New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-30
FINANCIAL MARKET
July Railroad Earnings So Far
Received Show Gains.

The stock market has relapsed into a
traders affair. Liquidation for the time
at least, evidently has been completed.
and as a consequence opera tors on the
board are less disposed to put out short
contracts, while sentiment IN speculative
circles is not as gloomy as recently re-
ported. In yesterdays transactions IT.
regularity was noted in price movements
throughout the day, but the general
tone was good, although In the final
dealings a reactionary tendency devel-
oped, leaving closing figures. as a ruA
under the last In Mondays speculation.
Canadian Pacific. Lehigh Valley and
Erie were helped in the morning by ex-
cellent earnings reported by the com
panies for the month Of July, Canadian
Pacific showing a gain in gross Of S792,
594 and a gain in net of S21s,4Os; Lehigh
Valley q gain Of S215,375 In gross and
gain of S133, $50 in net. and Erie gain
of 1924, pa in gross and S119,476 In net.
Since the Erie started on its work Of
Improvement in 1905. when under a new
operating policy the company began to
build up its physical property, the road
has shown an increase in gross earnings
of S6,7I5, 672 a gain in net of SS,6I6,63l
and an increase in surplus of SI,O13,S34
after a gain in charges of $780, 91.
The Erie has the confidence Of the ship
pers, and the traffic il lost under an in
efficient MANAGEMENT is now coming
back to the road. The company con-
tinues to spend money for improve
nents. and while holders Of the stocks
are warranted in looking forward 10
dividends ii does not appear prooaDie
that any action will be taken in the near
future. The selling in the last hour
was for the account Of operators VINO
had Manor profits on the long side of
the market and selling by traders VINO
thought a quick turn could be made on
The short side to-day owing 70 the well
circulated belief" that strike on the
Hartman lines could not be avoided.
Rock Island was weak feature: also
International Harvester. On the curb
STANDARD Oil advanced a. points
Chicago exchange on New York is
moving to a discount that suggests in
creased shipments Of currency to the
interior in the course Of the next few
weeks incident to crop financing require
ments. Money is in such good supply
throughout the country and the general
demand for accommodation is so light
that the outward movement Of funds
from this centre doubtless Will he roid-
lively light I'm the autumn, while AT the
moment there appears to be no chance
Of stiff loan quotations at any time N
the coming months, although iali rates
doubtless will rule considerably higher
than those nov reported. Can money
H. this market has not been quoted
above % per cent since last January.
Iaet tear the highest rate for call money
I'm the autumn was a., per cent, and as
tbo local banks arc in stronger posi-
tiop at present than they were year
ago. while the country has large pal
anco Of foreign trade in its favor, Civ
ing New York tho power to draw gold
from Europe if the metal should he
needed. il does not appear probable that
last years rate will he exceeded at any
time in the rest of the current year. or
course. If q big bull market should de
veIop and an active. mercantile demand
should arise the money market would
assume a different complexion. There
arc TOO many uncertainties in the 20
ljtical and labor situations 10 encourage
the hope that business in the near tut
mr.. will RIM much beyond the limits Of
dav-to-day operations. and an extended
bull movement on the Stock Exchange
does not appear TO be in sight although
q good sized rally is due.