The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-07-23
STOCK MA.R'|K|E::.T'||.N
! M |. RU1 IT
II II - - x #
Likely to Remain So for Some
Time, Though Forces c''Y:t,:' AZ Are s:.
Working for Improvement.
TRADERS VERY y s ';l''| CO: I.
Notwithstanding General Pros
perity Dealers Appear t. Is See Sec b
Something Portentous.
b w. q. Nicholas.

E l9V wv NJ AVANAAOASaos II iiG.
y NEW YORK, July 22.--Most traders
In the stock market who were strongly
bullish when stocks B averaged twenty
5beariyi at the slight recovery from the,
inside quotations last week. Three
months ago they could SEQ no reason
why prices should not keep going night
$uu: now they refuse to recognize any
excuse for recovery IN market values
The mere fact That there has been q
total shrinknRe OF about 81. 600, 900, 900 In
the Quoted prices OF securities within the
last ninety days and that tho market
therefore must be that much nearer beds
rock, makes slight Impression: Tho coun-
try at large seems TO be fairly reve!-3
Ing In prosperity, yet the e RANK ana ,l,e
OF Traders cannot get 1T out OF their
heads and something portentous is
hanging over tho market, All they can
see and know positively 3 Is that there
has been heavy liquidation OF stocks Tor
inside account since the spring BOOM
grhe speculat tive end Of their argument
"a N grounded almost D entirely on the
chances OF tight money during the fan
and winter months. and on reasonable!
certainty that, the political campaign this
year will be unusually full OF ginger, with
radicaism in the forefront OF agitation
The stock market is Likely to remain IN
q professional rtt for some time, although
forces seem to be working for general tS
ga 53
The New Rate Law.
81 Tho prospect OF n agita ton for tariff
revision Is not the only. disturbing thing
confronting the street trust. 1t is face,
to face with the new rate law, which.
distinctly and directly prohibits corpo-f
1na1 rn1o
/ OF manufacturer-produce and that OF
common \ carrier. s4f&s The steel trust owns
I, 900, 900, 600 tons OF Lake Superior iron
besides /, $50 miles OF railroad and q
great lake Il feet. by virtue Of which It
obtains d freight advantage OF 32.4O per
ton over competitors on practically every
ton OF pig iron It uses. The steel trusts
output is now on a basis Of about ~
900, 900 tons OF pig iron per year. Stated
In gross I this represents an advantage
over competitors Of about 25O00:00O per
annum in the matter Of transpo rt ia ton.
II obliged to part with Its transporta ton
asset and stand on an equality In that
respect with its business rivals II In the
iron and steel trade It would sacrifice In:
a large part the advantage aof 81. 40 per
ton which It now en- Joys. The item4o Of
t$26, 900, 600 n year or any major percent
age thereof. would beSan 5important&m mat
ter In the income account OF the steel
trust, overwhelmingly gigantic Tough It
u.s.. In the very first section Of the newly
enacted rate law 1t is specifically stated
that the provisions OF the act shall ap-
Yply4to .'any corporation - and to any
common carrier or carriers engaged In
the Fla transportation OF passengers or
property wholly by railroad Tor partly by,
railroad and partly BY water. when both
are used under the ~ common control.
management or arrangement for a con-
#tinuous carriage or shipment) from one
| State or Territory of the United states
or the District OF Columbia, to any other
State or Territory Of the United States
or the District OF Columbia. TX
Further along in the same section Is
found this iron toothed paragraph. which
seems to have been constructed with
special view its application to the steel
trust, although It applies with equal
force to every corporation transporting
It's own products in competition with the
business OF the general public. The para
graph reads 3 From and after May LIST.
1908, it shall be unlawful for any railroad
company to transport from any State,
Territory or the District OF Columbia. to
any other State. Territory or the District
of Columbia, or to any foreign country
any article or commodity other than
timber and the manufactured products
thereof, manufactured, mined or produc-
cd by 1t, or under It's authority, or which
1t may own In whole or In part, or In
which It may have any interest, direct
or indirect except such articles or COM
modities as may be necessary and intend
ed for Its use In the conduct OF Its bust
ness as q common carrier. = "
H It will doubtless be urged on behalf
of tho steel trust that Its railroads and
lake fleets are lesitimately part and par
eel OF It's mining and manufacturing busi-
ness, and. on that account, exempt from
the provisions OF the rate law. On the
other hand, 1t Is argued that every foot
OF railroad owned by tho steel trust built
under State charters must, for that ren-
son, IL no other. come under the head
Of Common carriers nm obligation from
which the properties cannot FREQ Them
selves. This may or may not amply to
the lake fleets Owned by the steel trust,
although 1t is understood that they. too.
make pretense OF being engaged in the
general transportation business. MS owl
denced by published freight schedules.
etc. NJ x II ~ y
Uneasiness Over Future,
Judge Gary, chairman Of the llxecu-
tive Committee, went on record in q
law suit against tho steel trust with an
estimate of the value Of the railroads
and lake fleets OF the corporation at
about 100000 600. Tho trust railroad nile
age Is In pennsylvania, Ohio, Indiana.
Illinois, Wisconsin,, Michigan and Minne-
sofa. 5, ASH
II is more than likely that tho myste-
a AafaaI el, Ma,