New-York tribune., 1910-06-08
BANK STOCKS ON STocF
FINANCIAL MARKET
Wall Street Finds Bull Argument
in Rate Situation.

Stock market prices opened from > 70
ceding day on the announcement Of the
agreement reached at the Washington
rate conference. traders covering heavy
lines of shorts. while buying for long
account also was reported. On the ad-
vance a large amount of stock bought
at lower levels came upon the market,
and before the end OF the first hour a
considerable proportion of the initial
gains was lost, although further ag-
gressive buying in the subsequent opera
tions was effective in leaving final quo
tations at heavy net gains throughout
the list of active issues. certain
number of Wall street operators, who
have been making heavy profits on the
bear side of the stock market, were not
disposed to see any benefit to the rail
roads in the outcome of the conference
Of the railroad presidents with Presi-
dent Taft. but in the more conservative
quarters of the financial community the
leaving of the rate question to the Inter
state Commerce Commission. which VIII
have power to act in the matter follow
ing the passage of the railroad bill. was
accepted as most hopeful indication
that the interests Of the transportation
companies and the shippers would be
handled in a manner that would give
satisfaction to both parties to the con-
troversy.
By the railroad bill as passed in the
Senate the Interstate Commerce Com
mission is empowered to name what are
reasonable rates, according to the best
of its judgment, and to fix such rates
as 2 maximum. The railroads will have
the privilege of filing with the commits
sion new rates and the latter will have
authority to hold a hearing concerning
the propriety of such rates, with the
power to suspend the operation of the
new schedule pending the hearing
While President Taft's talk with the
railway men brought victory to the
administration, the railroads neverthe-
less obtained immunity from the neces-
sitv of defending their rate-maklnG
methods before the federal courts and
secured the opportunity to show the
country, according to their ideas, the
reasona bleness of higher freight carry
ing charges. 1t is quite evident that
the railroads are glad to get rid OF the
possibility Of prosecution for violation
of the Sherman antitrust law, and It Is
apparent that their threats TO kill them
selves by bringing on industrial depres-
sion soon will be forgotten.
So q
active in the last hour Of business. with
tie leading issues from ~ to / points
above the closing of the preceding day.
PENNSYLVANIA. Union Pacific. ST. Paul
Amalgamated Copper, Reading. Atchl-
sen. Consolidated Gas and the United
States steel issues showing the chief
Improvement Activity increased with
the advancing tendency of prices. and
commission houses reported an improved
demand Tor outside account. Reports
fIona the steel trade indicated a more
cheerful view among manufacturers over
the outlook FOR new business from the
railroad companies as consequence oI
the Developments in the rate situation,
and il WAS thought by wal street IN
tcrests identified with the larger stftl
coIapan:es that the railroads would come
into the market for rails and equipment
in large volume in the immediate future
on the expectation r an ultimate ad-
.ance in freight schedules with the ap-
proN al 81 tie interstate Commerce Com
mission under the provisions Of the rail-
read bin, which II was confidently be-
lieYed soon would g. 10 the President
for his signature. Money was easy and
in fair demand, while sterling exchange
again moved toward IA lower level. de-
n.and rates closing - points OF for the
day. Further Improvement also was
noted in the London money market. bat
cable advices cid not suggest any change
tomorrow from the 81. per cent Bank
% England rate established a week ago