Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1910-07-03
ConteRded that the Commissioners
Will Be Fair.
NO DESIRE TO CRIPPLE ROADS
Crop Conditions Throughout West
Are Favorable.
SLUMP IN STOCKS UNCALLED FOR
reports of the Railroads for the
= First Hnif of the Year Nearly
All show BiE Earn
inma,

NEW YORK, July 2.-(special Telegram.)
There Is much speculation as to what
VIII be the tone Of the stock market when
81 opens Tuesday. The absence OF a ses-
sion today gave yesterdays session
typical holiday
There was a partial recovery yesterday
J from Thursdays tremendous slump and
some Of the biggest interests in Wall street
are accredited with lending their help to
bolster up the market
A report from Chicago says confer
encs has been arranged with certain rail-
road presidents and manufacturing inter-
ests on the rate question. The rate ques-
tion ls the most important of trio OF
causes which must cause some trouble
The other two are wage difficulties con-
fronting southern railroads and the third
IL the condition OF the crops. Two Of these
bring the Interstate Commerce commission
TO the front as an important factor in af-
fairs. 1t is the commission that is trying
10 ad1udicate amicable settlement be-
tween western railroads and manufActur-
ers by which lower scale of freight rates
may be put into effect, and the commits
sion is also acting in the capacity OF
mediator in settling the differences be-
tween the Southern railway, the Seaboard
Air Line and other southern roads and
their employees, who are seeking higher
wage scale.
Weather conditions, upon which crops
rely. are favorable generally throughout
the northwest and the west, so there is
little or no cause for apprehension upon
that score.
Sees Period of Prosperity.
Why sufficient alarm should be felt to
cause stocks to go tumbling is mysterious.
General conditions are good. In fact
Judge E. II. Gary, who is now enroute to
Europe. said before sailing that. I'VE are
now wen into an era of rubounded pros
pelaty which should last without internis-
sion for ten years
Coming from such an eminent authority
as the chairman of the United States Steel
corporation. a statement such as this car
Ties weight
The big bueaboo Is the rate controversy.
The change IN the basis of rate making in
the west viii not be nearly as harmful as
some people suppose. The commissioners
who have the handling of this affair are
not disposed to be aggressive. Nothing def
mite will be done upon the spur OF the
moment TO force the railroads into new
rate making. Rate making is going 60
move slowly. But. as In all big affairs that
affect many people and many big institu-
causing alarm where alarm IS silently CIV
ing rise TO rumors Bonds and the money
market which reflect material events and
material affair, are both in a healthy
state
While the bond market is in such a state
now that It offers wide range Of possibil-
tiles there s no stagnation. True, many
bond houses are advertising standard bonds
thigh yield. but this does not Indicate
that money is stringent or that there Is a
possibility OF a reflex OF bad times More
than anything else, this seems to show a
healthy condition. condition when invest
ments are at their best
Loss to New York Banks.
Call money has been quoted at and 81
per cent. While the market has been mark
edly quiet \this is a statement Of affairs
always In evidence at the close OF the first
half of the year. On the present week 5
currncy operations there has been a heavy
loss to the New York banks. The banks
received from interior institutions 81 2s7 900;
the amount shipped direct to interior insti-
tutions was $l,15TO0O. Upon operations with
the United States subtreasury the New
York banks lost S. 42S,0OO.
Exports OF copper during June ran close
60 blOoooOo pounds. a figure considerab bly,
larger than anticipated. Former Senator
city, speaks in the most optimistic terms
OF the copper outlook. Ex-senator CLARK
predicts a healthy boom in the copper mar.
ket
The National mines of Mexico has de.
clared a dividend OF per cent on its pre-.
ferred stock out of the earnings Of the first
six months Of this year.
The Hill roads are finishing their fisca
year with an Increased gross over las
year. Every road I'm the Hin system hai
ettSOyed better earnings this year thar
last ear
Chesapeake & Ohio is earning at the rat,
OF 10 per cent? NJ, X. & 7. preferred II
earning 10 per cent; Glover Leaf preferreC
earnipg per cent
The gross OF Atchison during its flsca
year win be a new REGARD.
Illinois Central promises the years sur
plus to be rs per cent OF its stock
II is estimated that Kansas City Southern
has earned "a per cent on It's common
stock.
Western Pacific has now begun to real
aEe the hopes OF its promoters.
Those items culed from the railroad fiel
show prosperous condition, surely Tn
steel condition has taken on some OF IN
lassitude that generally chAracterizes I
IN the summer Many OF the big mills hav
shut down for the regular summer stoI
Building conditions and railroad condition
in the east, however are such that n
alarm is felt for steel trade.