The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-09
SOME HESITATION
IN STOCK MARKET
Advance of Previous Day Was
a Little Too Rapid
SELLING FROM ABROAD
a"estion of Railroad Earnings VIII
Affect Market as the Railroad
Situation Is stfn in an I'm
settled Condition

New York, June S.-There was some
speculative hesitation reflected in the &C.
ton of today's stock market, partly due
TO the rapidity of the advance of the day
before. and partly to the conflict over the
situation created by the railroad rate set
tlement. The contrary views expressed
by railroad executives themselves was
responsible for the conflict of opinion and
especially the announcement by President
Brown of the New York Central that
work calling for $1,000, 900 expenditure and
orders for freight cars which had been
held as result of the rate Injunction
would be resumed in contrast with the
assertion of President Ripley of the
Atchison that his company would not de-
part in any degree from the policy of re-
trenchment decided upon after the action
of the government against the rate ad-
vances.
London Joined in a substantial way in
the early selling and brought about by
these conditions. The heavy selling of St.
Paul and the discouraged feeling ex-
pressed in a published interview with a
capitalist prominent in that party were
corroborative of the conviction that di-
vergence of opinion existed between
prominent groups in the financial world
Much attention will be given to the
question of railroad earnings, as they
would be affected by the postponement
of rate advances until approved by the
commerce commission and the probable
period of the postponement. That the ad-
vances would ultimately become effective
was the assumption. Railroad earnings
for March are the latest for which COM
prehensive returns have been received by
the commerce commission from SO per
cent of the total mileage of the country.
The increase in gross earnings In that
month over March of last year were
shown to be ,15.54 per cent and in net 11.62
per cent. Last years earnings for March
had already shown increases over the pre-
eeding year, 1903, In gross and net The
loan year of 1908 for March had registered
a shrnkage of about $s4,o0o,0oo In gross
and $4,000, 600 in net. The year was made
up in part by the heavy expenditures now
current, although the prospective ad-
vances in wages are pointed to as addi-
tonal future requirements. The May
statistics of the Copper Producers asso-
citation offered little ground for encour-
agement, the production for the month
having been the largest with the excep-
ton of October for last year being the
largest increase in many fiscal years.
The total surplus which is thus brought
up to 13,500,eoo pounds represents six
weeks consumptive requirements at the
present rate of demand. Quotations for
copper were lower both In London and In
New York. An increase of pig iron stocks
In May caused and induced a prediction
by the Iron Age that the blowingout of
furnaces has not gone far. Some mallea-
BILE industries and amalgamated copper
were a feature OF the late setback In
stocks. which closed at small declines.
favorable view was taken of the govern
ment crop report, although Its appear
ance after the wheat market had closed
left no index to be worked over. Stocks
for London account were reduced on ac-
count of the discount rate.
Bonds were firm; total sales, par value,
s2,o61, oo0 United States 2s, registered,
advanced~m per cent on call.