Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1910-06-03
STOCK MARKET
IN PANIC
There Was General Crumb-
ling of Values on Wall
Street Today
LOWEST PRICES or THE YEAR
lndustrials as Well as Railroads
Affected by Governments
Action.

New York, June 3.-There was a
general crumbling of prices on Wall
street today. Union Pacific sold at
the lowest price of the year, as did
also st. Paul. The industrial group
showed losses of two points or more.
L. S. Steel was the particular object
Of attack. The weakness of the mar
ket is attributed to continued pessi-
mism resulting from the governments
move against the railroad freight rate
increase and unfavorable business.
Ruin for Railroads.
Chicago, June 3.-At least $200,000,-
600 which American railroads had ten
tatively arranged to spend in replace
ments as the result of increased reve-
nue. from an advance in freight rates
they had expected must now be used
to stave off ruin, according to a state
ment made by Slason Thompson of
the railway news bureau here today.
Railroads Will Try Again.
Washington, June 3.-A report
mission today that the western trunk
lines will issue as soon as they file
their tariffs and advance of rates put
ting into effect substantially the same
advances as are contained in the as
sociation tariffs recently enjoined
Generalization Extends to London.
New York, June 3.-The total de-
cline in Union Pacific was 3-8. There
were declines also in Southern Pa
cific, St. Paul, New York Central,
Steel, Amalgamated Copper, American
Car and American Locomotive, from
to IA. No special reason is ad-
vanced to explain the break except
the expressions of opinion of promi.
nent railroad officials of damage to
their resources which will result from
holding up the freight rate increase
The heaviness of the last hour was
accompanied by heavy sales from Lon
don. Private advices from London re-
ported decentralization on the curb
long after the close of regular trading
hours
Bad for Investors.
Chicago, June 3.-Presidents and
traffic managers of railroads center
ing in Chicago met today to consider
problems that recent rate decisions
have brought to climax E. P.
Ripley, president of the Atchison
Topeka & Santa Fe system, called the
meeting. The discussion turned on
a defense against the assault by the
government on the recently enjoined
advance in freight rates in the western
trunk line territory.
1t is known that the presidents are
agreed that any action taken must be
concerted, but not sufficiently so to
come under the ban of the law. A
meeting of counsel of the roads is
scheduled here for tomorrow.
F. A. Delano, president of the
Wabash, and President Ripley of the
Santa Fe both said the public has been
blinded as to the true rate situation
and that the success of the attempt
to Illustrate an advance in rates spells
ruin to the railroads.
! So little of definite nature was
known as to what specific rates have
been enjOined to bear on President
Taft that those at the meeting found
| themselves without a well defined
cuhiaot for djCcuccion
Some expressed the opinion that
! the president has been misled by
statements of shippers, while others
were inclined to seek a probable mo
tive behind the st. Louis injunction
! A direct expression from the White
| House will be sought, it is said, by {
visit to President Taft by heads OF
important railroad companies.