The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-02
w all Street Is Bit
ter in Its Denun-
citation.
EXCHANGE FLOOR
BECOMES BEDLAM
Opening Hour Of Market Is
Panieky and Generalization
Soon .Reigns-Prices Fall
Away Under Heavy Pres
sure and New Trading
Record Is Established.
Especial Cable to Tho rimes-pi.patch.,

Especial Cable to The Times -pispatch.]
New York, June l.-Panicky de-
moralization marked the opening hour
of the stock market to-day. Prices
fell away under a pressure of heavy
selling begun yesterday at the first
rumor that United States Judge David
p. Dyer. OF Hannibal, Mo. had re-
strained twenty-five Western rail
roads from increasing their freight
rates.
Losses of from one to five points
were scored in the first hour OF SELL
ing. The floor of the exchange became
bedlam as the flood of Western
selling orders poured in and the Hill
stocks began to decline. ST. Paul
led In the sensational drop. selling
off Z 12 points within an hour The
selling in st. Paul was heavy. thou
sand and five thousand share blocks
being dumped in swift succession
Reaction Is Feeble.
1t was not until O'Clock that the
market showed the slightest tendency
TO rally. and even then reaction was
feeble. Several OF the leading indus
the gain WAS not sustained or sub
siantial. This in measure was due
to many of the big interests stepping
into the market and raliying to the
support of their favorites Represen-
tatives of J. p. Morgan 6. Company,
and of the National City Bank made
heavy purchases of United States
Steel. and this had salutary effect
for the time being
A new record was esta ablished for
the first hour of trading, when 520.-
600 shares changed hands as against
1l5.eo0 shares yesterday. Up to i
were recorded. while for the same
period yesterday $4,000 shares
changed hands.
So demoralized was the market
around noon that there was a tre-
mendous covering Of shorts. and they
were kept constantly on the jump all
day.
London was quick to realize that
the condition of the market made pos
sible the picking up q. many bargains,
and London transactions up to
o'clock totailed $4,000. The British
bought heavily of Steel, Anlalgamated
Copper. Rock Island and the Harri-
man issues. All through Wall Street
those responsible for the leak from
Washington as to the proposed rate
attack. and brokers were unanimous
in declaring that there would have
been no trouble In the Street had this
news come through the regular chan
nels and at the regular time
Efforts to Stem Tide.
An effort was made at the opening
to stem the selling tide that had set
in yesterday. Support offered to Read
ing, which declined 5ls points yester-
day. was Withdrawn this morning as
If 1t burnt, that stock scaling down
two points under almost the first on
slaught.
There were favorable rumors of all
sorts abroad, but they availed not All
iota to dam the torrent OF selling OF
stay the decline of the leading rail-
way stocks OF the morning.
At midday the selling demonstra-
tion had exhausted itself after l,oOo.-
900 shares OF stock had been traded
Ing from to points. with average
declines OF 81. points.
The bottom was apparently found
around IL o'clock, when st. PAU
touched l2s rs. Northern Pacific. 1876:
Union Pacific, IT'S: Steel. rs Ia South
ern Pacific, 1884; Consolidated Gas.
1876; American Smelling, 74 Ii: Copper.
65 3-4; Baltimore and Ohio, 109l-4, ana
Chesapeake and Ohio, SO.
The market made vigorous recov-
cry during the final hour. and prices
at the finish had rallied on an aver
age of two points from the lowest.
and in number OF instances even ad-
vances were scored on the day.