" surplus
Ui die freight cur. accompanied also with
q smaller Trt'o ui d"Cr'asc shown IN bank
Cl.drur-. ~ nri"d -'mo proof that bust
n",- depression AIS not proceedlng With
gr.tt rupIilty The weekly hank state
u.u' 49, fully - M" uattno aItiCtp1trd.
showing q d"crr1~' IN o." surplus reserve
ruunlns from u.,,riy s.. uu0,u"u ~ the actual
HEur',- ~ SG.r,,,.us1 M The average figures
and accompanied IN both statements with
small incr"a-" m loans. Comparison
with preceding yrIrs shows that the hank
surplus at this date has only h,'en exceeded
yu twp occasions In IN" last decade"
pul. lui liicl"s- a. the stock market
Ms lat week ~ least This much could
h. ~ Id for it. that there was more going
On IN il and In the general financial situa-
ton than there had been FOR quite little
time past. Ia the middle 81 IL" week a
brisk Il short lived hlyInE movement ln
stocks particularly the Western railway
IsS.I,'-. wdS stimulated by the announce
rcnt Of the favorable upshot Of what -
commonly known as the Minnesota rail-
way rate clSs. that II 10 say. The protest
made 10 the Federal courts by the rail-
way companies of Minnesota. chiefly the
Great Northern and Northern Pacific
companies. whose light aud passenger
rates w"r' two years ago heavily reduced
by act Il the Minnesota Legislature.
The master IN ChanCery who was APP
pointed To- take testimony IN the case re-
ported to the courts that a fair valuation
~ the properties Of the railway COM
panIes was such that they were entitled
e. charge the former rates m order To-
earn a proper amount of money on the
olp!tsl invested, and in the second plac"
that interference ~ such matters by the
State Legislature of the kind under de
c'lSsion was Unconstitutional IN ttat IL
touched upon the domain 81 the Federal
Government OF course the great ques-
tions involved IN all this are SIN not
settled and will not be probably until the
Suprrm. Court 81 the United States passes
upon them. IN general. however, at
beast 80 far as the solidarity and cNclu
siyeness 81 the Federal power - con-
corncd. a long line OF similar decisions
has already been made. and u j. con-
sdrred hardly possible that the valua-
ttun of the railways set by Hhe master !
~ Chauc-rv can be disturbed. Later |
on Ia the week the market was less pleas |
antly agltnt.d although not materially !
80, ~ "a .r1tsr1ou' attributed 10 Commis-
sipn..r l.4us 90 the hearing a. 20 the pro-
yr..ty r' railway rate luC-rT sos now going
ru At chicago that Ia did not think an
increase IN railway rates ought 10 be
granted Hat the Commissioner quoted
his bong boon known a. an anti railroad
man. and Nail Street was quick TO realize
that ~ was folly - take his words as in
q IcutIy" IF the sentiment Of the commits
sion ~ whole The discussion II the
valuation Of cotton bills is moving along
quietly. and there - no doubt az all that
the matter viii bs properly and salts
tlctorily disposed 81 IN due season. Mean
Wulle all the news Of the week regarding
the crops was highly favorable. and VIII lie
an uncertain and hesitating tone still
continued 70 be exhibited IN genera
b. ness bank clearuRs showed IN many
respects anadviucing tendency. and prog
np-t.cIttons Of a long period II business
dcpr-ss On were not qui - - positive even
IN pe--IIn.stiC speculative circles IN Wall
street az they previously have heOn.
Tie great thing - value that seems 20
have u.,ou accomplished IN the last SIX
months A. reg. rds the financial and bust
ness situation as q whole H. a Cheapuess Of
money and prospect that a few months
heuc. when the return flow 81 fun d. from
tho agricultural centres ~ on in fall force
trir cn-apue-s will become pronounced.
TN, usually marks the end II the depres-
81 N IN the market for securities even II
the plc" In the business world proper Is
still for q time further halting and I'M
steady.