New-York tribune., 1910-06-30
STOCKS TUMBLE ON
RULING AGAINST ROADS
Losses Extending to 8 Points in
Some Issues Bring About
New Low Levels.
BEAR TACTICS APPARENT
Wall Street Upset by Fear That
Decision Bodies Ill for Pro-
posed Freight Rate
Increases.

On a volume of business, the total Of
which ran in excess of one million
shares stock market prices declined
yesterday 10 new low levels on the pres
ent downward movement, maximum
losses in the active list averaging to
points. Some issues showed declines of
more than 8 points.
The selling movement was most pro-
nounced in the prominent investment
issues. but, with only a few exceptions,
the general market was sold regar 1leSs
of the actual value of securities, the
movement representing actual iquida-
ton of speculative and investment ac-
counts by interests that either were un-
able to stand the strain Of declining
quotations, or else We're frightened into
the belief that cash was the only thing
to be desired, though the conversion OF
their securities into money could be ac-
complished only at tremendous sacri-
fee of their vested interest.
Almost one-half of the active list fell
to the lowest prices of the year. and the
closing throughout represented a decline
from the high levels of 1909 Of from 20
to 90 points.
Decisions by the Interstate Commerce
Commission in the case of certain West
ern railroads that sought to establish
level of rates that shippers considered
inimical to their interests encouraged
activity on the part of the professional
bear element. and the fact that opera
tors long of the market and timid in
vestors already were in q state Of appre-
hension over the declines of preceding
days naturally induced aggressive trans
actions for the decline by traders who
have been consistently bearish for many
months.
Furthermore, it was understood that
certain interests that suffered heavy
losses in the Rock Island speculation Of
many months ago exercised their tai
ents yesterday to bring about something
in the nature of bull panic.
How Wall Street Was Upset.
There was nothing in the news of the
DAY affecting the actual worth of Ameri
can investment securities that war
ranted the decline but Wall Street was
upset over the action OF the Interstate
Commerce Commission in ordering rate
reductions on various Far Western rail
roads, and assumed that proposed in
creases in freight transportation charges
by most of the roads in the country
would receive little encouragement from
the commission under the power given it
by the new railroad law recently en-
acted by Congress. The Street also con-
tinued to accept as gospel truth exag-
gerated reports of injury to the spring
wheat crop.
Liquidation was heavy in the Harri-
man shares. and at one time Union Pa
/ Cific showed maximum loss of almost
! Z points, while Southern Pacific lost up
ward of 4 points, the chief pressure
against these issues developing at q time
when the Street received the reports of
! the two companies for the month of
May, showing large gains in both gross
and net earnings. ST. Paul lost more
than 3 points on its maximum decline
and Reading points
That forced liquidation was under way
was reflected in the selling among the
unusually inactive investment issues and
v
gage issues. Manhattan Elevated stock,
for instance, lost more than points on
| a sale Of one hundred shares Stock
market prices in recent days have
reached levels that have compelled the
| liquidation of speculative accounts that
few months ago were considered well
! intrenched, while the movement also has
compelled the liquidation of investment
accounts to protect speculative commit
ments.
Big Interests Busy Buyinq.
The most important financial inter
ests in the Street bought stocks yester-
day, but they made no attempt to sup
Iort the market.
The following table shows the high
prices of 1909 of number of leading
stccks compared with their closing
prices in yesterdays market:
High, Close, Net
1909. June % change
,