Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-20
BY DIR. MAX WINKLER.
Special Dispatch to The star.

Special Dispatch to The star.
NEW YORK, July 2O.-Uncertainty
over an early favorable outcome of the
In the securities market toward the
close Of last week.
Trading on the New York Stock Elk
change was reduced to q minimum, with
the turnover reaching barely SOC. 900
shares. Prices moved within q narrow
range, and whatever changes occurred
were due mainly to professional activi-
ties.
The markets are expected to continue
to alternately reflect hope and fear as
to what concrete results the conference
will bring about, in which case a more
definite trend is likely to be established.
Morgan Near Scene.
Those who remember the proceedings
at Paris prior to the adoption of the
Young plan will recall that J. p.
Morgan decided on Mediterranean
cruise at the very moment when serious
disagreement was reported from the
conference. Mr.. Morgan's presence at
or near the scene may have been re-
sponsible for the success Of the Paris
conference.
With important problems scheduled
for discussion at London and with fear
on the part of many that unnecessary
delays might cause embarrassment, It Is
of interest to know that Mr.. Morgan
has once more decided on a vacation,
this time in his English home. The
presence Of America s-nay, the worlds
Leading banker at or near the scene
of activities leads to the hope that far
reaching results will be achieved at the
meeting.
"Existence" for Carriers.
Existence, and not prosperity, or a
fair return is what w. r. Cole de-
mands for the carriers of the United
States Mr. Cole is president Of the
Louisville d. Nashville Railroad and
chairman Of the Special Committee
representing the Southern railroads be-
fore the Interstate Commerce Commits
sion in connection with pleas for q
general increase Of IS per cent in
freight rates.
Whether or not Mr.. Cole inclines to
somewhat exaggerate the seriousness Of
the situation, it is apparent that unless
something Is done speedily the rail-
roads will not be able to earn a fair re-
turn on the invested capital, which
should affect increasingly adversely
American railroad securities.
Dollar Value Gains.
II your income was reduced by, say
IS per cent as compared with 1925, you
are actually still ahead At least this
is the conclusion one must draw from o
study just published by the Depart
ment of Labor, which tells us that a
1925 dollar was worth last month $l.42.
In other words, one can for 81 acquire
today as much as 81 AZ would have pur-
chased f1ve years ago.
Decline in Exports
The purchasing power Of the United
States as well as that of foreign coun-
tries continue at low ebb. This is
best shown in statistics pertaining TO
Americas foreign commerce for June,
which have just been released. Exports
are the lowest for any month since Sep
TENDER, 1914, while imports are the
lowest during the present depression
excepting the month of February. Ex-
ports exceed imports by only Sill ,000.-
900. the lowest favorable balance in
many years.
Wheat Prices.
Little hope is held out for any marked
improvement in wheat prices In the
near future. The United States Depart
ment of Agriculture predicts another
year Of very low prices. due to the over
hanging supplies of the 1880 crop. The
prediction is based chiefly upon pres
ent prospects Of world production and