The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-04
Ne w Y 0rk
Stock Market.

New York, Juno 3.--Prices of stock.
broke again to-day with q violence al.
most unexampled outside Of times OF
absolute panic. This was after a show
of resistance to the forces of depres
sion during the early hours. when the
heaviest selling that appeared seemed
10 be easily absorbed and prices re-
bounded repeatedly from the declines.
The action of the market ut that time
rave rise to an impression that the
wort of the shock had been absorbed
and that conditions Were ripe for a re-
covery Uncovered shorts were made
nervous by this action of tho market.
and helped on the tendency by their
buying to cover
The kind of explanations offered for
the recovery showed plainly how at
tention remained centred on tho
dominant topic of the governments
policy towards railroad rate increases
There was circulated. for Instance, an
expression of confidence from an
anonymous legal authority. that the
Injunction against Western line trunk
advanced rates would be promptly dis
solved Another rlnlor alleged that
President Taft contemplated a state.
ment in one of his Western speeches.
calculated to allay the apprehension
which has found expression in the
stock market.
There was no attempt to offer au-
thorlty for these assertions. on tho
other hand, there was no lack of au-
1hority for expressions of the gioomi-
est views by prominent railroad OFF,
cials of tho disastrous consequences
they saw threatening from the hold.
ing up of the intended rate advances
by the railroads. President Brown. of
the New York Central. was quoted In
n published interview which was
quoted and commented on in Wall
Street as saving that the credit of the
railroads "has been almost totally de-
stroyed by this action (the rate In
iunction), and 1t will be almost I'M
possible, in my opinion, for any rail-
road to secure loan here or abroad
President Brown was quoted further
as saying that 100000 of New York
Central bonds had been sold in France
at SIS IL cents on the dollar. Almost
at the same time. President Browns
colleague, Albert H Harris general
counsel for the New York Central. was
quoted, on his fresh arrival home from
France, as expressing great satisfac-
ton with the success of the sale Of
f10.00o.ooo of the Cleveland. Cincin-
Hdtl, STl1CdSO anu LOUIS
which arc to be issued to the French
people at a discount of per cent, or
a price OF 81. SO far as could be
learned. the two references were tc
the same transaction, and the discrep.
ancy in the two views Of the matte,
went unexplained.
The use made of tho Brown inter
view was very effective in spreading
the spirit of anxiety. in precipita ting
liquidation and in breaking prices &c
the lowest level of the year.
There sprang up series of rumors
dealing with the probable further
steps to be taken by the government
in the prosecution of tho railroads,
having to dc with the alleged inten-
ton to break UP the various traffic as
ISOLATION. 10 enjoin other proposed
rate increases and to proceed for con-
tempt against such railroads as were
enjoined under old law suits against
the Trans Missouri Freight Associa
ton and the Joint Traffic Association
Use was also made of the fragmentar.
extracts from President Taft's speech
at Ada. O., especially the passage, at
is reasonable to suppose that at SOM
time within tho next decade there viii
be some reaction or some tinancia
stringency or perhaps financial pan
lc' ALSO lne PASSAGE. Il think the
issue of most Importance Will be the
question of the preservation of private
property or its destruction and the
substitution of certain kind OF CO.
operative Joint enjoyment Of every
thing which Is the ideal of socialism,. -
These words of the Chief Executive
We're reported on the news tickers in
tho sational sugEestivencss OF eX-
ira spacing between the lines.
Tho mood of the speculation became
fairly hysterical at times, AND last
prices were not far from the lowest
Union Pacific was down 5 IA on the
day and Reading, New York Central
the other Pacifics, United States Steel
Amalgamatea, COPPER and the Railroad
Equipment. stocks In the neighborhood
of points.
Bonds were easier. Total sales par
value, s2.e37.ooo
u y bonds were unchanged on call.
Total sales for tho day, 1,5o2.soo
shares.
New YORK, Tune money on call
easier. 2 1903 per cent; ruling rate.
S-4 per cent; closing bid, 2 1-o: Of
tered at "a Time loans very weak
sixty days 3 i2 per cent, and ninety
DAYS 3-4: six months 4n4 Ia Close
Prime mercantile paper. a-4n IL
per cent Sterling exchange steady
with actual business in bankers, bill,
at 1875 q s4s4 for sixty-day bills
and at S4.s65o for demand. CONNER
cial bills. s4,85 1-4ms4.sS IA. Ba
silver SO SIS. Mexican dollars, a.