The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-03
Ne w Y ork
Stock Market

New York. June 2.--The speculation
In securities to-day showed DISPOSE
ton To pause and take stock of the
situation created by the Injunction
against raising western trunk line
freigh rates There seemed to be
consciousness that tho hondlong rate
at which the damage feared from TINS
action was being discounted might
have in 1t quality of heedlessness
The question arose in the mind OF
eager sellers of stocks whether they
might not be sacrificing their own
holdings, and at the same time play
Ing into the hands OF other spectators
over whom they were seeking to OBJ
thin advantage The new measure IN
sugurated by the Department OF JUS
lice remained the central topic OF dis
custom but that discussion showed
cropping lack of clear conception of the
proper significance to attach to tue
matter.
on the part of stock market .oper,,
officials. there is heard some criticism
of the Western trunk line committee
for the methods pursued in seeking
The rate advanced which nave neeh
used by all the railroads IN fling no.
tees of the advance is cited as almost
a challenge to the government author
ities to test the prohibition of rate
agreements in the antitrust law. 1t Is
supposed that the advocacy OF an
amendment TO authorize agreements y!
the administration emboldened the
railroads to attempt this test OF TINS
question Meantime, the rejection III
Congress of the proposed AUTHORITATIVE,
of railroad agreements on rates iett
ii practically mandatory on the law
officers To take up the challenge. mere
is "a conviction amongst rallto a,,, u'e ~
that the law requiring the ming OF
rates, which. 1t is held, must pe UNI
form. in the nature of the case ana
the law against agreement on ratfs
are conflicting and irreconeii,a pie, VI
the present action shall result IN re
solving the anomaly 1t will be well
coined by the railroads
There is the further criticism OF the
Western trunk-line committee that ],
action was preciptate and desisnea 20
forestail the PROVISIONS isl rs OF ref tn of
rate changes to the Commerce Court:
,rbe purpose to prevent an evasion o.
The requirements Of the new law 10
suggested as motive Tor tne =. at oor-
new Generals action as much as TO con
test the advance in rates as sucli
There was much interest In TINS con-
nection. in what action would be taksn
towards the proposed advances oy l,.s
Central Freight Rate Association, W, os
,ybieh notices were filed to-day TO take
effect July /, when the provisions OIL
the new law presumably, will be IN
force. The character OF this als , W.
sion which was gong on , ,luiIn eipni-
ficance of the new lawsuit asallse ny ny,
railroads. OF the consequences WhlS,.
are feared there was evidence III wy
apprehension expressed by IRON az, ~
steel trade organs of character "
demand from the railroads for equip
ment and material. a report was N
circulation that the New York cen.
trail had asked for the cancellation
Of an order for new freight cars, said
- an arno,,nt to between s5,oOo,0Oo and
ss.n00.Ooo. There We're runors, also, OF
nnstnoned heavy reduction of WORKING
forces by the railroads.
The acute weakness of St faul was was
attributed to fears for the integrity
ttbe dividend without higher charges
Tar REPRESENTATION. The effect of re-
i dmced net net earnings of railroads on
the placing of railroad bonds abroad
lie another phase of the pronlen snS sa
much attention me =, tTmI easter
NC Nouidation in the stock market and
the reduction of the official d,scoun =,
rate of the Bank OF Englana oo''
conducting to that result Weed MT it'll
changed from yesterdays CLOSING
nrires the early losses having beef
practically made up,
Bonds were irregular. Total sales
par value, sl,sSo.ooo. unite d S Tate
bonds were unchanged on can. ota
sales for the day, I79e0o shares
New York, June money on cal
steady. 1-2@3 per cent: ruling "a e g
3: closing bid, 2 "a offered a, 20, 20,
cent and ninety days. $50; 81.
months. 4641-4 Close: Primo mercan'
tile paper, "a to 51-4 per, cent
Sterling exchange steady, al decl IN
with actual business IN bankers l pi,is
and at s4S6SO for demand. CONNER
rial bills. S4.S3l-46S4.S3 3-4. Bar sill