The Washington times., 1910-05-29
INVESTORS NOT TEMPTED
EVEN BY BIG BARGAINS
Future Uncertain, Market Lacks Rallyng Power-Some
Favoral e Developments Western Banks Strength
ening Resources for Crop Movement
By JOHN GRANT DATER.

ntative MuHsey PubIIcatlons.)
I bushel as against SLS5Iz; corn. 65s4
| cents a bushel, as against IS cents
/ Hour, $500 per barrel, as against So;
! PORK S-4.20 per barrel, as against
! $2I-50. cotton. 1914 cents per pound. as
! against 1875 cents. steel billets pitts
! burgl, $3.50 per ton. as against
! SZt-50. copper. 121s cents per pound, as
| against l81S cents.
/ Probably the most important develop
/ ment of the week was the violent IS
J cents per bushel break in wheat. That
] TINS was due 10 the weakening Of SpecU-
Z iatlVe bull positions rather than 10 faV-
( Orable weather and croD conditions is
! not now 10 the point v Gather and
! crop adEices were certainly more favor
! able, and the promises OF the harvest
/ are very much better than they were
/ at The seasons outset, but, Of course,
! the outcome is sim uncertain II is
! quite desirable. however. 10 get COM
| modlueS, and particularly bread stuls
and food products, on a lower basis, for
/ the benefit OF the citizens Of this cOun-
! try, who are much disturbed by the high
! cost Of wing. and the establishment Of
wheat or a level . cents a bushel less
| than four months ago is likely TO help
/ us in regaining the foreign markets.
/ The collapse i'm wheat may assist also
/ IN Curbing excessive speculation in the
commodity, and result in some liquida-
! ton Of loans against grain held back
from the markets
American Securities In Europe.
The week was marked by the COM
pletion Of two Of the much discussed
sales Of bonds TO Paris. namely the S59,-
03o0Je St. Paul As. and the 100000
Big Four bonds. II is. Of course, eX-
pensive borrowing 10 place bonds Of
such high character as the Big -Four
and St. Paul issues IN Paris on a basis
. H.a.M "a
transactions are not lE the nature OF
credit operations Affecting the corpora
I tiOnS themselves, though they Of course
reflect investment conditions within this
! country. What these conditions are Is
Indicated by the references a-Eeady
made 10 the results Of recent municipal
offerings. Both the s.. Paul and the
1 BIG -Four roads could have marketed
their securities in this country upon as
good and possibly even better terms
OF railway bonds upon a high interest
basis here would seriously disturb other
issues, not only those or the roads d.
IeCrly concerned themselves but all
other railway securities m the CORES
pOudlnE class. anu, IN addition TO pre-
venting disturbance, the sale of these
bonds abroad brings fresh money into
the country, and helps % TeaGjust the
present international trade situation.
Il H. regarded as doubtful, IN wei
informed banking circles. II very many
more securities can be sold iu France
before the fall. ard IN this connection
81 rs well TO take some OF the current
reports OF the volume o. security sales
10 Europe with q pinch OF salt. The
transactions already announced for the
present, the recent past. and the near
future. viii probably reach a total Of
about SlY1@l,yl1. This is a very con
siderable sum. and the trausaClions ii
IS hoped, wiil pave the way for extensive
future sales but foreign bankers point
out that II NAV save disappointment il
a word OF caution is uttered now as 90
the possible extent of immedlsfe SaIes
Europe has financing 81 Ter own In
prospect. and though always omen for
bargains, Europe does not offer an in
e'-hauSuDle market FOR our securities
As 10 the reported listing Of tie shsr
OF the United States steel Company on
me Paris hOErse Investigation show.
L2al these nave not emauated receritlv
from reSDOu: lDie banking interests Tbev
nave been suggested naturally nv rb.
otAer developments. and by the cOusid-
eration Of the speculative element as
= Wen Understood. the former negotia-
lions failed in consequence. OF cerr3iv
rules Of the Paris bo1irsa ara -,
some change Is made in these ra1t,f-l.-
thenlS II Is not likely that ANYTHING caD
ne ootc with regard 10 thu listing 81
american railway and Industrial shares
~ faris; tut the matter Of mOdiTvina
these rules is under considerafi ION 81
~ Is 10 be hoped that the outcome NAV
be favorable. ''-oS
higner Wages and Freight Rates.
Reports of the iron and Steel i,=,,s,,-,.
during the week were somewhat bsI,o,.
and the feeling is quite general ma, me
price Of pig iron is close To b,++o,,
Heavy buying OF coke has been 800
ed. which is regarded a. in,,il,+;-.. -.
some resumption in blast furnace onara-
tons The unfavorabIe rer7rr - 81.
AtchlSon railway Cor April served =
Coil1ti' lfate attention upon the question
OF wages and freiSh rates. for the 49,,
cost Of conducting t-ansporrafi,,1 -. i.s,ii
vi sumo increases in oDpr-a rir1.- -
penSeS que TO imprOveneTrs = -
~ ~ .l-SI an increase in gross earuinrS Of
sL''ii''Si Tor the month. into a I.(rC,, -
IN net earnings of $50 a. - 80 Use
20 tLe necessity of higher freioIt ,--t-
~, Ot-SS1 nc great increase in 49,
NtiiSH I!e FINANCIAL Chronicle esti11['-e, /
I ~! CoSl me railways of the colIrt,
ally. '-','''0''o' and S2oo.0O0.OO6 annu- .
me. ne general movement IN a5,-..,..
t- -1.7I1 ana passenger tariffs. bou,S,-oC,
49,. os'.igu toFtn protests from the shin .
- - anu the travelling public fbro7--P I
oul wide area Of cornfr(- ~ II.57 ~ .
VII threats by them of r1roco.>tia 80 .
:, 8 INST me railways upon the C6are.,
80. otUtlapIIdcy IN restraint of ma
-.
act wall Street, of course is D-, man
4"S TINS development with very r,,,Li-
interest, Tor naturally heavy ,iacr.,.--
IN ia - Setl 4llhSs raises rhe gIlIeSfil,S -
" lSttler The margin Of Safeft-- 6ct,,-r, -
! dlI%ay earnings and PREVAILING a.
oend rates Is sufficient TO ins1Tra -, ~, =
Pi' scale OF
me. ne security market was closed .,
;oatutoay LOT an extra HOLIDAY M
banks and important .ba,1I-iIS- put
remained open for routine husi1as.- 80
10 receive and discuss the 5veel-- 49,
lSureS; These were Of a geDeroii,,
l4NoIanle nature, The ChroDiCIa-s 80
POI Is Si4oWe9 well-sustained vOIID,a 80 Z
general business, bank clearancee in
cIeaslnS throughout the colIDtr,, A.
lus me week 81 per cent over the Coz
responding week ia 1909 The bsnl-
statement, built up on the old a,-erse-e
system rejected a gam of s. 40 055 in
surplus reserve. that item nov stand
ing $-6'2S6,Oo above requirements and
an increase in cash holdings NJ & Is f1-,I
po Loans expanded Sc, O6f. 0l0. a reflec
uon IN part 1t is believed. of the VI
diScountnS Of paper for Western banIl.
by local institutions. to which refsr9
enee has already been made.