New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-09
REVIEW OF The
STOCK MARKET
Trading Stirred Little by
Good Crop Report or
Court Decision.

In the earlier trading Yesterday the
market halted. waiting for important
news expected in the afternoon. When
this news had reached the market II
than could he readily digcsted and
after a duh session prices generally
had made only irregular changes of UNI
important fractions on the day. The
government crop report indicating Il
Weld of 100000. 600 bushels Of wheat
and decision Of the Supreme Court up
holding the power Of tho Interstate
Commerce Commission against state
regulation in the Shreveport rate case
might well have been causes for some
material advance.
Representatives of the railroads re-
earded the Shreveport case decision as
favorable, feeling with Justice Hughes
that it was essential for interstate com
merCe TO have one master ana not
many. In the previous Minnesota case
where the roads appealed from the
order OF the state commission on ''e
ground that charges set were too 10"
TO be in harmony with interstate tariiIs'
the Supreme Court held that while
Congress had the power TO regulate
railroad rates within a state when they
con1icted with interstate regulations
Il had not vet delegated this power TO
the commission. In yesterdays de
cision il was pointed out that the
Texas commission by aVowodlv lower
ing rates so as to discriminate IN FAVOR
Of Texas cities at tho expense OF those
In Louisiana had brought the matter
within the power Of the federal body.
So 1t will apparently be possible, since
the interstate commission has held
rates from Louisiana into Texas
reasonable. for the railroads TO in
crease charges in Texas and ignore
the rulings Of the authorities cf that
state and the threatened fines.
The governments estimate of winter
wheat increased the expected crop
from 3O.OOO.OpO bushels in the pre-
vious report on condition Of May l to
Cos. 600. 900 on the first OF this month.
and spring wheat is put at 262, 100000,
making indicated harvest 1874 OOUUOo
bushels higher than the greatest pre-
viously known. The condition per
centage of the winter Crop-92.I-is the
best at this time for over ten years and
the go condition of spring wheat is
the highest but one for a similar period.
Statistics Of the Copper Producers
Association showing stocks of metal
on hand June increased some H.
OOO. 600 pounds in the month were prac-
ticallv ignored The reduction in pro
duction, which had advanced IN the
two previous months. was considered
favorable and large decreases in do
mestic tallings and exports were not
surprising.
( The Eastern freight rate decision,
hope Of which had produced Satur-
DAVIS late advance, had not appeared
when the market opened and Mexican
affairs seemed more threatening. So,
though London shows slight reaction
from suspension arising from specu-
lation in Canadian securities, the open
ing here was fractionally lower. Word
that Huerta had called off his threat
ened blockade at Tampico caused a
slight upturn in the first hour, and In
the afternoon the market responded
with a brief fractional advance TO early
reports Of the Supreme Courts action
in the Shreveport case Doubt as to
the final effect Of the decision, however,
caused prices TO become easier before
the close.
London discounts were easier and
100000 more in gold was engaged
for export TO Paris but foreign eX-
change rates were firm, demand ster-
ling closing higher. Money rates here
showed no disposition to harden on
the continued outflow OF gold.