The Washington times., 1910-06-12
WASHINGTON DOMINATES MARKET
AND WALL STREET IS DISCOURAGED
Anxiousy Opinions Officials
Spots the Gloom-Danger Pesmm Good Crops
Would Help Situation.
By JOHN GRANT DATER.
nanciaI RepresentatIve of Munsey PublieatiOns)

merchants realize that a tremendous
volume OF work Will fall upon the Inter
CoiIl M sL commission ana that
delay Of from six 10 eight mOntns.
and maybe longer. must occur before
the new rates can so into effect.
In this anticipated delay, whatever its
period, one may see already the harm
! tul influence OF the plan Of campaign
conducted by the corporation managers
themselves in their efforts TO educate
the public 10 higher railway rates
That the railways are justly entitled
10 higher rates, ga view Of the higher
cost Of operation, cannot be questioned
| but the policy Of some u them in
, advancing dividends while preaching in
SOlVency unless rates were advanced.
has thrown an unmerited disCredit upon
Elsewhere the predictions Of bank
Tuptcy seem 70 have been taken liter
ally. The whole proceeding has rem
dered capital tirnid and even now
! were gerated-investOrs hold aloof.
They realize that there must be some
measure OF delay in advancing rates.
i and with railway net earnings decress-
, ing they seem disposed 10 apply the
I test OF time TO the question
News Good and Bad.
The week was not without It's favor
able developments. touching the funda-
mentals. but Wall Street IN a pessi-
mistic mood casts favorable features
aside and centers its attention upon
/ the unfavorable factors. Thus it hap
pens that one has heard little or moth
/ ing Of the highly favorable Govern
ment crop report, indicating a total
wheat harvest Of zoe, 10000 bushels Of
/ wheat, which is the fourth largest
wheat crop in the history OF the coun-
| try. Similarly, such favorable features
as the decline In wheat and corn. and
cotton, all favorable developments
which In time will tend 10 correct the
adverse trade balance, were passed over
| with scarcely a comment, and the same
| is true Of the decline in the English
bank rate from 3is to 3 per cent, and
| the reported negotiations for the sale
| Of 81, 90, 900 Southern Pacific bonds 20
Berlin, and the distinctly easier ten
denotes Of the money market, and the
favorable bank statement Of today
But TO fair presentation OF the case
can ignore the fact that news develop
ments were not uniformly favorable.
I There were numerous developments be-
tOkening lessened commercial activity.
I These Wall Street bears seized upon,
and discussed TO the exclusion OF the
good news, as though delighted with the
signs OF commercial contract. IN Natur-
ally unreasonable weather has resulted
/ in diminished commercial activity. and
! bank clearanCes have fallen during the
week from 1915, 9Ss.94 last year 10
s. 2g1. sc. $50. or 5.S per cent for the whole
country The railway traffic reports
showed, with general uniformity, excel
| lent increases in gross earnings, but de-
/ creasing net returns. while diminished
production of pig iron, reported by the
Iron Age for the month OF May. and
/ accommodations Of IS. 30. COO pounds OF cop
per, reported for the same interval by
! the COPPER Producers Association,
I pointed Enthusiastically 10 somewhat di-
minished activity
I Naturally attention was aEaIl directed
! to the country s adverse trad. balance
Z by the unsatisfactory Government re-
port for Nav Of exports of agricultural
products. The total for the month, 49,
/ $50. 905, Is the smallest aggregate OF these
shipments In any month since last Au-
7 gust. and represents the smallest volume
: OF domestic exports for May with but
/ one exception IN eleven years. II falls
about 100000 below the low figures
OF April, and shows decrease cf SS.0&9,-
. 500 as compared with May. 1893 Efforts
I 10 direct WEu Streets attention 10 the
/ fact that these figures do not reflect the
entire volume OF the COuntry'S export
/ trade as they do not include the ship
mentS OF merchandise and manufacture,
which may change the result entirely
We - futile. ari The fact that the $500
{ 90 decrease rom last year IS about Off