Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-07-01
RATE DECISION FORCES
ONLY MODERATE LOSSES
Strength Shown Taken to Indicate
Sound Condition in
Market.
By the Associated Press.

By the Associated Press.
NEW YORK. June 30.-considering
widespread interest In the freight rate
situation. 1t was general opinion that
todays short session demonstrated the
stock markets sound condition. Re-
fusal yesterday Of the IS per cent In
crease asked by the railroads resulted
in extreme losses OF 2 to points In
most Of the more important railway
shares. st. Paul being tho chief suf-
ferer. Coalers. transcontinentals. trunk
lines and low-priced issues which had
most to gain by favorable action reacted
to 2hs points.
Industrials. equipments and many
unclassified stocks were carried down
i to points in the early movement,
but recovered with surprising ease.
carrying the entire list with them
Features of especial strength were
Midvale Steels and Colorado Fuel.
Great Northern Ore and Republic Iron
at actual advances of more than 3
points.
Net Gain for q. s. Steel.
United States Steel made net gain
Of II point after having lost more than
point and Baldwin and American
Locomotives, New York Air Brake,
American Can and the Petroleums
closed at advances of l to almost 3
points. Industrial Alcohol, Ohio Gas,
General Motors and less active special
ties rallied from early losses to ma
terial gains, the market closing with
burst Of strength. Total sales amount
ed to 100000 shares.
Redeposit of liberty loan funds was
clearly reflected in the bank statement.
or,
500. O0O. 900. largely correcting the adj
verse conditions of recent weeks.
Actual loans expanded by slightly
more thar $4,000. 900 and reserves in the
local federal bank increased s1o7 900. 600
Rubles were quoted at the new mini
mum Of 81 cents. but that figure was
nominal rather than actual
The bond market was irregular on
small offerings. Total sales. par value,
aggregated $1.360.00o. Liberty bonds
on actual sales during the week. but
other United States issues were lower
by fractions to almost 3 points.
Week an Uneventful One.
The week in the stock market was
devoid Of important developments,
aside from the restoration Of easier
money conditions and the interstate
commerce commission decision denying
in the main the plea of the railroads
for a horizontal rate increase.
1t is too soon to judge the effect Of
this decision. but interests identified
with the largest transportation lines
profess to and some encouragement in
the few concessions granted.
Financial statements submitted dur
ing the week from railroad, Industrial
and commercial interests were of un-
usual promise and the decline In cali
and time loans was the automatic re-
suit of redeposits made by the Treas
ury for the liberty loan. The coming
fortnight will witness very heavy dis
bursements, however. for midyear in
terest and dividend payments. and this
outflow may have tendency to harden
money again.
Temporary cessation Of the gold in
flow, which reached a total in excess
Of 500, 100000, were offset by exports
of about $12.000.000, mostly to Japan.
Apart from the steady impairment of
Russian exchange. which now shows
depreciation OF almost go per cent,