The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-08
Ne w Y 0rk
Stock Market

New York June Title stock mar
ket greeted the news of an agreement
on the rate dispute between the gov
eminent authorities and the railroad
executives with a spasmodic recovery
of the decline OF seSeSl days past
The excess of speculative operations
for the decline based on that confer
ence was demonstrated beyond dis
pute. The demand from uncovered
shorts was SO urgent and Imperative
as to cause an opening Jump in prices
rarely equaled for wildness and dis
order. When the first Wild scramble
of the bears to cover shorts was over
there ensued a more conservative view
of tho situation, and 1t was not until
the end OF the day that prices rose
again TO the best
The diffiuclty of appraising the news
grew ont OF the stress laid in the pre-
vious speculation on tho immense inn
portance TO the railroads OF the In.
creased freight rates, which the gov
eminent was opposing Demoraliza-
ton in stocks, caused by the injunc-
ton against small percentage of the
proposed increase, contrasted with the
violent rebound upon the postpone
ment by the railroads of all the pro-
posed increases and their voluntary
submission TO the provisions OF the
pending railroad law, constituted
seeming anomaly. The explanation
came partly from the fact of the
greatly extended short interest, which
was forced to buy stocks, but which
hoped 10 do so at further decline
1t was evident also. that great re-
lief was felt by the railroad officials
over the abandonment of the appeal
TO the antitrust law on the return
for the surrender OF the proposed rate
increase.
The influence OF the announcement
from the White House was enhanced
by the professions of satisfaction from
railroad officials who had expressed
most alarm over the suit TO enjoin
the rate advances. and their opinion
that tho threatened cessation of i'm
provement expenditures might not
prove necessary. Negotiations, ii was
SAID, for the sale of s15,ooO,oo of
Michigan Central bonds in Paris,
which had been suspended, would be
resumed, and this assertion was of
more effect on sentiment than yester-
DAYS news OF the sale of SIS, 900, 600
OF Southern Pacific bonds in Germanyl
IN spite of the rate injunction.
The unsettled tone, which INTERVIEWED
after the opening jump, was much en-
phasfzed by the natural tendency to
realize profits on so considerable
rebound. This selling proceeded TO
such lengths. especially in ST. Paul as
20 arouse a suspicion of renewed IL
quioation on account of an important
capitalistic group Public expression
OF lukewarm satisfaction by a promi
nent member of the g.roup seemed 70
shift suspicion to that of a purnosa
20 depless prices, and the lnarket
thereafter rallied
me agreement made by the railroad
executives to leave the rate increases
70 the operations of the new railroad
law shifted attention to progress OF of
lha' measure through it's final stages
ana the deflnitive form which 1T might
sdke, me market was fayorafly af
lected by the computations made hy
railroad officials of the time that co,ia
90 saved IN putting into effect new
lrelght rates by the consideration mai
Souiq oe given TO the new schedules
oy the commerce commission nerSin-
the enactment of Tho new rniIrdad In, ~
Bonds We're irregular Total saIas
par value $2,76s, 900 United States
ponds were unchanged on call Tata1
sales of stocks for the day wore
O44,4o0 shares. u
New York June money on call,
80 ea - per cent. ruling rate ol9.
oioslnE bid. 1-e: offered at ? 34 Nor
al al iifne aoans easy and dull: sirty
d dags' i-4q3 IL per cent. and ninety
qays, L. SIN months, 4 fr4i-i. Close.
Prlme mercantile paper. ga to ~:
per cent. Sterling exchange steady at
otcine, with actual business in hanl
,ers bills at S+.S355 a 1885, for sivt,.
I'd! DIS. and at S4S650 for demand