The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-05
R RAILROADS ARE
In PRED|CAMENT'
Administration Cannot Undo
Harm 1t Has Done
Them.
POLITICS VS.. BUSINESS
Great Fight Is On and Politicians
Seem to Be in
Saddle.
POLITICS VS.. BUSINESS
Especial to The rlmes-pispateh.

lopeGldl 70 i nc
New York. June 4.--Railroad men
Injunction. They believe it was large.
~ political measure and are con-
fldent that at the conference on Mon
day Mr.. Taft will be made to realize
the prcdicament In which the railroads
have been placed.
The administration cannot, of course.
Withdraw lis action, however unwise
ment for an early hearing might get
the whole dispute settled BY the 1st of
august The time will not be wasted
because It Will take that long to as
be. and the whole business structure
rests on crops this year.
Any agreement to hurry hearing of
the injunction. with assurances OF "A
square deal from the administration,
would put the shorts in precarious
position In Wall Street. That the short
interest is very large was proved to-
day. when. after n drive that estab-
llshed new low records in many stand
ard issues, the market suddenly re-
covered and closed strong and active
After official assurances had been re-
ccived from Washington that the rail-
roads would be permitted to advance
freight rates IL they advanced wages
President Taft ordered the advance of
freight rates enjoined at the last hour
The loss of the railroads is not I'M
portant compared with the loss OF pub
lie confidence. Open and bitter war
interests and the. political interests.
In control Of the situation.
Market Dcmornlizcd.
wall street naturally felt the first
effect OF this in demoralized market
Traders were not hurt Investors got
The fun force of the blow. Prices
OF nearly all standard stocks went
tf.-yr -s<1s.
financial campaigns OF the greatest
Importance We're abandoned Orders
for structural material have been with
drawn and the railroads are cancel
ing all the orders for equipment that
they can. Bankers everywhere are ad-
vising the sale of investment stocks,
and are making propositions for COM
plete readjustment of business con-
ditions in the United States
So demoralized was the market that
II failed to give respectful attention
10 the report of the government on
the cotton crop. The acreage is one
OF the largest on record. and the con-
dition is among the best. The outlook
in connection with corn is not good
but wheat Is excellent, and all signs
point to record crops. The fertilizer
com panies have sold record volumes of
material, and the same Is true Of the
agricultural machinery trust. The
crops have become tho paramount is
sue. for nothing short OF record price
breaking ones can prevent CONNER
cial disaster in the United States this
year, II even that can.
Postponement by the Supreme Court
OF the corporation tax decision robs
the government of an expected income
of s26,00o.O00 in taxes, and will make
before the end OF the year With the
government attacking the financial in
terests 1t will be interesting to see
how the bankers rally to its support
ytl No hftr1 n ~ ~.
Campaign Abandoned.
The city of New York sold 100000
600 of warrants in France, and some
other unimportnnt bond transactions
big campaign in American stocks that
had been planned will have to be
abandoned. American corporations are
preparing for the worst by distributing
assets. The international Nickel Com
pany announced distribution of more
than s2,00o.o00 cash. and now the
Singer Manufacturing Company an
stock 70 clear the surplus in Its treas
ury. The disposition everywhere Is to
get rid of the cash. The elections for
Congress will soon be agitating the
Of good crops. there is nothing In sight
to Justify the purchase of stocks or
bonds in any American corporation at
present.
On the Curb.
Curb stocks recovered slightly to-
day In harmony with those on the
New York Stock Exchange. Trading
was light. The high class silver and
copper shares lead in the recovery.
In the street.
Number of shares sold to-day, 642.7a5
shares. a year ago. 7s5,6ss. Bonds sold
to-day, par value, sl,9T5,000; a year
ago, S4,35T,000.
All the railroads enjoined by tho
government from advancing freight
rates by agreement Will file separate
schedules.
A net decrease of Hiss cars idle is
reported by the American Railway AS
ISOLATION under date of May 20.
New York. May 4.-Money on call,
nominal Tine loans. n ga Isl siier; sixty
Sd; six months, 4@4 II. Close: Prime
mercantile paper, 4 3-+ to Ia per