The Washington herald., 1910-06-03
WALL STREET NEWS
Stocks Quieter, with ali In
creased Short Interest.
SENTIMENT IS NOW BEARIsH
Renewal OF sharp Selling Move
ment Which Carried Some OF the
Stocks Down After the Wicker
sham Injunction Was Feature Of
the Morning Session.

New York. June 2.-There was natural
quieting down of stock exchange business
to-day although the volume Of dealings
was still large in comparison with that
shown before the recent sensational de-
velopment from Washington. Al one time
in the forenoon there was a renewal OF
the sharp selling movement which car
ried some or the active stocks down TO
prices as low as any recorded yesterday
or the day before.
From this ihe market afterward re-
covered, but displayed az best no pro-
nounced rallylng tendency, and left OF
with the greater number OF active issues
at net declines which were however, rel
atively small. II was undeniable that
current opinion ran strongly TO the effect
that pending some clearer light on the
present highly clouded and complicated
status OF the railway rate situation moth
Ing like a decided upward movement In
the market was TO be expected.
Sentiment Now Bearish.
II is 70 be remembered, on the other
hand. that large short interest In the
market has undoubtedly been created on
the recent break, and that professional
: speculative sentiment has become steady
and bearish. Such a state of affairs In
evitably leads from time TO time to an
oversoid market condition which, as in
evitably, results in frequent rallies There
was little further news to-day regarding
the railway rate matter.
Some hope appeared to be entertained
that the temporary injunction granted
on the motion Of the Attorney General
against the advance In rates might be
vacated at the hearing upon June Is be-
= fore the circuit judges OF the United
States in the Eighth judicial district. TO
make the injunction permanent: and il
was again also suggested that a way out
OF the present difficulty might be for
the Western railroad companies imme-
diately concerned 10 withdraw their no.
tees of an advance In freight tariffs from
the Interstate Commerce Commission and
again file these separately, which would,
on the face OF things, remove the OBJ
lection brought by the Attorney Cen
eral against the manner OF accomplishing
the rate advance.
Defiance of the Companies.
This idea, however, seemed 10 be neg
atived by the fact that the railway COM
panies Of the Central Freight Association
to-day filed notice OF an advance In
freight rates through a single agent at
Washington. following exactly the same
course as that pursued by the members
OF the Western Trunk Line Committee
who are now under the governments in
junction.
Wall street was obviously in no mood
10 untangle the legal complexities in
volved. and the charging disposition Of
speculatioTs and customers OF commits
6 sion houses was 10 withdraw from mar
I ket operations. While buying OF stocks
10 cover commitments for the fall was
obvious in the days market there were
also evidences OF continuing liquidation,
these again being rather especially no
= ticeable in St Paul stock.
London houses were again buyers on
feir scale. and. assuming that recent
purchases OF this sort have all been for
genuine foreign account, they represent
very considerable additional invest
ment Of European money in our secuTi-
ties IN the course OF the present week.