Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-06-29
Stock Lodgment Not Settled.


Stock Lodgment Not Settled.
There is a buyer for every seller. of
course. but Judgment is not as yet sub
stantial. apparently. At least 1T is not
impressive, even at the moderate recovery
from the extreme inside prices reached a
couple of weeks ago. Prices are still low.
but there is no certainty that they. can
not go lower-that something calamitous
might not happen that is not yet dis
counted.
Statisticians are coming numerously for
ward with tables railroad earnings.
The story is mOnotonOusly recitative OF
increased gross revenues and also of in
creased expenses of operation and main
tenance, leaving a pitifully small change
in net The cost of living has more
| than kept pace with the enlargement OF
gross income, and the railroads are UNI
questionably undergoing physical and
financial impairment. They have lost
ground in the facilities end of the propo-
sition and they are suffering material
loss of credit. They are not fooling when
| they say that il the interstate commerce
commission does not soon give them d
chance to earn more money by comforting
permission to raise freight rates the pub
| lie will be a sensational sufferer, on ac-
| count of impaired efficiency.
They are in deadly earliest in making
| this plea. and the lengthening list of ter
| rible accidents is irOncad proof that the
| transportation companies have more vi
| tai uses for their earnings than to spend
| them on the increased wages of their en-
| ployes, and in makeshift patching up run
down cars and locomotives tit only for the
scrap heap and soldering fractures in
lightweight rails
What the railroads need for their. own
betterment and for the safety of human
passengers and efficiency OF traffic ma
chinery Is more money.
The threatened starvation of railroads
10 a factor in the stock market situation
more potential than politicians seem able
| to comprehend. 1t is present live issue
of public concern-to the protection of life
as we'll as property, and il is also valid
excuse for declining prices in securities.
A more liberal government treatment of
| railroads would be bullish stimulant of
| highest value Nothing is more clearly
| appreciated in Wall street than the facts
set forth in the foregoing paragraphs.
Wilson Bank Bill Comment.
| The effort to give the Wilson bank bill
q news preference over tariff discussion
has gained some Roadway in the finan-
| cial district 1t tends to divert attention
| from the vexatious and wearisome sub
jects now before Congress and has the
virtue of being meat for newspapers
and high browed politicians. The Wilson
prevail of bankers and financial specialists
mot by a long shot. Active opposition to
the Wilson plan is springing up and criti-
cism finds expression In ill-natured COM
ment on the Presidents advisers. The
street has not Yet gotten its bearings but
| an elastic currency seems to be the thing
| for the moment The news features are
not thrilling, however, at best. Dog days
are too imminent to arouse unnecessary
mental or physical activity.
a market historian and voices his
! thoughts after this fashion: Following
| the moderate recovery i'm prices just wit
messed. the market is scheduled for sew
| eral weeks of dullness and slight price
changes. This part of summer is usually
| waiting period. Crop conditions and es-
| Inmates take tangible form in early Al
gust, and stock market action will be in
| huenced thereby Ii is only on the crops
that the business movement later in the
year can be forecasted with any degree OF
| certainty. Important financial operations
| will be largely dependent upon the crops
| The early prospect is for fully average
| soil production and consequent fayora
| BILE movement in securities.
Indias appetite for gold is becoming
| more gluttonous time goes on. Exact
statistics are lacking in some particulars
| but specialists are i'm substantial agree
| ment that the oriental nation is absorb
| ing the yellow metal at the rate of $50,
100000 a year, or about .o per cent OF
| the worlds production. The percentage
| OF new gold that goes into international
| commerce and the industries is less thar
| most people suppose, and less than imam
| ciers merchants and manufacturers have
| figured on in their plans of expansion
| The result has been a development of re-
i sources at a rate too rapid for safety
/ q rate that has strained credit and con
| tributed in no small degree to the pres
i ent monetary stringency and uncertainty
/ What use India is putting these vas
| accumulations Of precious metal to is on,
/ of the great unsolved mysteries of tn,
| hour. 1t is swallowed up as it. reache.
there. and a comparatively small per
| centage reappears., II passes into thl
l hNily NJ the whale and STAYS there In