New-York tribune., 1910-06-05
SHARP RALLY MAKES
UP DROP IN STOCKS
Lively Up and Down Session,
with Rate Injunction
Main Factor.
MORGAN & co. STEP IN
W Perkins Arranges Meeting
Between Western Railway
Men and Shippers for
This Week.

= - +f3e stock Exchange, In which
.-s-sactiors were at the rate OF
-, .,sn q million and a half shares
+o- fun day. rally occurred WHICH
10 ND the previous serious losses III
- .-+7ra stocks. and az the close most
- issues showed only small frac-
.-o-sr mice changes from the final ng-
u-es oc Friday.
-.-z,n r-ices came IN higher, and, as
-, .--a-e6i-z day, the market at the
.-,,- had an appearance OF strength
---;.,-f- the FIRST fifteen or twenty
--.---,ss 1f7uIdation vas resumed on
So scale. carrying prices OF Ieadlng
lis down ! 70 = points 10 new 10"
- 50 -be wear. London was again
- taking perhaps eo'ecO shares on
balance
,-L.-a v-as from the outset more or
-. ,,,-e-fnr Of short contracts, but the
t-.---rv demand from these sources did
-. s-s1 70 stem the tide Of liquidation
,-r-il late IN the second hour. II was
,re7 that the short covering increased
,.--sr,- in volume. the bears taking the
s-sf course Of evening up TO some
exfert over Sunday, and a fairly large
s-,unr Of buying for Investment also
entered into the situation IS G minor
esrror of market Improvement.
Rate Suit Soe Influence.
--s-+i~aIT~ the sole market influence
during -he session was the continued ap-
--ebensiou as 10 the effect upon the
-zf-ozds. and through them upon gen
ara trade and industry. Of the govern
uen-s Injunction proceedings against
Western railroads, by which the pro
facted advance n railroad freight rates
has been checked.
George II. Perkins. OF J. ?. Morgan &
Co. returned yesterday 10 this city from
Chicago. where he had arranged a con
ference for next Tuesday between the
sbfr1e-s and the Western railway presi-
dents On the subject Of the proposed
raising OF railroad freight rates. Mr.
Perkins said
~ trip has been very satisfactory,
=a5 T hope that some good VIII come
from IT,"
The freight rate situation VIII be dis
crssad rv the general executive commit
re or the Railway Business Association.
sr organization Of manufacturers Of
raHzay materials. equipment and sup
plies Al q meeting on Wednesday at the
Hotel Belmont The association has
members IN twenty-five states, and at
the meeting there VIII be representatives
from Texas, Missouri. Minnesota, Wis
rouzl-- Illinois. Ohio, Pennsylvania, New
Jersey. New York and Massachusetts.
President George a. Post, in speaking
OF the coming conference. said:
All that the Railway Business Asso-
cation vlu ask IS fair consideration by
-1a duly constituted tribunal OF al
freight rates proposed and lawful adju-
dlcarioa after al the facts have been
yreser TED
"ul- association represents an indus
r-v employing J. 100000 men, and paying
more than $50. .O00. 900 a year in freight
charges. or = per cent OF the total
fgnc revenue OF the railroads. Dur
Ing the recent financial depression II
TINS country, 81 one time, 60O,0o0 en-
IIo-es n these industries were idle This
. association operates entirely indepen-
. oert-y CT the railroads, and since its or
gznizacion in 1905 has frankly conceded
faults i- railway management. while II
has pleaded for conservatism in all
legislation affecting railways.
This association submits that as the
industries Il represents are such heavy
freight payers and Is the number Of
1ecrle looking 70 them for work. wages
enc support numbers about 6000,o00,
or SIDE OF The question ought 10 be ac-
corded respectful consideration by gov
eminent officials and other shippers or
Esntzstcns-'
Situation Improving, Says Brown.
= q. E-ow-- president OF the New
---z Central. said yesterday:
The New Zc-k Central lines have re-
clested car companies with which con-
tracts -o- equipment have been made 10
cancel orders 10y three thousand freight
cars. amounting 70 about 100000. IN
addition 70 this, Instructions 10 ask for
bids for four thousand more cars. which
lad beer given, costing approximately
5000 Jgo, have been withdrawn.
EZDe1c.t1res for improvements 70
t1s amount q approximately S8.O0O.o0O,
have been held Up. pending the deter
ralnat-o1 os the question OF whether or
not z Moderate increase II freight rates
can b secured. The Cleveland, Cinctn-
nat, Chicago & St Louis Railway has
--st placed an issue ot 100000 4 per
cent bonds II Paris. and negotiations
were tn progress for the sale Of S17.5O0,-
90 Michigan Central per cent de-
neEtures. on Friday morning, after the
report q the issuance OF the federal in
junction reached Paris. cables were re-
crred dtscortiuutng eli negotiations"
.-- Brown stated that in his opinion