The Wall Street Journal from New York, New York • Page 8

is.1 I li If I 7 MONEY AND TREASURY AID WILL NOT BE WEEDED TO MOVE CROPS -ft' prospect of a reign op easy money mani- festdd in the drift of gold out i of the country Doubt Expressed Whether Federal Reoervf Bank Will be Eetabliehed by August 2 Gratuitous Outgiving Regarding Treasury Aid to Move the Crept When Bank Expert Geld With Indifference Treasury' effici! at Washington have given it to be anderetood that they Hope to have the Federal Reserve system Inaugurated by August 1. By July 1 the balloting for directors of classes and will probably be completed. The full Federal Reserve Board hae been named by the President, but there remaini the confirmation by the Senate and alio the appointment of three directori for Clan in each of the twelve Reserve districts. These re the principal matters that must be aeomplished within the next six weeks. There id yet to be accomplished incidental to the opening of the banks in the twelve central "cities.

Bankers are, therefore, rather skeptical about the system being in proper working order by August 1. The Secretary of the Treasury and other officials of the Department are already alluding to the harvest demands for money, pointing out that the large crops will require considerable turns of money to move them to market. The Tact that such prospects do not appear to be occasioning any anxiety on the part of the banks, they say is already due to the Federal Reserve Act There is more significance in. this remark than would appear on the surface. The prospect of the new currency system is making its presence felt in other ways than merely relieving the banks of anxiety as regards the crops.

If the Secretary of the Treasury were to go deeper into the situation he might find that this same influence was not unrelated to the present drift of gold out of the country. If the banks in the wheat belt are meeting with comparative ease the beginning of a bumper harvest, it is because they see ahead of them an ample supply of funds. They have concrete proof of this in their fast accumulating reserves. But if the banks in New York City can view the unprecedented outflow of gold with Indifference it is because they too see a reign of easy money ahead. On analysis, therefore, the outgiving frcm the Treasury Department does not convey the unqualified reassurance ia meant to.

There, are several factors, already enumerated, contributing to the' present abnormally high exchange market and the heavy exports of but these might be ameliorated to a considerable extent if banker thought they would, in the near future, be receiving more remunerative return on money than they are at present. But this is not the case. The inauguration of the Federal reserve system and the establishment of a new 'discount market in this country opens up a vista of cheap money, of which bankers cannot see the end at this time. Hence, money to worth more on the other side, and will continue to be so for some time to come, they are induced to transfer balances to the other side. Things would be different if business were booming here.

The prospective expansion in credits would be absorbed by the additional, demands. Credit possesses a certain inherent prescience for it will begin to move early from a quarter where cheap money is going to prevail to a point where the interest reurn will be greater. Under the circumstances it is little wonder that the banks are not worrying about movinp the large crops this year. Mr. McAdoo's optimism in this respect recalls his stntement of a year airo when he told the country that the Treasury had $500,000 000 of emergency money ready for use if needed to move the crops.

It need iot be said that the emerireiiry currency was not requisitioned and the $35,000,000 of Government deposits which were placer! in the banks found its way into the central reserve cities. Call nncl Time Money Call money optned 'i'l, low renew-als 2Tr; closed Its' ruling rate Time funds are in distinctly better demand, particularly for sU months, in which a large business is being dope. This factor, coupled with the further heavy losses of gold by export, has imparted increased strength to the market. Rates are for sixty days, 2'a2Vr for ninety days, for. four and five months, 3'V; for six months, and 3(fr4 for over the year.

Comniercial Pupcr Sentiment in commercial paper circles is inclined to trifle firmer conditions, but the actual situation remains practically unchanged. Good pHper continues scarce in consonance with the trade contraction, but brokers have no trouble placing whatever amounts appear in the market Rates arc unchanged at 8Vz4' for prime names. Money in IIokIoii Roston Money is firmer, but not materially so. We hear of a sale of choice commercial paper of the mill grade at Sfc for 30 days. 3 for four months and 83i for six months.

We also hear where mill paper has sold at 4', for a year, although VV7c is generally the minimum rate. Banks are mostly asking 4 for six months. Short timejnoney is nominally 34., Outside commercial paper is still quoted at to 4, while banks are aRking i and upward to their own people. Call money is 3 to quick borrowers. Bank Clearings 1914 1913 $367,539,374 $56,327,704 $57,555,169 Changes Inc.

$14,524,390 Dec. $1,227,465 New York Chicago Boston Philadelphia St Louis Baltimore $29,931,396 $29,563,085 $12,652,283 $5,796,584 Holiday $29,650,170 $14,826,727 $8,076,144 Dec. $87,085 Dec. $2,174,444 Dec. $2,279,560 Domestic Exchange All quotations are in cents per $1,000 premium oi discount ChicagcN.

Y. exchange 6c. premium, unchanged. Montreal N. Y.

exchange 16c. discount, unchanged. San Francisco N. Y. exchange 40c.

premium, unch. United States Treasury June 15, '14 May 15, '14 $51,940,694 72,445,129 2,148,539 6,611,950 6,099,351 40,446,839 2,618,526 In banks Net balance In general Current receipts Current payments Deficit this month Deficit this fiscal year Bank notes redeemed 78,727,762 1.448,838 2,985,932 6,697,213 32,504,035 1,961,772 TSevr York Sub-Treaeury Paid to Received Banks. From Banks. Banks. June 15 $2,087,000 $4,239,000 Lost $2,152,000 Since Friday.

7,216,000 9,642,000 Lost 2.426,000 Sub-Treasury creditor at the New York Clearing Hwse, $6645,153. National Bank News Washington Voluntary liquidation: The -Farmers National Bank of Myenrtown, Pa. Succeeded by the My-rstown Tmot Co Myaretown, which is to act as liquidating agent The First National Bank of Oquawka, Ills. Liquidating agent, James W. Gordon, Oquawka, Ills.

To be succeeded by the First State Bank of Oquawka. Guaranty Trust Company of New York Mem Yartw. faHtal etm Menlem. Wl.mjil TIIE VAIJ; STREET JOURNAL VEDNESDAY- MOBNING, JUNE 17, 1014 EIGHT PAG ES! EXCHANGE OUR LONDON CABLES Call Money Quoted at ltft-Bu'lo Alee EaeySteek Market inactive London Money was easy at il2 call Sills war easy at 2 2 9-16, with a fair amount of business done at the former fate. The Treasury bills were allotted at an average of 2 fd.

Tbe Port of London will offer 1,000,000 4 at W. Paris' advices state that the French government is. going to ask authorisation for the issue of a 72,000,0001 SH loan.iof which 32,000,000 is to be issued at present The stock market was inactive and featureless, doting easy. American stocks closed at about the lowest P'nt and sold off to on the Curb. LONDON COLO MOVEMENTS London The.

Bank of England bought 32,000 over the counter and received 108,000 from Egypt, while there was withdrawn 10,000 for shipment to the London There is no present outside demand for the 598,000 of South African gold offered in the open market FOREIGN DISCOUNT London London discounts 29-16, unchanged. Paris discounts 2, unchanged. Berlin discounts 8, unchanged. WEEK IN BAR SILVER Slight Recovery During the Paet Week With Supplies Well Maintained in the London Market Bar silver prices at the New York and London markets for each day of the past week are given below: Mon. Tues.

Wed. Thura. Fri. Sat London, pence. 26 2515-16 26V 26V 26 281-16 N.

56 56H 56 '66 67 56 I During the past week quotations were slightly better than during the first week of June when the lowest was 2o pence at London for caeh and 25 pence for forward delivery on June 3. The general course of the market has been downward during recent weeks, although no serious weakness has developed. Supplies have been well main- 1 taincd at London. Larger exports from the west coast of the United States to China have led to the impression that the output of the American smelters is on the increase. Exports of silver, according to Pixley ft A bell, from London to India and China totaled 3,467,500 against 3,730,500 for corresponding period last year.

OUTSIDE BANK STATEMENT Trust Companies' riverdyt Resep-e antf tthi State Banks' .4 rrrage 19.iri. Following are the combined reports of Btate banks and trust companies outside of Greater New York for the week ending June 12, 1914, as compiled by the State Banking Department: Loans and discounts 1120,896,300 Inc. $447,400 Total deposits 137,420,400 56,700 Total reserve 24,916,500 Dec.1460,800 Average reserve, 19.h'i; reserve required, 15'j. Trust companies: Loans $187,139,200 Inc. $975,000 Total deposits 197,333.200 488,000 Total reserve Dec.l,024,7OO Average reserve, 13.7; reserve required, 10ft.

i i FO It HsN EXCHANGE The foreign Exchange murket opened steady, with demand sterling at 4.P3954.89, up 5 points from Monday's Demand in the morning paid, little heed to I the continued heavy shipment of gold, and by advancing to 4.R905 equalled the high record on the present movement The easier tone to the London discount market was another factor making for lower exchange disregarded by the market. Business generally was quiet 1 There was an easier trend to the market after midday, and demand sterling reacted to 4.8895(34.89, at which point it closed steady, unchanged from the opening and up 5 points on the day. Demand 4 Kt 4 ia-1 5 15 IM 115 7 III I II? Vt 7 -10 1 as 40 .1 111 40 5 10 5 64 BO- Days 4 MSa 4 Kiv 5 W4 1 US i an 04 III IH 4 11 Id Sterling 4 nmo iloclu-cd 4 MBttfcU NIKI5 Franrs .5 I lo 14 h- 8414 Marks 1-82 i lo 1 :12 (uililers on lo closed. Paris exchange on London 20fr. 18Vc, unchanged, titilui exchunge on London 20m.

unchanged. Rate of Rio exchange on London up 1-32 at 16 5-32. Silver immermann Forshay quote silver 5(M; Mexican dollars 44. London Ear silver 25 unchanged. DIVIDENDS rXCHANOEI) The New York Mutual Gas Light Co.

has declared the regular dividend of h'Jr for the first half of the calen- dar year. Six mouths ago 4rr was declared, and a year ago 5 was declared, making 9ri. for the calendar year 1913. Consolidated Gas owns 55 of this company's outstanding rtock. Dividend is payable July 10 to stock of record June 26.

Youngstown, O. The General Fireprooting Co. has declared the regular quarterly dividends of 1 on the preferred and 1 on the common stocks, both payable July 1 to stock of record June 20. E. W.

Bliss Co. have declared the regular quarterly dividends of 1 on the common stuck and 2Cr on the preferred stock, both payable July 1, to stock of record June 22. emeemem Chicago Chicago City A Connecting Railways Co. has declared the regular semi-annual dividend of $2.25 on the preferred stock, payable July 1 to stock of record June 22. Brunswick-Balke-Collendar Co.

ha declared the regular quarterly dividend of 14 on the preferred stock, payable July 1 to stock of record June 20. The Tobacco Products Corporation has declared the regular quarterly dividend of 1 on the preferred stock, payable July 1 to stock or record June z-. Boston The American Tel. Tel. Co.

has declared the regular quarterly dividend of 2 pryable July 15 to stock of record June 80. 4 National Carbon Co. has declared regular quarterly dividend of 1 on the common stock, payable July 15 to stock of record July 4. New York Mortgage Security Co. has declared a regular quarterly dividend of payable July 1 to stock of record Juna 24.

The Empire Trust Co. has declared the regular quarterly dividend of 2tt, payable June 30 to stock of record June 20.. Foreign Closing Quotations London June 16 June 15 Up Oft CpnsMs (money). Consols (account) Japanese 4 Russian 4 Kio Paris French Russian 1, 1906 Rio Tinto 78 7311-16 78 7 68 73946 73 78' 87 68 1-16 1-16 ..84.95 ..101.80 1725 ,77.10 85.45 102.00 1725 77.10 2 Berlin-German 3. CORN EXCHANGE BANK The Cora Exchange Bank will open a branch office at 207th Street and Post Avenue.

rt CAUSES AND EXTENT OF TOE BUSINESS DEPRESSION BUSINESS MEN EXPRESS OPINIONS WHETHER IT IS MERELY PSYCHOLOGICAL OR DUE TO MATERIAL CONDITIONS Fotimy Box Maker Reporte Ruth of Order Dtdlneee of BuiUtny tn Bayenne, JN, J.Shve Men Blame' 7 Pteeimiem Chair Maker Saye Tariff Cvf HnrteSnggeeted Peyeholoyy be Taught Unemployed In response to requests from The Wall Street Journal, addressed to manufacturers and merchants throughout the country, representative business men have expressed their opinions as to whether or not the business depression, to quote President Wilson, "is merely psychological and due to no material condition." The replies, will ba printed from time. to time, A few of those received follow: A BOOMINQ VMNESS. S. RusselL treasurer of the Russell Box Co, manufacturers of folding paper boxes, Chelsea, saye: We have more orders on our books at the present time than during the two last years, and our shipments for future look as good as and better than aver before. Our payrolls are running higher, and we employ as many people.

Our losses for 1913 were not more than for the two years previous: We are right in the midst of our rush season, so ould not spend time to take off figures for you, but this will give you an idea that our business is running as well as we could desire. PEBHAM A.DOXOLOCICAL PBPMKWKW. H. Colville, treasurer and manager of the Bayonne Building Co, builders of modern homes, Bayonne, N. says: i Whether the depression is psychological or doxological makes little difference to us.

The depression is on, and that- is sure. I have no particular figures on hand to give you, but we know that we have about one half the orders that we hd last year, or for any year previous, and that all pricei are down. We have fewer men working, all of which we believe is caused by general uneasiness and fear, of the public. KKOCKEKS CLI TO BLAME. AL A.

Rosenbush wholesale shoe specialists, Boston, Mass, say: In our belief, the cause of the present business depreciation is due more to the pessimism to which you refer than to any other condition that we have been able to locate. There is, and has been, for. some weeks, with the prospect of its continuance for another month, a generally quiet condition among our shoe manufacturers. Orders booked for future deliveries up to the present writing are small, and have been for the past year or two. These conditions necessitate the curtailment of the number of employes and the payroll.

It would seem that there would be no large business in this line within the next six months. Summing the whole situation up, it would appear that the public at Urge ha joined the "Knocker' Club," and the only way to reverse conditions would be to list them into a "Boosters' Club." THE WORST IS YET TO COMB. M. Wainwright president of the Diamond Chain Indianapolis, says: The Diamond Chain Mfg. Co.

are exclusive manufacturers of steel sprocket chains for the transmission of power. The product ia used as equipment on bicycles, motorcycles, trucks, machinery, and as steel belting for power drives. The growth of the business has been gradual in proportion to the growing demand for this efficient method of power transmission. Ko shutdown or retrenchment ha occurred within ten years. The present psychological depression has affected our business to the extent that we are now working with one-harf force and greatly reduced hours, with the hope that we may be able to hold our organisation together, until that time when the great industrial United States can awaken to the fact that the depression is caused by a state of conditions, and not a state of mind, brought about by a drastic legislative both nation and state.

The goose has not and will not be killed. She has been made a very sick patient She will recover only when we have decided to discharge the present doctor and call iii another. Our business is suffering from a direct effect of the reduction of 44 in the duty on chains throwing lo'r of the bicycle chain business to the foreign makers, with small hope that ws will ever be able to meet the 'om petition, even with a plant very highly specialited and operating on a 95 efficiency basis. The worst is yet to come, for the smaller concerns like ourselves are just beginning to feel the retrenchment in general business. The dip downward will soon affect the small manufacturer, jobber and dealer, and finally, and with force, the consumer, when complete stagnation will result in a stampede of the voters to declare for the fair deal to all business, both large and small.

The fundamental basis of this prolific country is business. We were born to make it our life, our happiness and our sorrow, and almost our religion. Any concerted attack on our one and only hobby is bound to have a material effect and a psychological effect on every business man, every American, from the newsboy to the captain of industry or finance. Confidence only, begets prosperity. Confidence will not be established so long as our Government proposes to operate entirely along the line of paternalism.

Our policy for the present is to sit tight on the lid, stay out of debt, live within our income and make no new extensions or investments. Self-preservation is the first law of business. CAN'T TEACH mCBOLOGY TO UNEMPLOYED. W. B.

Spencer, president of the Bridgeport Elastic Fabric Co, Bridgeport, Conn, says: We manufacture elastic webbing for suspenders, garters, hose-supporters and the like a fairly staple line of merchandise. Up to the first of the year we enjoyed a good volume of business, although profits have been very small for several years. This year opened up well, and believing that with the tariff and currency questions and some other disturbing factor removed (partially, at least) from the field of uncertainty, we would be justified in preparing for a resumption of general business activity, we made our plans accordingly, and invested considerable money to enable us to take care of the natural growth of our business. Since the latter part of March there has been a very decided slackening of demand, and several branches of trade we cater to are experiencing the dullest times they have known for years. As a result of these changed conditions of the last few months, we find it very difficult to secure orders for any but immediate deliveries, and as present demand is not sufficient to keep more than 60 of the machinery in this line busy, prices are ridiculously low.

Few of our customers encourage us to believe conditions will change materially for the better during the remainder of the year. Our plant here is running about 70 to 75 of normal, while our branch plant is only running from 407? to 60. From the best information obtainable, we judge we are doing as well as any, and better than some in our line. It is needless to say that we are not happy snder present conditions, nor do we sea any probability of betterment so long as the crowd at Washington persist in their present program. Perhaps our trouble is psychological, but we are inclined to believe that were we to try to explain presrrt conditions on that ground to those of our employes who are on short time-or out of work, they would be likely to attribute our effort to a mental disorder, which is not usually designated as psychologkaL d'STOMERS WATCHFULLY WAITING.

Barton Haselton, secretary-treasurer and general manager of the Rome Brass Copper Co, Rome, N. says: Business in our line has not been as dull in a great many years as it is at present. Our customers are pursuing the policy, "Watchful Waiting," and are not buying anything for stock, We are running four or five days par week, compared witk six days per week one year ago. We have JAMES C. FAKCO KKSIGX8 Iff-: George Taylor Sweeede ae Preeident of the American Etpreee Co.

James C. Fargo has resigned as president of the American Express Co. George Vice-president el the company at Chicago, has been elected to succeed Mr. -v With reference to the resignation of James Fargo as president of the American Express Co, the following statement Is made by the company i Mr, Jsmes C. Fargo, who for seventy years has been connected with the American Express Co, and since 1881 has been its president, feeling the weight of his years and the need of relief from the burdens of the business as well as its responsibilities, has tendered his resignation as president, which was regretfully accepted at a meeting of the board to-day.

"Mr. Fargo's connection with the' company has been exceptional in length of service, in an absolute and unceasing devotion to its interests and affairs, and has been marked by a high degree of ability in the management of the company's complex and extensive i EX-SPEAKER CANXON SMILES Candidate for Cengrtee, But Not Saying What the Voter r'V Will Do Washington "I haven't put up any lightning rod and I am not going to, but I am going to make the Joseph G. Cannon of Danville, former Speaker of the House, who is a candidate for Congress. "None of the boys want to run out in my district," continued Cannon; MI told 'em any. one of 'am could be elected this year, but they seem to want me to run." The former Speaker compared the present times and the state of business depression to lfe94, when, he Mid, the Republicans swept the Democrats out of power.

"I'm not saying what we're going to do this fall, but I'm smiling," was Cannon's closing remark. TEX RAILROADS SUSPEND DIVIDENDS IX 14 MONTHS Three Other Railroad Reduce Payments to" Stockholder Making Thirteen Affected in a Little More Than a Year The List The St Louis Southwestern, in omitting the dividend on the preferred stock, is the tenth important railroad which has suspended dividend payments in the last fourteen months. Three other railroads during this period have reduced their payments to stockholders, so that in all, thirteen railroads have been affected by changes in their dividend rates in a little more than a year. In the following table are shown the dividend cuts and reductions which have orcurred in the last fourteen months, and the amounts involved Former Pres. Former Road: Rate Rate Payment Present Payment Missouri, Kansas T.

pf .4 St Louis Southwest 'n pf .4 Colorado Southern 1st Colorado Southern 2d pf. .4 Norfolk Southern .2 Panhandle pf. 5 4 Panhandle com ......5, 3 Nkkle Plate com 4 New Haven 6 1520,000 795,746 340,000 340,000 320,000 1,373,906 1,858,653 560,000 10,801,020 188,988 1,580,215 199,738 500,000 2,306,480 LOM.IM 1,115,191 Boston Maine pf 6 Boston A Maine com 4 St A San Fr 1st pf .4 Big Four pf. 5 Natl R'ys Mexico 1st Chesapeake ft Ohio 5 Illinois Central 7 Total 3,139,630 7,650,720 2,511,704 5,464,800 32,475,096 10,588,693 SUBWAY CONSTRUCTION i Awards lor Lexington Avenue ue ana tsuie Upenea lor Eastern Parkway Route Contract for construction of section No. 7 of the Lexington Avenue Subway, extending from Lexington avenue and 43d street to 53d street, has been awarded by the Public Service Commission to the Rapid Transit Subway Construction Co, the lowest bidder, at $1,915,164.

This does not include construction of the diagonal connection to. be made between the Lexington Avenue line and the existing subway, which will be let as a separate section. The highest bidder was P. McGovern ft Co. at $2,464,768.

Bids for the construction of section No. 1 of the Eastern Parkway subway in Brooklyn were opened by the Public Service Commission when ten bids were submitted, the lowest being that of the Cranford Co. at Bid of the Rapid Transit Subway Construction Co. was $2,455,000, and the highest the bid of the Underpinning ft Foundation Co. at $2,996,254.

The section begins at Atlantic and Flatbush Aves. and extends under Flatbush Ave. to St. Marks place where it joins section 1-A. It also includes a stretch of two-track subway which will connect the Fourth Ave.

subway with the Brighton Beach Line. plan calls for sub-surface railroad having two.1 four and six tracks. The contractor will not be required to lay the tracks nor do the station finish work. SUMVAY FOR CIXCIXNATI Plans are now being made by city officials in Cincinnati for submission fo the voters at the election next November of a proposition to issue between $10,000,000 and $12,000,000 in bonds for the construction of rapid transit system in the eld canal bed in that city. It has been estimated that th construction of a subwaj system in the canal bed, exclusive of power plant and equipment, will cost $7,000,000 and the power plant equipment, downtown loop and other accessories, exclusive of rolling stock, will bring the cost to between $10,000,000 and $12,000,000.

It is expected tht when completed the new eystem will be leased to the Cincinnati Traction Co. and operated in connection with the preseiil system of surface lines. about 1,300 men, the same number, about, as one year ago, and our payroll is about the same. Collections are slow, and prices are not as good as they were one year ago. We have about thirty days work ahead, whereas we usually have about two months work on the books.

BRIGHT OUTLOOK fOR CONSTRUCTION WORK. Daniel Foley, president of the American Construction contractors for streets, sewers, bridges, concrete, excavating, etc, Indianapolis, says: The outlook for business is better than it has been for years in all kinds of construction work. It was very dull a the opening of the season for out-of-door work, which we attribute to the fine weathei of December and January, which permitted contractors to get their work all cleaned up and little was carried over from last year. This makes the season a little later in starting than usual, as we had nothing to start on and we are of the opinion that most other contractors were ia the same position. REPORTS OF BUSINESS CONDITIONS from presidents and secretaries of many large companies representing fifty different branches of trade have been obtained by the publishers.of THE WALL STREET JOURNAL and what they have to say will be printed in the columns MORE CDEERFUL; FEELING 'j IN LNFLUEIHTIAL QUARTERS BETTER TONE INSPIRED BY; PROSPECTS OF FA VORABLB RATE DECISION AND A X' )i BOUNTIFUL HARVEST Investor SUno Accustom Thetnoehee to the Proposed Law to Govern "Big Af- jetted by Effect of, Tariff taw and the 'i Gold Movement Abroad Fer- i eignert Beeome Ntrvoue Adams in the Boston News Bureau says: The stock market is not yet selling "ex" demagogiam.

It is still quoted Washington "on." Free trade-does any sensible person the main causa of this remarkable movement in the Wilson-Bryan tariff has sent nearly $40,000,000 gold abroad in five weeks and over $56,600,000 since the opening of the year. Between the two oceans the jobless, I am told, number 2,500,000. Briefly, confidence is at a discount while unemnlovment ia at a nramium. These discouragements, however, no longer dominate sentiment The more cheerful financial feeling I noted last week (in certain Influential quarters) still exists. Partly it is based in expectations of a favorable rate decision in part on the agricultural position In the great grain and fodder producing states of the country.

But it is a curious commentary on political and sociological conditions thst as yet brilliant wheat and better railroad prospects have vitalized the market scarcely at all. Investors are slow to accustom themselves to proposed new laws to govern Big Business. A number of money lords have temporarily withdrawn from the market place and in foreign lands. The financial leaders who remain at home continue negatively bullish. Their Immediate surroundings, needless to add, are not designed to make them aggressively so.

Anarchy at their front doors is hardly a spectacle to make the Rockefellers feel like buying half a million shares of stocks! These considerations, of course, help to explain the absence of potential initiative. But in spite of them the outlook is for greater activity speculatively and marketwise. Every lane has its turn. It li not in the nature of 95,000,000 of hustling Americans to be long commercially inert It is not in the cards for Wall Street to be indefinitely stagnant and without leadership Once the incentives arise to bring leaders and the public into action. That Colonel Roosevelt is getting ready to pitch the r.rogressive party (figuratively, of course) into the River of Doubt is a deep seated conviction in well, in some of the most exalted financial circles in New York and London.

Governmental persecution that is, the policy of the Interstate Commerce Commission has caused many foreigners to sell their American railway stocks the past few years. Now comes the proposed Interstate Trade Commission vested with much the same powers as the Interstate Commerce Commission. Foreigners hold large quantities of our industrial They are getting nervous, international bankers tell me, over this prospective law. But up to now they have not vented that feeling in sales of their industrial stocks, Politics, find, begin to crowd out the rate decision as a topic among men of business. This is due to the class legislation involved in the interstate trade commission bill.

That measure exempts labor and farmers' associations from nuAaAjMiMnn nhifov iha anfi.fmaf lawt. Mnni, annrnnrtAtol for' trust prosecutions cannot be used to pay for suits against the unions. The President is on record as opposed to these principles. The business world is tremendously anxious to know how he will get round them in dealing with the trade commission bill. In many quarters, I believe, there is a deepening conviction that the Presidential backbone is decidedly less rigid than it was only a few weeks back.

New York is the only genuinely free gold market on the globe: What a hubbub would have been made in Lon don or Paris last week, if withdrawals of the metal from either of those great financial centers had approximated the quantity which has been shipped from America 1 E. P. Ripley thinks government control oi railroads is not far off. So does Charles S. Mellen.

Newman Erb has the same notion. A number of other authorities, equally eminent, hold the same view. Railway officials these days have so small a managerial voice that government control might almost be said to be already here. "What is the head of any big railroad," a critic remarked to me, "but a figurative rubber stamp?" Many of Wall Street's big men including several of its principal market makers of a few years age are now on vacations in various parts of the world. Some of them will remain away until September.

Among these are Daniel G. Reid and William H. Moore. It is the general impression, I believe, that Judge Moore and Daniel G. Reid are absenting themselves in order to avoid testifying in the Rock Island investigation.

There is nothing in that The former is on the other side for his health and medjeal treatment Judge Moore is a factor usual at the London Horse Show and may, after all, cut short his trip abroad for business reasons. Other capitalists and bankers now in Europe, or on their way there, are William K. Vanderbilt, James Still-man, Frank Munsey, George J. Whelan, Henry Sachs, William Salomon and Otto H. Kahn.

Folk Will Not Go to Ronton Washington Chief Counsel Folk announces that ho has cancelled his engagement to address the Massachusetts legislature today. Folk several weeks ago accepted! an invitation from Representative Murray of Massachusetts and was expected to speak on the New Haven and Pnriu A Maine Railroad situation. Press of Government business prevents him from keeping the engagement. 'Philadelphia Paper Quits Phii.Aoinhia Frank A. Munsev announces that tho Evening Times of Philadelphia has ceased publfcation.

Pcm-onal Among passengers who sailed on the Kronprinicssiu th North Orman I.lovrl Line were T. R. president of the Southwestern Division of the B. ft ex-Senator Chauncey M. Depew, Nathan Snellenburg of Philadelphia.

W. H. Swift, Senator James J. Frawley and Vlckcry Gibbs. Anwino Jio naiuvnrari nailiiur on the Vaterland were: August W.

Buach, Ogden L. Mills, Paul J. Rainey, Senator t. W. Wateon, J.

uoraen narnman una Meyer. She carries 720 first cabin, 620 second, 800 third and 900 in the steerage. J-. lU. V.tlnnal tfUlf Arthur Kavanagn, vice-presiueni ur mo iuni Bank, sailed on the Vaterland for a short trip on tha continent.

T. P. Shonts, president of the Interborough, sailed for Europe on the Vaterland. He ill be gone about six weeks. Edward C.

GiUon and Arthur Cave have been elected members of the Consolidated Stock Exchange. of this paper. SUBSCRIPTION ORDERS (SIJ.00 PER YEAR OR PRO RATA FOR SHORTER PERIODS) WILL BEOIVEN IMMEDIATE ATTENTION. COPIES0N SALE AT HEW S-SfAHDS EVERY DAY.