The Washington herald., 1910-07-15
WALL STREET NEWS
Market Listless Until Hour
of the Closing
ADVANCES BECOME GENERAL
Good News Affecting Rate COntrO-
versy and the Money Situation Has
the Effect Of Boosting All the Ae-
tive Observation-Disclosures Euro
> pean Condition Existing.

New York, July H-Until the last hour
to-day. trading In the stock market was
dun and without particular feature or
special significance. The market in the
earlier period first advanced to a contin-
uation OF the brisk rally yesterday after
noon, and then declined on a few small
transactions.
Meanwhile there had accumulated a
Satch OF favorable news affecting The
ssAiiroad rate controversy and the money
situation. two of the most important of
Che current matters of market influence.
CAd probably on account Of realization
X the marked significance of the news.
buying OF stocks set in actively and ag-
gressively in the last hour and brought
about very brisk advance in prices. IN
the beginning OF this movement the
standard railroad shares led, but eonsid-
erably before the close of tho market
oroadened, until the advancing movement
extended TO all the active industrials.
Good News for Railroads.
II was upon the railroads that irnpor-
tant news OF the day had direct bear
ing. the Interstate Commerce Commits
sion permitting the railroads 20 make
effective on July 20 the Increase in COM
mutation rates, for which application
was made several weeks ago AS a con-
dition precedent to securing these sd-
vances the railroads were Obliged to
demonstrate their propriety, and though
their arguments were opposed by counsel
representing several organizations OF
commuters, the commission decided that
the opposition had shown nothing TO re-
flute the strong prima facie case present
ed by The roads.
The increases, it was estimated, would
produce an additional revenue OF $500, O0J
annually TO the roads operating between
this city and suburbs in New Jersey
but the decision was. Of course, properly
construed as of much wider Importance
than was represented by the money re-
turn to the reads directly interested.
II was the first case which the COM
mission has decided under the authority
conferred upon II by the railroad law
enacted at the last session Of Congress-
and the ease with which the railroads
substantiated the justice of their posi-
ton was naturally taken as an augury
that in the applications for higher
freight rates they would also be able to
spresent irrefutable arguments. The &C
tlion Of the commission in suspending ad-
vTnces in freight rates until both sides
hhd been heard was IN accordance with
tffe agreement between the railroad
managers and the President was ex-
pecfed. and detracted not az all from the
importance OF the decision In the COM
mutation cases.
Reserve Above Requirements.
Very few additional returns were COM
piled from the reports OF Western banks.
showing the condition Of these instltu-
tons as of June 80. but these few COM
pilations gave an average reserves well
above the legal requirements. It may be
premature to take the opinion that
Western banks as a whole have strength.
eaed their positions since the March re-
ports, for the compilations to date in
clude only some of the reserve cities and
none Of the so-ealled country banks. but
it is certain that the information al
hand utterly fails to warrant the pre-
dictions that interior banks would b.
found In an unsound condition. Privat,
reports to bankers were Of the same
character and the president OF a bans
with many interior correspondents prob
ably represented the situation correctly
in the statement that ''The Western
banks are not rich. bEt they are thor
oughly sound.1 But the Importance o
Western banking conditions was to-day
quite overshadowed by an exeeIlen
statement OF the Bank Of England, fol
lowed closely by a decline in sterlins
exchange rates in this city to the loves
point since the gold import movement
following the panic Of 1907