The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-06-19
0STTUATION is SLOWLY IMPROVING
BUT INVESTORS ARE INDIFFERENT
Crop Outlook Railroad Earnings
New Ratmakfng Hesitation.
By JOHN GRANT DATER.
Especial Financial unsey

NEW YORK, June 19-WaIl Streets
business week was not lacking in favor
able developments. In its present state
Of mind the financial district paid little
attention 20 good news. Stock prices
were well maintained and made some
Improvement, but dealings we're almost
wholly professional, and the gains ap-
peared to be chiefly the result Of short
coverings in a dull market. The volume
Of business in stocks sank TO the small
total Of l,7SO,6OO shares, while Fridays
dealinges of $4,000 shares represented
the smallest total of full days session
in two years. Bond dealings on the
exchange amounted TO but $500. 600 par
value, with a heavy percentage Of this
total made up Of transactions in con-
vertible bonds. mere stocks in disguise.
Strict investment issues Ianguished and
ruled heavy, giving no indication Of an
awakening investment demand such as
usually precedes the enormous July dis
bursements.
Under other conditions such important
matters, bearing upon the general situa-
ton, as the satisfactory progress Of the
growing crops. the gratifying change for
the better In the tendency Of interna-
tionaI trade as disclosed by the import
and export statement for May, and the
sale Of s25,OOo, 900 Southern Pacific 4 per
cent bonds 10 a German, Dutch, and
English banking syndicate. would have
been hailed with some degree Of enthu-
siasm. But these features ar numerous
others of a favorable character which
might be cited, were apparently void OF
influence in the security market of the
week.
Foreign Trade; Railway Earnings.
The feature Of the interval which gave
the most encouragement to banking in
terests, now that this element feels rea-
sonabIy certain that the country will
enjoy fair average crops. was the inter
national trade statement for May show
ing an excess Of exports over imports
for the month Of Sll.2l5.000. The signih-
canoe Of the report rests in the changing
tendency of foreign trade which It dis
closes. March, il viii be recalled,
showed excess imports of 1884, 900.
This. in April, was reduced to excess
imports Of $4,000, and now the month
Of May shows excess exports for eleven
months Of the fiscal year 10 date.
amounting to Sis, $50, SIS. s,the smallest
since 1895 but it seems quite evident
thai the trend is now in the proper
direction. Only a few weeks ago, when
gold exports were in progress, Wall
Street was deeply concerned with the
adverse trade balance. and the trading
element might have been expected TO
take heart from the favorable showing
4 fr~nn-gd a1nn1
with certain other developments
Take for instance the railway traffic
returns which are coming 10 hand
Their comparisons are certainly not I'M
During the week returns
were received for the month Of May
from forty.nine railways, showing an
increase in gross earnings Of $, 49, 46l,
or Il per cent. while twenty-five roads
reporting for the first week Of June
showed increases of gross earnings Of
81. I2l. sS5, or Il per cent For the month
of April, gross and net returns of
seventy-one roads showed an increase
of I2-3 per cent in gross. and 81 per cent
in net. All this betokens a very well
sustained volume Of general business
throughout the country. but the COM
il consented TO comment at all on any
favorable feature, was in effect: The
roads have not begun to feel the effects
Of business contraction as yet" or wait
until yor see the effects OF wage ad-
vances and deferred rate increases, then
COMPARISONS won't be as good"
Now all this may be true enough The
railway managers and their official
organs have omitted no opportunity in
preaching The doctrine Of disaster If
freight rates were not advanced i'm
mediately; and now, in all likelihood
that some delay must ensue before the
Interstate Commerce Commission, under
the provisions Of the amended interstate
commerce act. can pass upon and de-
termine the reasonableness Of the freight
advances. the railways are reaping the
benefits Of the Cassandra-like prediC-
tons Of their managers Now one finds
some of the chief opponents Of the doc
trine of disaster, among railway prest-
dents, preaching another doctrine, but
so much mischief has been done by the
arguments used IN the long-continued
campaign for higher rates that there is