The Washington times., 1914-06-28

Another week mas just been concluded
in which depressing influences domi-
mated the effects brought to bear upon
the American business world. And yet
when these several prosperity sitting
causes are totaled the result obtained is
not near 50 bad as one might have cX-
TCcted when consideration is given TO
the fact that they fell at a time when
the voice Of pessimjsm is echoing
through the land.
Monday the Supreme Court rendered
its decision in what has been popularly
termed tha intermountain rate case;
Upheld the long and short haul clause,
aid recognized the right of the Inter
state Commerce Commission 10 fix
rate zones" Many railroad officials,
particularly the heads of the systems
affected by the decision. raised the cry
that il was unfavorabl, TO the roads
and would greatly reduce revenues. al
ready too meager to permit of main
tenancc, extensions and dividends.
Stocks sold off as 4 result.
Thursday II. B. Claflin Company, one
of the oldest AMI largest mercantile es-
adjustments in the country, was placed
in the hands of receivers whose duty 1t
shall be to pay off liabilities now esti-
mated at approximately s3i. .0oo. COO. There
were immediate predictions by the busi-
less "glooms" that this was but the
forerunner Of further failures through
out the United States. Again the stock
market reflected the adverse influence.
TO conclude the week came a parad-
ing of the Japane2e-California land
skeleton. Japanese is said to have
ra1l lnd off ilf 1io Inn
controverted question:; and already war
visions are crystallizing in the minds
of some.
Eut even clouds as pretentious as
these are not without a thin silver lin
ing. The nation has begun 10 harvest
its greatest wheaI crop, which is prov
ing even more 5ountiful thGn experts
had predicted. the corn crop is pro-
crossing under more favorable con-
ditions than prevailed a few weeks
back, and marked improvement is
found in the cotton belt.
Alter weeks OF lengthy conferences
the A. B. c. mediators have concluded
protocols agreeing that diplomatic rela-
tions between the United States and
Mexico shall be restored and all other
international differences considered set
tied when a new provisional govern
ment succeeds tie Huerta administra-
ton.
For the first time since March the
Idle car statement issued early in the
week showed q decrease in the side
tracked total. This statement covering
the first two weeks in June showed
that the idle surplus decreased 9,Aoo
as compared with an increase Q; 1900
in the same two weeks last year.
Necessarily with the wheat crop now
in course of harvesting this decrease
will continue. Dispatches from the
wheat belt indicate exceptionally early
and heavy movement to export ports.
The heavy expectation of gold to for
eign financial centers which has con-
tinued for several months without in
terruption, and which had already come
to be viewed by many with alarm. has
practically been concluded, owing pri-
marflv to the fact that these countries
have secured all the gold they need.
Several orders pleasing to steel opera
tors have been placed recently by the
great railroad systems, thus making
the prospect for improvement in the
steel trade. the barometer of the indus
trial world. brighter than for many
months.
Much stress is still being laid upon the
necessity for a favorable decision in
the Eastern rate increase appeal as
medium for prosperity promotion.
Within the past week. however. the idea
has become more general that this de-
cision when rendered by the Interstate
Commerce Commission will not prove as
favorable to the railroads as had at
first been expected. No intimation has
yet been given by that body as to
when its ruling may be expected. The
most widely expressed opinion now Is
that the commission will delay until
July 4. thus giving the public a longer
opportunity to study the decision while
the stock markets are closed.
When analyzed the depressing influ-
ences of the week were not as broad, or