The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-06-30
BOTTOM DROPS0UT
OF STOCK MARKET
Decisions of Commerce Com
mission Put the Bulls to
HeadIong Flight.
PRICES CRUMBLED AWAY
RALLY IN PROGRESS AT CLOSE
OF SESSION.

New York. June 29.-Speculative sen
timent took violent alarm today over
the decisions announced by the inter
state commerce commission In num-
bor OF important rate cases affecting
portions Of the traffic Of practically all
the transcontinental railroad lines
Tfe terms in which the objections 20
these rates had been contested BY the
railroad officials themselves In the
course OF the hearings in Washington.
and the disastrous consequences pre-
dicted by them in the event OF the OBJ
jccti0ns being sustained, came BACK 20
confront them today. while the prices
OF their company shares were crun-
bling IN Generalization The market
was IN no condition 90 withstand the
torrent OF selling orders which was let
loose by this news, and the fah IN
prices proceeded with a rush
THE realization Of the force OF the
news seems 20 come but Erao lallyf ano
the market was IN mood OF compar-
alive tranquility during the morning,
and for some time after the news
agencies has circulated the bulletins
Of the Interstate commerce commission
decisions. The powerful bear party,
which has taken an organized form IN
the recent speculation gathered cour-
age from the demonstration OF the un.
derlving weakncEs Of the mar ket. ana
took every advantage OF the SITUATION
This dc r-.ouetration came from the
ouicic euheidcnco OF demand for stocks
recovery OF prices became manifest
A number Of the railroad net earn
inRs reports Of the day showed better
cornpe risons with last years CORE
spending periods than has been the
rule with recent reports. the case hold
ing true Of Reading and Union Pacific
and Southern Pacific. IN which there
were conserved considerable increases
ir net earnings for May. In spite OF the
generous margin OF increase in OPERA
INK expenses. In the metal trades yer
In he
copper In London. and c0nsumptive de-
mand IN this country was reported
large. although with pr0duction stu SUI
ness In pig iron shows an increase.
Hopefui views expressed by Chairman
r. r. Gary Of the United states steel
corporation on the trade outlook had
o part IN shaping opinions OF condt-
After lying disrogarded I'm brokers
offices Tor part OF the morning, IN. tne
commission rate decision we're taken up
for consideration.
Tho bare recital OF the text OF the
decisions conveyed little 90 the under
standing Of the majority Of the trad
fnE element owing 20 the highly tech
nical nature OF the questions involVed-
The percentages mentioned as apply
ing 10 the reductions ordered we're
seized upon as affecting gross raffic
figures. ana. supposedly. total earn
ings OF the numerous rallr9ee i ,- cor
Ccrned. 10 was IN this mood that Union
pacific was sold down 81. Reading 8;
NJ sgouri Pacific. a: ST. Paul. Southern
Pacific and Louisville & Nashville. 4;
United states steel. 90. and long list
81 other stocks. 1 20 points. The
first rush TO cover Of the shorts and
the resulting rally was followed by a
fresh break IN prices. but the market
clCsed with n secondary effective rally
IA progress.
bonds were weak Total sales. par
value. S1.sq5.O00.
United states bonds were unchanged
on call.
erorrx oUOrArUoNS