The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-30
|ERE DECLINE IN
| PRIZES OF STOCKS
pn Pacific Rate Decision
Causes the Weakness
SUPPORT is GIVEN
hears Take Matters in Their Own
Ids md Uniting Forces Cut Down
Pricas Heavily In General
Assault on the Market

Cons announced by the interstate
cree commission in a NUMBER OIL
tant rate cases affecting portions
traffic of practically all the great
sentimental lines. The terms IN
tho objections to these rates had
contested by the railroad officials
selves in the course of hearings in
ineton and the disastrous conse-
"a nredicted bv them in the event of
Injections being sustained came BACK
|nfront them today while the prices
cir company shares were crumoling
Generalization.
market was in no condition TO
stand the torrent of selling orders
was let loose by the news and the
n nrices proceeded with a rush.
force of the news was Ivy grad
realized and the market was In
of comparative tranquility in the
ing For some time after the news
cies had circulated the bulletins OF
Interstate commerce commissions de-
MS the awakening was slow. Ihe
made another effort to collect their
IS and took every advantage of the
,tion. The demonstration came from
onicx subsistence of demand for
rs when any striking tendency to-
ls recovery of prices became man
la neriodical recoveries in the morn
we're consistent with a more hopeful
np. that was prevalent about crop
litions. Spring wheat damage re-
8 were still received in large volume
. the immediate forecasts indicated no
y from the drouth where most dis
is being felt.
re was more disposition however to
n the limitation of the areas most
Ted and the consequent reduced eff
IN the total crop of the country will
1t it is asserted. The encouraging
rs from winter wheat and especially
corn helped to neutralize the anx-
Y yer spring wheat.
Number OF the railroad net col hiii5
Is of the day showed better COM
bns with last years corresponding
Is. This was true with recent re-
Cash holdings of Reading and
and Southern Pacific reflected that
had been considerable increases in
Earnings for May in spite of the
Gus margin of increases in operat-
Expenses.
the metal trades there was sharp
Urn in the prices of copper in Lon
and consumptive demand in this
katry was reported large although with
iction still sustained.
weeks volume of business in pig
rows an increase and the downward
Prss of the price encounters the resis-
ce due to its approach to the cost of
duction. The hopeful views expressed
Hartman E. II. Gary of the United
g.es steel corporation over the trade
ook had it's part in shaping opinions
r conditions. After being dormant in
lkers offices for part of the morning
reports of the interstate commerce
ecisions were taken up for consid-
In. The text conveyed very little
lie understanding of the majority of
ytrading element owing to the highly
meal nature of the subjects involved.
percentages mentioned as appl, ing
(the reductions ordered were seized
/ n as affecting gross traffic figures
supposedly had it's effect on earn
j of the numerous railroads concern
Collateral effects were deeply OK
\enced in the whole railroad syste ms
|khe country. 1t was in this mood that
lie ! Pacific was sold down 6%. Reading
Missouri Pacific AZ, st. Paul, South.
/ Pacific and Louisville and Nashville
.hnited states Steel. 3s4. and a long list
Iother stocks / to SNroints. The first
h to cover of the shorts and the re-
ksg rally was followed by q fresh
in prices but the market closed
a seq ndary effective rally In pro-
hds we're weak. Total sales, pss
he, s., ss5. 600: U. s.. bonds were ar
Dnged on call.