The Washington herald., 1910-11-08
NALL STREET NEWS
Southern Railways Allowed
to Raise Freight Rates.
ALARMED AT DIX FORECASTS
Market Hopes Built Up ON Big Ma
Jority and Fear of Less Than co.
Traders 20 MISUNDERSTANDING III
Process Previous 20 Holiday.

New York. Nov. There were over
Sunday two developments OF consider
able direct or indirect financial interest.
One of these was the announcement that
the Interstate Commerce Commission
had handed down a decision overruling
the protest made long since 10 the ad-
Vanced tariff OF freight rates promul-
gated in the latter part Of 1903 by most
Of the Southern railway companies on
certain classes of commodities from Ohio
and Mississippi River points TO Atlanta
and Birmingham
Only two members Of the commission
dissented from this judgment. and the
bearing of the incident was obvious
upon the pending application OF the rail-
way companies in general for higher
freight tariffs. II was stated by the
commission that the case in question was
TO be considered as a specific one, and
that IL was determined solely upon its
individual merits.
Nevertheless. a good portion OF specu-
lative Wall street was convinced that
the news was q prelude TO favorable ac-
ton by the Interstate Commerce Com
mission later on upon the railway rate
question as a whole.
Smaller Estimates Given.
Again. there was published on Sunday
morning in two journals that have been
strongly supporting the candidacy OF Mr.
Dix Ia the present State campaign esti-
mates that their candidate would win at
the polls with from 5000 TO 5000 ma
jority. These figures. it is needless 10
say, were much less than have been
commonly. considered likely. Wall street
I'm particular has built its hopes upon a
Democratic majority OF not less than
10000, and the strong probability Is that
majority OF less than $1,000 would not
be considered an over favorable financial
factor. However. the estimates as given
were not productive OF much effect to-
day, largely because the general feeling
was overwhelming that the figures stated
were altogether too low.
The market was also disposed to-day
10 regard as unimportant violent de-
cline In foreign exchange which carried
sterling down 10 within three-quarters OF
a cent in the pound above the price at
which gold imports could tske place. II
is needless TO say that imports of gold
at the moment would not be looked upon
as a bull argument in Wall street.
bCSnuec IL NOulu presumably lANuiNS
further advance in the Bank OF England
discount rate. with consequent general
financial unsettlement.
Railroad stocks Firm.
The stock market throughout the day
exhibited merely the eyening-up opera
tons OF traders and spectators OF the
sort usually seen before a holiday, when
an important event is expected to unfold.
The railroad stocks We're if anything.
somewhat fiTmer than the industrials.
The latter suffered. perhaps, 20 3 certain
extent from the especial weakness shown
by the American Agriculture Chemical
. and Virginia-Carolina Chemical stocks
consequent, as was supposed, upon the
tariff controversy in the matter of potash
now going or between this country and
Germany. and which has apparently
passed into an acute stage.
Total transactions through the day
were less and less from the first hour.
and al the close net advances and de-
elines in most stocks were small. Union
Pacific common. however. held its rise
with a gain Of over a point.