The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-26

New York. Sept. 25-Up 10 the middle
OF last week substantially all that was
left for commentators upon the stock
market to do was 10 continue to expati-
ate on the dullness and Hsuessness Of the
market, just as they had been doing for
SIX weeks past, and due emphasis was
lald upon the fact that in this period
the movement OF the active stocks IN the
market had been within range Of bare
~ two points. and that the market
seemed to be tending more and more
toward dead center.
IL the market really was upon a dead
center. or nearly so. the fact was i'm
portant. since it would go far toward indi-
eating that the movement OF liquidation
IN stocks that had been running ever
since August year ago was on the point
OF ending. II was realized. on the other
hand. that several times In the COURSE
OF the present year the market had be-
come dull after decline, and that the
dullness did not then attest that the de-
Ginning movement was over.
II is still true. however. that an ac-
eurate simile OF a declining market is
mat or a eoiled spring. As prices decline
the technical position" OF the market
becomes more and more strong. seclri-
Ties pass from weak hands 10 strong
hands. the volume OF speculative com
nitments for the rise becomes lessened.
and the residence Of the market is in
creased.
Not Affected by Bad News.
After period II was noticed that
bad news does not AFFECT the market as
unfayorably as it formerly did. and that
good news affects Il more and more
iavorably; and then finally the dav ar
riyes when prices actually rise upon had
news. all this going 10 show that the
market has discounted pretty nearly ev-
/ erything adverse 10 fl that can happen
reward the latter part OF last week
values were for a little time almost buoy
ant upon the announcement that the
master IN chancery appointed nv the
United States Circuit Court IN Minnesota
FOR the purpose OF taking testimony and
making a report upon the application OF
the railway companies IN the State n
have set aside the reduction ordered nv
the state legislature Of railway passenger
and freight tariffs there had handel
down decision holding. first. that the
action OF the State authorities was I'M
constitutional In that II would interfere
with the supervision over the railway
companies by the Interstate Commerce
Commission, and. secondly. that investi-
cation proved that the value OF the rail-
way companies in the State. or. az least
/ the Great Northern and Northern Pacific
companies. was so great as 10 entitle
| them 20 maintain the old-tlme freight and
passenger tariffs
Decision VIII BE Sustained
/ or course. this opinion, both as m law
and 1acls, must be passed upon by the
Federal courts. But a fair PRESUMPTION
/ is that at least as 10 the facts the de-
cision viii be sustained: and the matter
/ Is broadly encouraging because II again
demonstrates that in the last result the
railway companies Of the land and other
legally-formed corporations viii be en-
/ titled under the law 20 make such earn
/ ings as 10 allow them 20 distribute a
| fair return 10 their stockholders for the
services rendered.
/ Looking over the situation generally.
/ II Is clear that, as compared with the
state of affairs existing at the beginning
/ or the summer two favorable develop
ments Of the highest order have taken
place First. the crops OF the country
| have been made and they are turning out
not only very well. but much larger than
/ IL was thought they would in the first
/ days Of July. We are TO have a wheat
J crop, as seems. OF nearly 700500O00 bush
els, as against the 100000 calculated at
one time
! In the last month the weather has been
so favorable for corn that II now appears
TO be the consensus OF opinion in the
grain trade that If frost holds of over the
/ belt for week or ten days a crop Of
/ fully 9,oo0-0oO000 bushels will be gathered.
/ II is admitted that as the case stands
| 70 per cent OF the crop is already safe.
so that the question regarding frost. even
II this should come Immediately, would he
as 10 the locality or the frost: that IS 10
say whether the particular corn affected
was or was not already beyond frost
( damage. The indications are that a rec
ord-breaking crop OF oats will be har-
vested
Cotton Crop Favorable.