The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-06-04
'','OSE To PANIC
!; J WALL STREET
0Rnt Break in Prices of
| ,,cks Comes After Hours of
Heavy Selling.
gN
,sn K INJUNCTION YET
THE MENACING FACTOR
Leading Railroad Officials
Gloomy View of
Nm Future.

" YORK, June 3,-etlCeS Oh SlOChS
2faeain today with n violence almost
mplcd outside of times of absolute
n This was after a show OF resist
IA. 10 the forces OF depression during
~.rly hours, when the heaviest sell
lat appeared seemed 10 be easily
&ed and prices rebounded repeated
D the declines,
action OF the maroet at that time
nise to an impression that the worst
Sshock had been absorbed and that
ions were ripe for q recovery tn-
u shorts were made nervous by TINS
II of 4fhe market and helped on the
ICY by their buying to cover.
n Kind of explanations offered FOR the
"ry showed plainly how attention
ned centered on the dominant topic
y governments policy toward rail-
Il ratc increases. There was circu-
Z an expression OF confidence from
S,onymous legal authority that the
NtIon against the western trunk line
les would he promptly dissolved.
.ssr runor alleged that President
Won templated a statement in one OF
..,,stern speeches calculated To allay
tension.
rrthe other hand, there was no lack
%florijy for expressions OF the gloom
'sfews by prominent railroad OIL
~ the disastrous consequences they
from the suspension of
4 fended rate advances by the rail-
fdent Brown of the New York Cen
has quoted as saying that the credit
4 railroads ''has been almost totally
yed by this action tthe rate injunc-
q and il will be almost impossible,
Opinion. for any railroad 10 secure
there or abroad President Brown
loted further, saying that 10000
N New York Central bonds had been
sy1 France at So cents on the dol
4 5st at the same time President
counsel OF the New York Central,
quoted on his fresh arrival home
e,Francc, as expressing great salts
with the success OF the sale of
$1,000 Cleveland. Cincinnati. Chicago
Louis bonds, which are 10 he Issued
n French people AT n discount of J
t1f. on price OF ~.
bar as could be learned. the two
i,ces were 10 the same transac-
invent unexplained.
luse made of the Brown interview
cry effective in precipitating llqui-
= and in breaking prices TO the low
t5el OF the year.
'e sprang mp series of rumorS
~ with the probable further steps
r taken by the government in the
5Gtion of the railroads, having TO
h the alleged intention TO break up
.Hrious traffic associations to enioin
II proposed rate Increases and 10
ID for contempt against such rail-
tlas were enjoined under old law
~against the trans Missouri Freight
3Ation "a, the joint traffic association.
7fwas made also of the fragmentary
lls from President Tafts speech at
no., especially the passage. at is
&ablc TO suppose that at some time
A the next decade there will he some
rtu or some financial stringency
5ps a financial panic"
the passage. THINK The issue
<st Importance VIII be the question
"a preservation of private property
lestruction and the substitution of
lain kind Of cooperative joint en-
rthf OF everything, which is the ideal
tlalisn.'
Ia words CT the chief executive were
la OH the news ticEers almost with
sutsxt and in sensational sugges-
5s of extra spacing between the
mood Of the speculation became
hysterical at times and last prices
not far from The lowest. Union
<1 Was down 59c on The day, and
~, New York Central, the other
rs. United States Steel. Amalga-
- Copper and the railroad equip
stocks in the neighborhood of 4
1s were easy Total sales, par
lVs2. 6s7 900
ed States bonds were unchanged on