Norwich bulletin., 1910-06-03
FINANCIAL AND COMMERCIAL,
SPECTATORS PAUSE A LITTLE
To Review the Situation in Western
Trunk Line Freight Rates.

New York, June 2.-The speculation
in securities today showed a DISPOSE
ton to pause and take stock of the
situation created by the injunction
against advancing western trunk line
freight rates. There seemed to be a
consciousness developed that the head
long rate at which the damage feared
from this action was being discounted
might have in it a quality of needless
ness The question arose in the mind
of eager sellers of Stocks whether they
might not be sacrificing their own
holdings and at the same time plaV-
ing into the hands Of other spectators
over whom they were seeking to obtain
advantage The new measure inaugu-
rated by the department. of justice re-
manned the central topic OF discussion,
but that discussion showed a creeping
lack of clear conception of the proper
significance to attach to the matter.
On the part of stock market oper-
atOrs and, to some extent of railroad
officials, there is heard some criticism
OF the western trunk line committee
for the methods they pursued in seek
ing the rate advances which have been
enjoined. The fact that one agent was
used by all the railroads in fling no.
tees of the advance is cited as almost
challenge to the government authori-
ties to test the prohibition of rate
agreements in the antitrust law 1t
is supposed that the advocacy of an
amendment to authorize agreements by
the administration ennboldened the
railroads to attempt this test of the
question. Meantime the rejection in
congress of the proposed authorize
ton of railroad agreements on rates
left it practically mandatory on the law
officers to take up the challenge. There
is q conviction amongst railroad men
that the law requiring the filing of
rates which it is held must be uni
form. in the nature of the case. and
the law against agreement on rates,
are conflicting and irreconciliable. If
Ill
solving the anomaly, it will be well
coined by the railroads.
There is the further criticism of the
western trunk line committee that it's
to ferestaH the provisions of the pend
ing abroad bill for the reference of
rate charges to the commerce court.
The purpose to prevent an evasion of
the requirements of the new law is
suggested as a motive for the attorney
generals action as much to contest the
advance in rates as such OF the con-
sequences which are feared there was
evidence in the apprehension expressed
by iron and steel trade organs of a
check to demand from the railroads for
equipment and material A report was
in circulation that the New York Cen
trail had asked for the cancellation of
order for new freight cars said to
amount to between five and six mil
lions of dollars. There were rumors
also of proposed heavy reduction of
working forces by the railroads. TRe
acute weakness of ST. Paul was at-
trfbuted to fears for the integrity of
the dividend withent higher charges
for transportation.
- The tone of the money market was
distinctly easier, the liquidation in the
stock market and the reduction in the
officia1 discount rate of the Bank of
England both conducting to that result
The stock market closed but little
changed from yesterdays closing
prices the early losses having been
practically made up.
Bonds were Irregular. Total sales
par value $1,S30, 00e. United States
bonds were unchanged on call.