The Birmingham age-herald., 1910-06-03
SOME REACTION IN
 THE STOCK MARKET
Speculation Pauses in Its De
 clining Tendency
PRICES HOLD UP WELL
Tone of Money Market Is Easier and Stocks Close With Few Price Changes, the Losses Being
 Generally Made Up

NeW fOrk, +J une sz.-Ine speculatiOn III securities today showed disposition to pause and take stock of the situation created by the injunction against raising western trunk line freights. There seemed to be consciousness developed that the headlong rate at which the damage feared from this action was being dis counted might have in it a quality of heedlessness. The question arose in tk mind of eager sellers of stocks whether they might not be sacrificing their own holdings and at the same time playing into the hands of other specuators over whom they were seeking to obtain ad- vantage The new measure inaugurated by the department of justice remained the central topic of discussion but that does not show lack of clear conception of the proper significance to attach to the matter.
 On the part of the stock market op- orators and railroad officials there is heard some criticism of the western trunk line committee for the methods they pursue in seeking the rate advances which have been enjoined 2 The fact that one agent was used by all the railroads In giving notices of the advance is sight ed as almost challenge to the govern ment authorities to test the prohibition of rate agreements in the antitrust law. It is supposed that the advocacy of an amendment to authorize agreements by the administration embodened the rail- roads to attempt this test of the ques- ton. Meantime the rejection in Congress of the proposed authorization of railroad 1aFt Ilx mandatory on the law officers to take up the challenge. There is a conviction among railroad men that the law requir- ing the filing of rates which it is held must be uniform in the nature of the case and the law against agreement on rates, are conflicting and irreconcilable. If the present action shall result in re- solving the anomaly it will be welcomed by the railroads
 There Is the further criticism of west ern trunk line committee, that it's action was precipitate and designed to forestall the provisions of the pending railroad bill for reference of rate changes to the com fmerce court. The purpose to prevent an evasion of the requirements of the new law is suggested a motive for the At torney Generals action, as much as to contest the advance in rates as such. There was much interest in this connec- ton. as to what action would be taken towards the proposed advances by the Central Freight association on which mo- tices were filed today, to take effect July l, when the provisions of the new law presumably will be in force.
 The character of this discussion which was going on indicates the decision to query the ulterior significance of the new lawsuit against the railroads. Of the consequences which are feared, there was evidence in the apprehension ex- pressed by iron and steel trade organs of check to demand from the railroads for equipment and material. report was in circulation that the New York Central had asked for the cancellation of an order of new freight cars said to amount to between s5,0000o0 and $6. 900. There were rumors also of proposed heavy reduction of working forces by the railroads, and the acute weakness of St. Paul was attributed to fears for the integrity of the dividend, without higher charges for transportation. The effect of reduced net earnings of railroads on the placing of railroad bonds abroad is an other phase of the problem, giving much attention. The tone of the money market was distinctly easier, the liquidation in the stock market and the reduction of of fcial discount rate of the Bank of Eng land both conducting to that result.
 The stock market closed with but little change from yesterdays closing prices, the early losses being generally made up.
 Bonds were irregular. Total sales, par value, q, ,S30,000.
 United States bonds were unchanged on call.