The Washington times., 1910-07-03

TlG[ MUllQ nave no ullICllE[ IN EDI-
viucinS the commerce commission that
their rates were too low, Is not the
case The commission has already an
noUnced that certain Pacific coast rates
are unreasonable, and that the earn
ings Of certain important Western -aii-
ways are excessive
Timid Capital and Money.
Il IS quite apparent, from the recent
actions Of the commission. that walie
some rates may be advanced others VIII
be reduced This leaves the problem Of
future earnings in state Of uncer-
tainty, a condition which has never yet
failed to restrain investment operations
That Il Is restraining Investment Oper-
atisns in railway bonds now is quite
apparent 20 persons familiar with the
investment market This fact has been
made clear 70 President Taft. and the
reassurlng statement, Issued by Chair
man Knapp Of the commerce COmTIllS-
sion. that JhC railways are not 10 Ue
badSered, IS one result This - re-
assuring but capital IS very url-d :
and the disposition Of railway managers
and bankers seems 10 be TO class This
reinsurance as to railway rates with
nectl0n with The Government suits
against the Industrial trusts and rail-
way combinations in I90l- While there
Was not let up IN the litigation. ami
according TO Attorney General Wicker
sham there are tHirty-tiEe such cases
Tow actually pending, the rezSsuriu-
statements did not reass-re capital
With the cessation Of litigation after
the panic Of 1851, capital responded
quickly. and this was accelerated 10y
the belief that the Taft Administration
would pursue a different policy. with
the resumption OF litigation and -es-r-c-
tive legislation, however, capital has
again become Lmld- and does not re-
spouG 20 rcassuriug words.
#.HH rHHH
on SATURDAY. but banks and important
5aulius Offices were opened as usual
Very much interest was attracted by
tie bank returns The statement based
on me Old system OF averages. showed
q loss bon cash holdings Of SS.T55--g1. an
expansion OF loans OF Sl5.I55-1-.. and a
decrease iu surplus reserve Of 81 s5f. 40.
The total statement reported a cash
loss Of SlSs9f5.51I. an increase Of Sa.sT5.S.',
aUc q loss iu surplus reserve Of Sl+--
+4l-5-H- Though uuguesrloua1l- lL-.--
e1Cad pE The July J disbursement 10
SUCl remarkable changes as these have
been shown heretofore al this season
Iu the bank statement The fact rra--
despite the heavy liquidation Of the
week. loans should show such heavy
expansion was much discussed
Good Harvest Prospects
II IS believed that the bank showing
VIII at once direct attention 20 the av-
tumn money market. The demand for
south has been very heavy during the
week. and heavy currency shipments
have already been made. the preIim5-
nary drain for harvest funds being very
much earlier than usual I-uorra1
. bankers believe that the ueZ- important
problem for Wall Street 10 consider viii
be the autumn money market CT11
damage reports from the No-rEwest
were again a feature OF the week. and i-
-
has been done 20 spring wheat For the
{ best information on the extent Of loss,
sre must wait FOR the Government crop
report due about "a week hence. for
+ there has been vef- much eXa operation
IN the unofficial news IL IS agreeable
90 note that in the latter days Of the
week adVices from the Northwest were
very much better Winter wheat has
done well. and corn though late. prem
ises an abundant harvest and the Gov
eminent cotton report published Fri
day indicates q condition OF So, a=-alu-,
I teu-y@ar average of 795 showing
thar this great staple IS in excellent
condition Signs 81 LeSSnueE commercial
. activity are reported IL numerous IU-
dustrieS- and this is duly reflected I'm Gi-
miuiShed ELnk CIeaTauCeS. bur harvest
conditions are not uufaEora BILE leSultE
injury here and there, and in the salts
factory outcome OF the harvest is The
hope Of the future.