The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-06-06
WALL STREET MOURNs.

The New York World has a special
from Washington to the effect that a
bunch OF spectators at the national
capital received a tip" that the gov
eminent intended to bring an injunc-
ton suit again the railroads and made
killing" in the Wall street stock
market in consequence. The story
follows:
Washington is again specializing in
Wall Street. II made a big kill
ing yesterday on the announce
ment that the government would
begin suit TO restrain the West
ern Traffic association from put
ting into effect a general in
crease in freight rates today.
This decision came as great
surprise to Wall Street. When
Il went home last Friday for
triple holiday, Wall Street was
in a very optimistic frame OF
mind. The announcement Of the
81. Paul bond issue and the fact
Ihat me elVPs are proInlsln l.,.. an
10 to prepare for a big rise in
stocks in &uRe and July APP
parently nothing was In sight on
Friday 20 interfere with the
plans Of the bulls.
When the market opened at 10
o'clock yesterday the Washing
ton wires were strangely IllAed
with selling orders. Wall Street
was greatly puzzled. as no ink
ling Of what was coming later
in the day had appeared In the
early afternoon there came q re-
port that a conference was be-
Ing held at the White House TO
consider the rate question. This
Ssnis Ioii9 WEI tbe Essy P1si Nv,
Of the story came the stock mar
ket had broken from three 70
five points and somebody in
Washington had cleaned up a
very handsome profit The move
ment had been particularly sue
ccssful because Wall Street was
caught completely off its guard.
Wall street need not have been sur
prised. 1t was common talk in WASH
ington that Attorney General Wicker
sham would bring Injunction proceed
ings against the roads, and the fact
was publicly announced by the secre-
tary OF the treasury before the deci-
sion to take such action had been
reached. The surprising thing is that
Wall street was caught mapping.
There have been numerous in
stances in years gone by when Wash
ington tips" were successfully played
In the New York market, and some Of
them gave rise to scandal.
As we remember John r. McPher-
son. a United States senator from New
Jersey, a Democrat who stood close to
the Cleveland administration. ac-
knowledged without blushing that he
had used knowledge gained zy reason
OF his official position to play the su-
gar market and had cleaned up 49,
600. Mcpherson could see no wrong
in such practices, but others did. and
the New Jersey senator's fame suf-
tered I'm consequence.
Other scandals have cropped out
from time to time since Mcpherson
made his little fortune i'm Wall street.
Tips on supreme court business
have been played with more or less
success. The cotton Leak scandal is
the most famous coup Of the kind in re-
cent years. The men responsible for
this job were promptly indicted and
most Of them are yet to be tried.
In the main. however. few Washing
ton tips" have beeen used for stock
jobbing purposes recently. save by the
Wall street spectators themselves,
and most Of them were alleged tips"
mere guesswork. in fact.
There was evidently no leak con-
corning the intention Of the depart
ment OF justice in the injunction mat
ter. Some one simply seized upon the
gossip OF the hour and proflted by Il.