Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-06-30
AND
COMMERCE
Wall street.

sentiment took violent alarm today
over the decisions announced by the
interstate commission in q
number Of important rate cases af-
feeting portions of the traffic of prac-
tieally ali the great transcontinental
railroad lines. The terms in which
the objections to these rates had beer
contested by the railroad officials
themselves in the course of the hear
ings in Washington and the disastrous
consequences predicted by them in the
event of the objections being sustained
came back to comfort them today
while the prices of their capital shares
were crumbling in decentralization.
The market was la no condition to
withstand the torrent of selling or
ders which was let loose by his
news, and the fall in prices proceed
ed with a rush.
The realization of the force of the
news seems to come but gradually and
the market was in a mood of compar-
ative tranquility during the morning
n for some time after the news
agencies had circulated the bulletins
of the interstate commits
sion decisions. The powerful bear
party which has takcn an organized
form in the recent speculation gather
ed courage from the demonstration of
the underlying weakness of the mar
ket and took every advantage of the
situation. This demonstration came
from the quick subsistence or demand
for stocks when any striking tend
cncy towards recovery Of prices be-
came manifest.
These periodical recoveries during
The morning were consistent with a
more hopeful feeling than was preva-
lent about crop conditions.
A number of railroad net earnings
reports of the day showed better COM
PARSONS with last years correspond
ing periods than has beer the rule
with recent reports the case holding
true of Reading and Union and South
ern Pacific, in which there was con-
served considerable increases in net
earnings for May in spite of the gem
erous margin of increases in operat-
ing expenses. In the metal trades
there was a sharp upturn in the prize
es of copper in London and consump-
tive demand in this country was re-
ported large, although with produc-
ton still sustained. The weeks vol
ume or business in pig iron shows an
increase n the downward course Of
prices encountered the resistance due
to its approach to the cost of produce
ton. Hopeful views expressed bv
Chairman f. II. Gary of the United
States Steel corporation on the trade
"utlook mad q part in shaping opin-
ions of conditions.
After lying ~disregarded in brokers'
Offices for part of tho morning tho
report of the interstate commerce
rate decision was taken
up for consideration.
The bare recital of the text of the
conveyed little to the UNDER
standing of the majority Of the trad- ,
element owing to the highly tech
meal nature of the questions involv.
ed. The percentage mentioned as ;
applying to the reductions ordered :
were seized upon as affecting gross :
tIaillc figures, and supposedly, total :
present earnings of the numerous
railroads concerned, with collateral .
eilects concerning connecting and. in |
affect, the whole railroad system OF
me country. 1t was in this mood that d.
mon Pacific was sold down 6 3-4: ,
iteadlng, 8; Missouri Pacific, 4 10:
D. raul Southern Pacific and Lou.
swine d. Nashville, 4; United States
'leel, 8 "a, and a long list of other ,
LOCKS l TO 3 points. The first rush s
% cover the shorts and the resulting ,
ANY was followed by a fresh break :
II prices but the market closed with d,
: secondary effective rally in progress. !,
,losing stncks. !