New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-06-14
BANK STOCKS ON STOCK
FINANCIAL MARKET
Wall Street More Cheerful Over
Railroad Rate Outlook.

Trading in stocks was light in volume
throughout the five hours Of business on
a movement of prices that showed net
gains in the larger number of issues at
the close. The oversold condition of the
market. noted in the operations in the
final trading Of the last week, was re-
sponsible for an active covering move
ment in the initial dealings, which car
ried quotations we'll above the closing IN
Saturdays transactions, but the advanc-
ing tendency failed TO attract an outside
demand. in spite of many manufactured
and real arguments put out from bull
quarters. There were Indications how
ever. of moderate inside support in the
Hartman and Standard Oil shares, ana
the fact that the liquidation in Amalga-
mated Copper and St. Paul apparently
reached its close in last Fridays market
naturally encouraged the idea that SUP
stantial interests no longer were bearlsh.
" inclined This view of the SITUATION
however, may change when the short in
terest has been covered. The volume or
current trading certainly does not sug-
sest that important Wall Street opera
tors or outside capitalists are doing any
thing on an extended scale in the mar
ket and in some circles it is believed
that there will be no active demand un-
til liquidation has run further. In the
final operations prices moved traction
ally under the best quotations OF the
CAV. but substantial net gains were
made by Reading, ST Paul Union Pa
tot
prominent issues. while on q fair vol
ume of business st. Louis & San Fran
cisco second preferred ended the day
more than points above the closing IN
Saturdays market. Chicago & Alton
sold off points on sales OF 700 shares.
Crop reports were favorable.
According to the shippers point of
view the railroads are not justified in
increasing freight carrying charges and
the statements made by representative
Western shippers to President Taft yes
terdav that the railroads are earning
more than enough on present freight
rate schedules to produce reasonable re
turns upon legitimate railway securities
have encouraged confidence in Wall
Street speculative circles that, in spite
OF the assertion by railroad managers
that their companies cannot do business
at profit without an increase in their
tariff, dividends will be paid as usual
The fact however that both the rail-
roads and the shippers will be compelled
to abide by the decisions of the Inter
state Commerce Commission under the
terms Of the railroad bill. which may be-
come a law this week. should be accept
ed by Wall Street as a better bull ar
gument on stocks than the assertion of
the shippers that the railroads will con-
tjnue to earn their dividend require
ment5 under present transportation
charges.
The members of the Interstate Com
merce Commission are intelligent men
and they hold their positions for the
purpose of protecting the interests OF
both the shippers and the carriers.
When difference Of opinion exists be-
tween the representatives of the com
panies that carry the country's products
and the men and corporations that pro-
duce these products over the matter or
q fair and reasonable transportation rate.
the necessity of a fair and impa rtial
tribunal before which each party will
receive equal consideration is apparent
The Interstate Commerce Commission
will become such a tribunal when the
railroad bill is signed by the President
Quotations for stocks may go lower be
fore the IA ilroad rate situation is equi-
tably adjusted, but il is quite likely that
liquida ton viii be accompanied by the
usual intrenchment of securities in the
hands of the people who have faith IN
the country and who always are willing
to buy at cheap prices and sell when
other people are tumbling over one an
other 10 secure stocks at high figures
There was no material change in money
market rates yesterday. and general in
dications in the monetary situation sug-
gested easy rates throughout the sum
Iner months. Bank holdings are large
at this centre and much stronger po-
sition of affairs is reported among the
Western institutions.
CTnHKC