The Washington times., 1910-06-30
Wall Street Bears Gorge on
Profits Up in the
Millions.
PRICES CONTINUE
TO SINK DAY BY DAY
Interstate Commerce Decision That
Freight Rates Are Too High
Is Latest Blow.
BY I. A. FLEMING.

These are gloomy days in Wall Street,
days of melting value ana nervous, per-
spring operators, whose dollars are
fading away day 10y day
Ia a word. millions of dollars In mar
ket values have been wiped out
For weeks the market has been going
one way. with spasmOdic rallies now
and then; but always the breaks that
followed established lower levels, and
every day or two the list received a
smashing blow.
The trust cases brought against the
American Sugar Company and the
Tobacco Company were serious euOugh
lin themaelves. They started the iisf
going down.
The general public quit Wall Street,
short, and left the professionals to hold
their own as best they could.
Grains and cotton suffered from too
much rain and snow In March and
April and now from burning heat and
drought, until there is much question Of
the yields bciuI mp TO the aggregate Of
last year, despite the increased acreage,
thus curtailing the tonnage to be han
r.-a by the railroads.
But the blow that almost broke the
'--nA NA " an s'A-t tAA trAl4Af " men
ident Taft ordered the legal department
.of the nation TO enjoin the enforcement
.ot higher rGtes-in conformity with the
shippers demands.
The final straw was added TO the
weight of woe, so Wall Street thought.
Jerday the burden WAS doubled when
the Interstate Commerce Commission
decided that freight rates west of the
Mississippi river were too high.
WHAT'S the Use, They Say.
What's the yseg' argued the rail-
road magnates and stock spectators
If the rates in vogue are too higa,
what chance on earth is there for the
higher rates that viii be filed with the
commission, receiving the official %.
k2'"
wan street went wild over The batch
OF decisions and many holders Of securi-
ties. who did not know Of the verdict
OF the commission until they read II in
the evening papers. declare that # was
a case Of too much regulation.
Wall Street bears. SOrEed on profits
DAY by day-sOrged but not sated-add-
ed the weight of heavy sales to the
wool of margin traders on the long
side, and the weII-greased toboggan
slide did the rest.
The losses since yesterday morning
on the leading stocks averaged s. 70 81
q share Carried out it means the losses
Of many millions Of dOllars-nCt includ-
ing paper lOsSeS-Of those who have
stocks paid for. but who viii not be
obliged 90 dispose of them until couCi-
tiuuS improve, IOT there is no reason.
under normal conditions for high grade
railroad shares or safe lndustrialS 90
sell around present prices, unless legis-
latiOn and regulation are 20 be carried
J0 the point of excess.
Wall Street Is ungeuerOus enough 90
assert that the Interstate Commerce
Commission catered to the West By
It's action Yesterday, in the interest of
the Republican Congressman, who are
seeking reelection
Commenting on this suggestion. one
conservative local banker said.
If tie commission ever does things
OF that kind. and I do not believe that
it does then the decisions rendered yes
Ierlay were for that purpose Of course.
The prices current today are far below
. the lowest figures Of 1910.
Attractive Investments.
There are numerous attractive invest
ments on the bargain counter. but with
the troubles in the way and the market
as it is, il requires a courageous man of
money to take advantage Of the oppor-
tunity-Dut the best posted believe that
opportunity Is knocking once more.
The declines for the week on the lead
ing stocks are more than serious. and
yet Wall Street has stood it without a
failure.
There was quite little rally from low
prices on buying by shorts" late in the
session
Average recoveries were about s. a
share.