Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-06-04
AND
COMMERCE
Wall Street.

NJ York, June 3.-Prices OF stocks
hrote "A ain today with a violence
almost unexampled outside of times
az absolute panic. This was after n
show of resistance to the forces of
depression during the early hours,
when the heaviest selling that APP
neorcd seemed to be easily absorbed
and prices repeatedly from
the declines.
The action of the market at that
lime gave rise to an impression that
Tho worst of the shock had been alb
sorbed and that conditions were ripe
for a recovery. Uncovered shorts were
made ervou by this action of the
market and helped on the tendency by
their buying to cover.
The kind of explanations offered
for the recovery showed plainly how
attention remained conferred on the
dominant topic of the governments
Motley toward railroad rate increases.
There was circulated an expression of
confidence from an anonymous legal
authority that the injunction against
The western Trunk Line advances
would be promptly dissolved. An
other rumor alleged hat President
Taft contemplated a statement in n
Of his western speeches calculated to
allay apprehension.
on the other hand there was no
lack of authority for expression ~ the
eloomiest views by prominent rail-
road officials Of the disastrous conse-
1uences they saw threatening from
the suspension of the Intended rate
advances by the railroads.
President Brown of the New York
central was quoted as saying hat The
credit of the railroads has been al"
most totally destroyed by this actitm
the rate injunction) and il wall lie
almost impossible in my oninlpn, ion
any railroad to sccure a loan rere or
abroad" President Brown was quot
ca further as saving that $500 600
of New York Central bonds had been
sold in France at SStl-2 cent on the
dollar.
Almost at the same time. President
Browns colleague, Albert II. Harris,
general counsel Of the New York Cen
traL. was quoted on his arrival home
from France, as expressing great sat
isfactiOn with the success of the sale
Of SO. 000, 900 Cleveland, Cincinnati,
a st. Louis bonds, which are TO be
issued to the French people at a dis
count Of 3 per cent, or u price of 81.
The use made of the Brown inter-
view was very effective in prccipitat-
ing liquidation and in breaking prices
10 the lowest level Of the year. There
sprang IN a series of rumors dealing
with the probate further steps to be
taken by the government in the prose-
cution of the railroads, having to do
with the alleged intention to break up
the various traffic associations, to en-
Join other proposed rate increases,
and to proceed for contempt against
such railroads as were enjoined under
old law suits against the Transmits
Freight association n the joint
traffic association.
Use was made also of the fragmen-
tary extracts from President Taft's
speech at Ada, o., especially the pass
age. 1T is reasonable to suppose that
Mt some time within the next decade
there will be some reaction or some
financial stringency or perhaps a fl
nancial panic Also the passage:
II think the issue of most importance
win be the question OF the preserVa-
ton Of private property or its de-
and the substitution of a
certain kind Of cooperative joint n
joyment of everything which is the
ideal of socialism"
These words of the chief executive
were reported on the news tickers al
most without consent and in sensa-
tional suggestivencss of extra spacing
between the lines.
The mood of the speculation became
fairly hysterical at times and last
prices were far from the oWest.
Union Pacific was down 5A on the
day inc Reading, New York Central, |
the other Pacifics, United States Steel,
Amalgamated Copper n the railroad
stocks in the neighborhood
OF 4 points. Closing stocks: