The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-06-08
WALL STREET NEWS
Prices Bound Up, Due to
Hysterical Selling.
EFFECT OF ROAD CONFERENCE
Most of Spectators Seemed to Pass
Out OF Their Senses and to Cher
ish Belief that Persons Most In
terested in National Welfare Were
Trying to Bring About Disaster.

New York. June IA violent recovery
in the stock market followed. as mat
ter OF course. to-day's highly encouraging
news from Washington regarding the
complete ana satisfactory settlement Of
the differences between the government
and a larger number Of the Western rail-
way companies on the matter OF freight
rates.
Perhaps the upward movement to-day
would not have been as pronounced as
1t actually was had IL not been for the
altogether hysterical nature OF the SELL
ing OF stocks that took place yesterday,
which represented utterly needless alarm
on the part Of holders of stocks and mad
reeklessness by operators for the fall
1t was plain enough yesterday 20 any
person who moderately kept his head
and read the newspapers with any degree
of attention whatever, that there was
every reasonable likelihood that the ma
tional administration and the railway Off
Gals would effect an adjustment of the
difficulties between them at the con-
ference that was TO be held IN the late
afternoon, and there was also positive
grounds that were in no way concealed
that both parties TO the conference We're
approaching II with a mutual desire TO
effect an agreement
Spectators Are Misguided.
Nevertheless. the greater portion Of
speculative Wall street seemed to pass
out OF its senses. and to even cherish the
belief that the persons most interested
IN the business prosperity OF the eOun-
try were endeaForing TO bring about ma
tional business disaster. The result was
h.
close Of the stock exchange yesterday
afternoon which was absurdly low, even
II the railway rate problem was TO re-
main unsettled after all.
Prices Of stocks opened this morning at
an advance which ran from one to four
points in the leading issues. After this
realizing sales sent quotations down from
one 10 two points, but again the market
rallied decisively for a second time, re-
ceded. but TO a much less extent than at
first, and closed with an active buying
movement in progress at the days high
est figures.
The recovery was materially assisted by
some understanding Of the large quantity
OF stock that had passed on the decline
into permanent hands. and by such finan-
cial developments proper as the an
nouncement overnight even If not in Off
Southern Pacific bonds by a foreign syn
dicate.
Sterling Falls Sharply.
Sterling exchange fell sharply, and, al
though it later recovered somewhat. stin
closed at a net decline Of nearly a quar-
ter OF a cent
The wheat market was again weak and
cotton prices left OF lower than they did
yesterday as regards the options for de-
Nliveries in the new crop months. The old
crop options also lost a good share OF
their recent advance. Easier money also
made fits effect felt both here and in Lon
don. the chief occurrence of note in the
latter market being a brisk rally in con-
sols.
The government weekly crop report de-
clared what every knew TO be the case,
that climatic conditions through the corn
belt recently have not been overfav0rable
on account of unseasOnably low tempera-
lures. The weather for cotton. however,
has been good. and in general the course
OF the commodity markets attests that al
the countrys leading staple crops are
doing very well indeed.