The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-26
HISTORY REPEATS
IN WALL STREET
MARKET AGAIN DISCOUNTS DE-
CrsIoN or INTERSTATE COM
MERGE COMMISSION.
LOOK FOR AN APPEAL
STEEL CORPORATION sHoWNs AN
INCREASE IN EARNINGS FOR
SECOND QUARTER OF THE
YEAR
LOOK FOR AN APPEAL


NE" YORK, July 25.--Action Of
the stock market to-day was
demonstration of the principle that
the same TACT cannot be discounted
twice in Wall street, More than a
year ago the Interstate Commerce
commission decided that the rail-
Foaos must not charge more for IA
short haul than for long one, The
market discounted it at that time.
w hen the same decision wss rea firm
cd to-day professional traders began
selling stocks freely and IL caused
break Of . points or more from
the high prices Of the previous day.
But the decision had been discount
ed once and the rebound was as swift
AS the break. The new decision re-
ducing some commodity rates 20 per
cent. had the effect of checking the
markets advance. The result. Of the
days operations was TO build up
something OF II short interest and to
improve the technical condition of
the market.
More good news from the agricul-
tural regions caused q further break
In cotton and In grain prices. Cotton
touched new low levels for the year
Expect Appeal.
Perhaps one of the reasons for
the small influence that the Inter
state Commerce Commission had on
prices was the fact that an appeal
will probably be taken. But even If
the decision stands as rendered il Is
not of great Importance to the stock
market. An expert figures that the
reduction In rates that will result
from the ruling viii, on the basis
of the tonnag. now being handled
cut down the net earnings of Union
Pacific. 100000 a year. which is ]
per cent. OF the common stock. II
will mean a loss of about 81. 100000
To the Hill roads. great Northern
and Northern Pacific. AS tonnage is
running light just now and as greater
traffic will develop "a business re-
wives. II Is safe to say that this de-
clsion will be forgotten in half
sy>easY eo~sT~a' -'t'7'.''', ~ ~
In addition to the steel earnings.
which We're considered favorable,
Wall Street had cheerful report
regarding Lehigh Valley. 1t is now
said that Lehigh Valley will organize
in the near future coal company
srpder the laws of Pennsylvania.
which will purchase in Pennsylvania
all the coal produced by the I-ehigh
Valley properties in that State. Stock
of this coal company Will be distribut-
ed as a dividend to the share holders
OF Lehigh Valley. This will end the
Interstate Commerce feature of the
coal business by Lehigh Valley II
Lehigh does this then Reading Will
do likewise.
steel Corporation Earnings.
Net earnings of &2S.10Ss62o were
reported by the Steel Corporation for
the quarter ending June 80. These
earnings Eompare with S2a.sls.2o S
for the frst quarter OF the year. The
earnings ara greater than the street
had expected, but the monthly rg-
ures were q surprise. 1t has been
believed that the earnings OF the
trust were increasing since the end. or
April but June was the smallest OF
the three. The monthly figures were
as follows: April. sa,412.s75; May,
June. $s.1oS.50s. Steel
men say however, that the July bust
ness 10 very much better than any
month in the previous quarter. The
regular dividends were declared
Fines imposed upon several score
of wire men who pleaded guilty to
pooling several years ago was not con-
sidered OF Importance. because the
pool ceased to exist long before the
the wife' men deny that airy pool Is
In existence now.
Political affairs in London unset
tied the foreign markets Consols
sold down TO IS, which Is tho low
est price ever touched by them aimee
the interest was reduced 10 . la per
cent. yearly. As a per cent. Issue
they sold In 1891 as low AZ IA 81.
which would be the equivalent OF
S2rl-A for the present taaua.
Hesitation of Canadian Pacific
stock. now that reciprocity has been
adopted by the United States. Ii due
partly to the fact that the measure
has more opposition In Canada than
Ii had in the United States Cana
dian Pacific people claim that rect
procity VIII not divert any grain traf-
fc to the United States from Cana
da. They say that because OF the
over capitalization OF the Canadian
Pacific grain can be carried to the |
seaboard cheaper by railroads In Cam
ada than by water IN tho United !
States.
New York Money Market.
NEW YORK, July % F2fe !
months money is now auoted at n /
irst rate of 3 IL per cent, instead !
,f l-4Ga on Monday This is due |
20 the fact that this date natures In |
he last week OF December. There |
u stu some inquiry for over the |