The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-07
Ne w Y 0rk
Stock Market,

New York, June s,---Prices of stocks
broke violently to new low levels for
the year in the late session OF the
Stock Exchange to-day, after nervous
and feverish fluctuations up and down
for most of the session. The break
was coincident with the circulation
of reports that the railroad presidents
who have gone to Washington to pro-
test against the governments action
TO cnioin Western trunk line freight
rates had given up hope OF securing
any modification of tho intended course
Of the law officers OF the administra-
lion There had been much talk of
the conference 10 be held at the White
House later in the day between Pres
ident Taft and the railroad executives,
and conjecture was rife over what it
was hoped 10 accomplish by this meet
Ing. The speculation assumed that
some measure was sought that would
be matter of satisfaction to, the rail
roads. This assumption proved dis
quieting to the uncovered bears. and
their demand to cover proved strong
sustaining Influence on prices during
the early session.
At one time the level had been lifted
] to . points over the closing levels
OF Saturday quite generally. London
Joined actively in the buying. as has
been the case ~ most periods of re-
cent violent decline, and speculative
sentiment took on quite cheerful
hue.
The excessive dullness into which
the trading fell at the advance argued
III unwiilingness on the part of buyers
TO follow the rise. and indicated a
weak undertone, but ii was hoped that
The hesitation was due simply to 4
desire to await the outcome. OF the
White House conference. During the
time of advancing prices there was a
supposition entertained that some sort
of working agreement had been ar
rived at between the railroads and the
government authorities for solution of
the rate controversy on lines which
would relieve the anxietics Of railroad
officials The assertion of President
Brown, of the New York Central waai
taken as text for this supposition,
10 the effect that the Eastern rail-
roads offered more than month ago
to suspend the new rates then under
consideration pending an investigation
by the Commerce Commission as to
their reasonableness This would be
in conformance with the requirement
of the new railroad law as 1t stands
in its present form, and would insure
the submission of the proposed changes
to the new law. II was even suggested
that the new situation might bring q
change In the law in conference be
tween the houses of Congress which
would permit agreement on rates the
elimination OF that provision from the
administration bill having prompted
the action TO enioin the new rates.
News Of the crops and other money
conditions were taken to account part
H.,
dealings. Expressions OF satisfaction
We're heard from Western banking
authorities over the benefit to the
credit position of the liquidation which
has been effected in grain, cotton and
stocks. and also it was intimated by
the paving off by country borrowers
OF loans for investment in farm paper
In contrast with the prevailing tone
III Wall Street there was quoted
leading Chicago banker as saying:
Railroad earnings are still satisfac-
tory, and the disposition of many
roads to enlarge dividends in spite of
their claims that higher freight rates
arc necessary in order TO cover ex-
pcnses of increased wage allowance,
shows that the country's transporta-
ton industry is in fairly prosperous
condition.
News of the sale abroad of $4,000
600 Southern Pacific bonds was not
generally known in Wall Street before
the market closed. No attention was
paid to anything but the expected con-
Terence AZ Washington, After break
Ing from 2 TO over points, prices
rebounded to 3 points, with the de-
mand from the hears TO cover shorts,
and closed in considerable disorder.
Bonds We're irregular. Total sales,
Par value. s1,S54,00o. United States
bonds were unchanged on call Total
sales 969,1oo shares