The Washington herald., 1910-06-17
WALL STREET NEWS
Little Activity OF Market
Ruled by Professionals.
RATE BILL INTEREST DEAD
While II Is Universally Realized in
Financial Circles that New Law
Marks a Wide Departure, Yet 1t Is
Believed that Good Hns Resulted
to Every One Concerned.

New York. June 1.-THE stock market
to-day was given over to the operations
OF the professional room traders and
those of the smaller sort II was clear,
TOO. that activity was on a iessening
scale Yesterday a few spectators sold
stocks for the decline. centering their
drive upon Amalgamated Copper. a stock
that obviously occupies at the moment
q position Of rather particular weakness
Of least so far as revealed by the sta
tiaties OF trade conditions.
To-day. after a slight opening display,
the market steadied, and although nearly
nfeless. most OF the time was yet OF
strong undeTtont, and. indeed, taking the
day as O whole. rose gradually 10 higher
levels. Closing prices were. in fact, at
the highest figures made. and at adj
Vanoss running 20 about q point in the
active shares. which represented In sub
stance recovery OF the declines Of the
day before. such a market was. IN truth
deserving OF no comment whatever. and
features IN Z to-day were entirely want
Ing.
Rate Bill Interest Dies.
II is. however worthy Of note that dis
cussion OF the railroad rate bill practi-
cally ceased. the opinion being that since
Congress was clear in the matter the
bill would become law as speedily as
possible in order that the Interstate Com
nerce Commission might act with as
much speed as could be upon the appli-
cations for freight increases made by the
railway companies.
It must also be said that while Il is
universally realized in Wall street that
the new law marks a wide departure In
ouch affairs In the country, and is In
reality, therefore, a great experiment,
Yet that the new regime has after all,
its compensations, and that the event
may prove, as In the former instance OF
the Hepburn railway rate bill, that good.
rather than harm, Will result from it. or
at least that the harmful characteristics
OF the law We're exaggerated in financial
estimation.
An unwelcome clause in the bill is that
which allows the members OF the Inter
state Commerce Commission to take as
long as ten months, II they wish to do
so, IN deciding questions Of rate in
creases.
Confidence I'm Outcome.
But tho fact deserves to be emphasized
that the strongest confidence is felt in
the highest financial circles that in the
present case tAcSc qlCS l4b4lS Will NC
quickly decided, perhaps even within
sixty days time. and that the decisions.
too. VIII be. in the main. in favor OF the
railway companies
The Bank of England to-day added
another Of the strong returns Of condi-
ton that II has lately been submitting.
exhibiting a proportion Of reserve 20 La
bilities OF 5l9O per cent. as against 51e9
last week, and 5065 IN the same week
a year ago.
Wheat prices were inclined TO firm
ness to-day upon stronger foreign mar
kets. but home agricultural news was
again highly encouraging. The cotton
markets were heavy, sentiment IN the
trade strongly inclining to the view that
all indications thus far favor a large
increase in the cotton crop in the pres
ent year. Copper prices were slightly
lower. sales at 1913 cents being reported.