The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-30
N e w Y 0rk
Stock Market

0rD0WNAA AEA@&& ANU
New York. June 2a.--speculative
sentiment took violent alarm today
1rer the decisions ANNOUNCED by the
number of important rate cases affect.
ing portions of the traffic of .pracu.
cally all the great trans-continental
railroad lines, The terms In which the
contested by the railroad officials
themselves in the course of the hear
consequence predicted by them in the
event of the objections being sustain
cd, came back to confront them today
while the prices of their COMPANY
moralizati ton. The, market sas In no
condition to withstand the torrent of
selling orders which was let loose by
this news. and the fall in prices pro-
The realization of the force of the
news seemed to come but gradually.
and the market was in a mood of COM
paratiye tranquility. during the morn
ing and for some time after the news
agencies had circulated the bulletins
OF the Interstate Commerce Commits
a'iording opportunity to gauge the
poor absorptive power of the market
as we'll as for the growth of apprecia-.
ton of the, comprehensive scope OF
party which has taken an odd form
in the recent speculation gathered
courage from the demonstration of
the underlying weakness of the mar
situation. The demonstration came
from the quick subsistence of demand
Tor stocks when any striking TENDENCY
towards recovery of prices became
manifest.
These periodical recoveries during
the morning were consistent with a
more hopeful feeling that was porey ,.s
wheat damage reports were still re-
ceived in large volume. and the imn1e-
date weather conditions and this fore
casts did not Indicate relief from the
drought in the sections where most
distress is being felt. There was
more disposition. however. to reckon
the limitati on of the areas most af-
fected, and the consequent reduced eff
feet on the total crop OF the country
The encouraging reports from winter
wheat, and especially from corn. helped
to neutralize the anxiety over spring
wheat.
A number of the railroad net earn
ings reports of the day showed better
comparisons with last years CORE
spending periods than has been the
rule with recent reports, the case hold.
ing true of Reading and Union and
Southern Pacific, in which there We're
conserved considerable increases in net
earnings for May in spite of the sener-
Gus margin of increase in operating
expenses In the metal trades there
was a sharp upturn in the prices OF
copper in London. and consumptiVe de-
mand in this country was reported
large. although With production still
sustained The weeks volume OF bus
mess in pig iron shows an increase,
encounters the resistance due TO its
approach to the cost of production,
The hopeful views expressed by Chair
man Il, H. Gary. OF the United states
t'nrlnrlfinY OH T.
look had their part in shaping opn-
ions OF conditions,
After lying disregarded in brokers
offices for part of the morning the re-
ports of the Interstate Commerce Com
mission rate decisions were taken up
for consideration. The bare recital of
little to the understanding of the ma
jority of the trading element. owing
to the highly technical nature of the
questions involved.
The percentages mentioned as apply
ing to the reductions ordered were
seized upon as affecting gross traffic
figures. and supposedly total present
earnings of the numerous railroads
concerned with collateral effects deep
" concerning connecting lines. and in
effect the whole railroad system of
the. country; 1t was in this mood that
Reading 5si Missouri a s Paeii a0Gh IL St.
Paul. Southern Pacific and Louis
vile, ana Nashville {. United states
Steel 33-4, and another long list of
stock from | to points The first
rush to cover of the shorts and the
resulting rally was followed by a
fresh break in prices but the market
closed with a secondary effective rally
in progress.
Bonds were weak Total sales, par
value. s2.S95,O00. United States bonds
were unchanged on call
Total sales for the day We're 1,0+i.-
200 shares.
New York. June 2a,-Money on cal!
steady. . l-4a3 per cent: ruling rate,
PTS; closing bid. Ia offered at 2l-2
Time loans strong; sixty days, 3@3l-4
per cent, and ninety days, 314@3l-2: