The sun., 1910-06-30
EINANCIM AND COWWERCIlL.
wRpNEanAY. June q

WEDNESDAY,. June -
M downward mOvement In stoohs
to-day acquired suffictsnt momentum 70
Generalization Extreme declines oc-
curred. running trUm 70 above points
IN the standard shares and making a
record Of a general break In the market
IN the last tive days greater than any
similarly shown IN the course u the prps-
cnt year A. the close a rally took placa
which m sOmc Oases ran 90 the extent
II a point But present quotations oI
the prominent railway and industrial
st 'Cas arr II course nov not only far
below those made at tho beginning Of the
wear but are also decidedly lower than
those recorded a year ago at this date,
even IN those stocks upon which dividend
increases have been made IN the mean
time Their, was no prsteace that the
fail IN values to-day was In any way
connectsd with developments in the grain
mari q or was AZ all other than the result
% large and II may be cnforued liquidatinn.
80 far "a the market condition was affected
10y the agricultural situation Il was helped
rather than hurt. Wheat prices broke
heavily t1-day. first because Of a well
nigh universal realization that the recent
rise therein had more than discounted
whatever damage has been done % the
agricultural prospects a. a whole by the
drought and hot weather IN a limited [
portica II the Northwest. The corn /
options advanced a little. a. did those Of I
cotton. the theory being IN the case Of /
cotton that a little too much rain was !
falling in me South for the best crop re- !
suits. But Il was evident that no one in /
Wall Street was paying any attention
whatever to-day to either the grain or
cotton exchanges. The failure of th-
market 20 rally Yesterday after It's largr
decline was unfavorably commented
upon. and the market was in ieverish ,
and m no way encouraging state when
the news came from Washington that
the Interstate commerce Commission !
had handed down a decision reducing /
freight rates upon all the transcontinentAl /
lines. The presumption that this would I
mean a heavy decrease in the revenues
of the railway companies provoked a
further outbreak OF selling of the Onion 4
Pacific and S1uthen Pacific stocks par
tiruarly. which carried down the general
list of stocks ~ well and for time threat
cned a semi-paEic.
ij nus, no admitted that the present
was an unfortunate Inns for the announce /
rent Of decision of this character by
he Interstate Commerce Commission:
hu, l--espcCtivc - the merits Of the case
d must ~ said IA; to-dlys action by
tte c1m~isgion has long been foreshad.
owed Vll: are known ~ the inter
rour ain rates that u % SAy from omaha
r Cc-taIn points "-unt; the Rocky Noun
t'ins bit this s,ds Of tho Pacific cNast.
have boen n't-s jy higher than they have
b. Cny ctAc- SOC; or In ordering thase
q. % re4uOcd ;Ao commission seems only
- Rave uado an 40, lioation of the prin-
.trlo n-~lvod ia iho so-called l7ng and
snort haIl Cl1 - q tbe railway rate
bin ius- 0assed ny congress The nov
.aW grcvid~s tha. il shall be unlawful
&C. any cl--io' t, receive any greater
-onpcnvCti-r TO. Transporting people
r. f-plgh. f0- e sno-ts- than for a longer
is--ac" LnlnaB E!ch greater compensa-
.rn may 10 authorized BY the Inter
-;zts Curame-ce Commission in special
a2sos Ncitle was tho inference az all
Justified nads in many quarters Of the
inancial district to-day that this decision
n the commission indicated that the
commission would act unfavorahiy re-
yarding the application of the Elstssn
md csatTal -lilway lines for an increase
= freight rates The situation as re-
cards the roads IN these sections u en-
i-elv dtEe-ent from that IN the extreme
v es;. and Il may he said that all we'll
people in the business and
ailway world are looking forward With
'onfdence % a comparatively speedy
4ocsion ~ the Interstate Commerce
omu Ission granting increases Of railway
-atss in tho country east Of the Miasis-
dppi River Sterling exchange again
moved to-day slowly hut unmstakably /
D the direction of gold imports Money
-ates continued easv A published batch
4 monthly railroad earnings as they
Ferr n ade known presented rather
,etts- showing : an they have done latelv
lhe Readings nct for all COMPANIES
ncrsssed In Nay over 1851 IN The Union
pacifcs gruoE increased 81 .Oae an and
IA net ssSe NJ Nher9ls m Arrll tho net
increase ot the road was hut so mn. The
southern Pacihc's May gross increased
b 80 0NO ana ita net tSs7 .OOO as against
4 not decreass IN April NJ Sos DOO Not
~
Tho Rock Island. whose gross earnings
Tr Nav increased tlp0.Ono. hut whose
net d-~Teasad s76H ODo Nevsrthelasa ~
il rranfeSi fr1u this thai a rather notable