The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-27
MARKET RALLIES
TOWARD CLOSE
READING AND IEHIGH VALLEY
LEAD WITH BEST PRICES
OF THE DAY.
BERLIN SELLS STOCKS
COAL PROPERTIES ARE AGAIN ne
INC NANIPULATED AND Ho&pS
PREPARE FOR THE PAN
ANA CANAL
BERLIN SELLS STOCKS
u, Thomas {. sllotwelI.

Nm DIRK, July 2o.--Readlnc
ana Lehigh Valley led a rally in me
s'pck naFhct this afternoon that clos
=p TIE llst at the best prices Of the
Gay ana with net gains in most OF
the standard issues Several special
ties were active. Can preferred and
Plttsours Coal preferred, making new
hisn records for the movement. Beet
sugar was we'll purcha sed. London
markets were unsettled. hut the
MOROCCO affair has now reached d
crisis and will probably he settled in
r. aaF or two. Consols moved Ia a
new low record selling az 17i3-is.
shortly after the opening the stock
market was subjected To considerable
Pressure. There was some mystery
about the selling. 1t went down on
loo share lots, Traders are all turn
ed bearisn imagining that the big in
teres,s were dispieassd with the in
terstate commerce commission regard
Ing transcontinsutal freight rates
1t WAS also discovered that Berlin
has sold 5000 shares Of real stock
ON Tuesday. The traders had 10
sooner started selling the market.
however, than a rally began This
rally fattened out. but around mid
DAY another WAS begun that was IN
fuii swing 1T the close of the session.
/; is possible that the coal stocks
are being manipulated again by the
same old gang OF bankers, hut in
respectable quarters the opinion is
held that this time there VIII be some
rev financing by Reading and Lehigh
Valley. All the lawyers know that
II IL only question Of time when
the coal carrying railroads will be
compelled to separate the coal bust
ness from the railroad business. X
is now proposed 10 organize in Penn
~ {Aensa a. SO parate SAsal~compaD for
each railroad This coal company
Will buy from the railroad after which
1t Is named all the coal produced by
the mines of that railroad.
Having purchased the coal in the
open. market those coal companies
viii be at liberty to dispose of IL as
they please. This Will be in obedience
to Law ind the arrangement Will not
force the railroads to dispose of any
OF their coal properties The law as
construed by the best authorities does
rot prohibit the mining OF coal as Ii
is new carried on but simply as to the
methods of transportation and sales.
Pittsburg Coal preferred has &C.
cumulated dividends standing 10 it's
oieoir. The deal with the United
States Steel Corporation will enable
tne company TO finance these back
dividends. Both Pittsburg Coal and
Can preferred are considered good IN
vestments even by first class bank
ers.
s.. George Westinghouse fight for
control OF Westinghouse Electric Com
pany had not been decided at the
close OF the market day, but he
had slready gained a moral victory.
Dividends Are Demanded.
The American Car and Foundry
parently gone Mnreasonahly far in
terrifying Itself with cash. Too much
cash in a treasury is a constant temp
tation Even poor old Erie is being
criticized for not paying dividends on
its preferred stock. Beet Sugar is
company that ia preparing to make
some dividend payment TO escape cri-
ticism on this account But IL Con-
gress really reduces the sugar tariff
American Beet Sugar cannot compete
with that OF Germany.
Postponement for Axe years OF the
time within which the insurance com
panies must dispose of their stock in
vestments had a beneficial influence
ON the market In quarters where the
Interstate Commerce Commission rul-
ing on long and short business was
understood caused buying of stocks
1t Is an economic waste to haul pro-
duce across an entire continent This
decision. taken in connection with, the
building of Panama canal. will force
the railroads to use the Pacific coast
and tho Middle West as distributing
centers.
The railroads will organize steam
ship companies when the Panama ca
nal IS finished. and having the BUSH
ness organization already perfected,
they will get the bulk Of the Panama
business. Instead Of the freight train
dragging millions OF tons across the
deserts and the mountains of the
Middle West to reach the ultimate
consumers. the freight win be car
ried from the Pacific coast eastward
as far as the deserts and from the
Great Lakes, the Atlantic and the
Gulf westwards.
New York Money Market.
NEW YORK, July 26.-- Money on
call at the Stock Exchange to-day
opened at SIS per cent. highest.
. liz, lowest Ia. closing at : 3-s
per cent, Most of the days loans