The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-07-01
AND COMMERCIAL.
INT RsI.Y. June =

Int RsI.Y. June y
! doubtless the state Of affairs in the s'oc1
nartet g.. day was Mt sIch as u fulrl the
'iassic and urthod,N '~r-i .'t,on Of a true
,anIc There were n failures nor riI-
nors Il failures. nor wee tr,Ihle stories
ui any Kind In CiTc Illtipn The market
simply Was again overwhelmed 10y the
pressure - sale ~ a mass Of It pck with N
-srr great r" ;a~d r,r the prices obtained
and th--e sales seemingly represente d
hu!iiit' - rather than speculative attac =
.'i.su values they caused fIrthe' d.
lClInsS ~ uIotat ions. which at their loves,
wee ~ Losses Tor the day running from
two - sly points. and how great these re.
oossions have been may lie shown IN a
com"arison of tp-days low figures for the
active stocks and those recorded al the
close Of business Just one wesI ago. such
a t.lhle would shoN that Union Pacific
common st1C, had declined 49,, points.
southern Pacific 49,. chicago. MilwauS -
and ~ PdrIl. II point. Northern laCiiiC
IL uoiu's. Great Northern preferred /?
Heading common l. .. PennsylN ania -.
ANAL mated Copper and United states
Steel common IL. NeS ertheless IN spite
81 this large drop more disturbed state
81 feeling has often been present IN Wall
street on occasions in the past when a fall
I OF Ike proportions Occurred. and o-dly =
] relative C.ilmness was doubtless d ie -
the tact that rankin conditions are known
/ - re IN excellent share and Today liqui-
dl'lon did not mean the collapse of an nm
sound speculative position which en:aIted
stock Nchange suspensions. The general
understanding was in Wall street that the
selling moN ement % the day represented
so.called rich man liquidation more
than anything else At any rate u u be-
li@Ved / 10 perfectly tue ttGt for n long
time rack the average ran Of commission
hoi.Se IN the financial district have been
carrying hut lew stocks and have had
their loan accounts compressed ~Ithu
smallsr limits than at any time since the
urst 81 the year. The low prices for STOCKS
we're made apogt midday after then the
usual sharp recovery took place. leaving
nrIces AZ the close still ~ most instances
~ c ms derahle declines. bat which were
much less than the utmost prev iously
sAkibI'ed
Transactions in stocks were I.is5. 900
share'. tho largest since February 3
The final rally IN prices wa, IN all likeli.
hood due no; only TO a regaining Of market
common sense after a period Of hysteria
and to heavy buying OF the stocks ny
large financial interests DeCauss Of the
extreme attractivenes, OF the level 80
prices presented. but to calmer considera-
ton of the character OF the decisions
handed down by the Interstate Commerce
Commission regarding intermoun:Sin
rates and TO some further decisions
80 -. ~ "A Il 4
that railway rates IN certain Of the far
Western districts have long been rela-
lively high and that some sort Of reduc-
ton IN them wa, bound 10 come sooner
or later Indeed n Wa stated to-day
upon competent authority that CERTAIN
rauway pre,Iients had privately made
known thei- willingness, TO except without
objection such reduction, IA rates IN at
least hHIted district, IN their territory
a. have IN fact ju,t been ordered by tn.
Interstate Commerce Commission II
va, also realized tod ~. a. It wa by few
peop!e yesterday. that the reduced rates
un many sections are not 10 lie put into
eject as a hnality until after a period Of
ina lasting until October /. that the
recent act 81 the CON ~ sion bore 40
reference whatever - condtiols eIu
g. be Miss,ssippi River. aud that there
vds every probability that the commit
sion would. while directing deurea 80 IN
ate, west - the NlissI,sippl. order in
crvd ed rates east on thai river Thee
p.ybaJi.it,c, we're Ctr,..ny heightened
" lo-dAys amour leuen. tina. the com
Mission had granted ps..II ..iuu To- the
raUTuld- ul'e.a;tns Oh, IL Buffalo to
advance their rate, 80. sour and other
wheat product, one zen. Tor Ia pound,
70 Paste destinations. ia" rise t+Ius
Justified "a PAT; 10y the lnCrea-ss IA the
wage, ul "IIpl Jyees lately granted ~
the rdIlWay companie, Of more ia
I-u-.aH"e still wa, the news tia, the
ir'y' ,tate Cornmerc. CummI,-iDu had
refused - suspend The schedule filed To
'','p'n" effective on July for such a
...4rrln &c aeut Il Ga ,slHratIon Of fret xht
o., To- amount - al ,ncrea-s m frsIglt
rate, over ali hat par' ~ the United
State, moth - tho Potomac aud Ono
rivers and east Of the Mississippi I, ~
~ !caSt OBVIOUS from this tha' the Inter.
stat" Commerce" Commission - not bent
upon red Iclng railway rats altogether
me news from the spring wheat section
vas more enr uuraging than at any previous
time. heavy rains i-lng reported all over
North Dakota. where the dana se from
drought and hor weather has been most
severe cotton prices rose upon All
upspurt IN the july option due 10 sug.
re~t,ons. more 81 less horne ont 10y
statistics, that the amount ~ contract
cotton stocks here nov l. 50 small that
those Who have sold cotton for delivery
N July may find difficulty in meeting
their contracts sterling exchange again
made i's daily decline Of quarter Of q
cent all money rates rose az one time
to 3 per cent b reason ~ the obvious
preparations gong on by the banks 10
meet July disbursements SO far
,.Irlng the week 'he sub Treasury has
absorbed from the local banks over
81 5nooOo This. II may he. is partly on
account 81 payments 10 rhA Government
Of corporation taVes