The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-04
Street Is Overwhelmed
by Flood of Liqui-
dation.
NEW LOW LEVELS
MADE FOR YEAR
Worst Break Stocks Have Ex-
perienced in Months Explained
by Refusal of Government to
Permit Increase Of Rail
road Rates - Campaign
Of Retrcnchment.
Especial to The Times.pispatch.

lSpecial to Inc eTfmes-DiSpatch.
New York, June s.-The flood OF
liquidation overwhelmed the stock
market at the beginning Of the after.
noon to-day, and the worst break that
stocks had experienced for many
months carried prices down to new low
levels for the year.
The selling was attributed by many
to the acute situation caused by the
governments fight to keep the rail-
roads from raising rates by an alleged
conspiracy.
The selling movement, which began
in real earnest just before noon. abat-
ed somewhat In a short time. but be-
fore the afternoon was well begun.
had started all over again with new
strength.
In half an hour prices had melted
away as though they had been built
on foundations of sand and by Q
o'clock they were so changed as to be
almost urt-ecognizable. Then came
another short halt.
BY this time some of the declines
from opening figures ran as high as
follows: Union Pacific. points: Con-
solidated Gas. 4 rs Great Northern,
preferred, Ia: New York Central.
3 5-s; Atchison, 3 Is; Louisville ;tnd
Nashville, 3: 1-2; Reading. ! 7-s; South
ern Pacific, rs; St. Paul. 8 1-3:
American Car and Foundry, 3 3-S;
American Locomotive, l-2. Smelters,
8 is: Amalgamsted Copper, 71S:
Northern Pacific, 8 and Baltimore and
Ohio. 1-2,
The halt was a brief one like that
of the early aftercoon- While il last
ed the AFR was fun of ruinors OF trou-
BILE in the street.
On all sides there was talk of the
governments taking still moro drastic
action against the railroads. Then
there ensued another selling movement
no less vigorous than those which
had already gone on.
Shortly before the close there was
some rallying OF stocks. but last prices
showed no comfortable gain over the
low figures Of the day. The tone at
the close of the market was nervous
and unsettled.
Most of the explanations for the de-
cline were contained in statements
OF railroad officers following the in
terVleW Win freSluent brown, OF the
New York Central Other railroad
presidents agreed with Mr.. Brown that
a policy OF extreme retrenchment must
be followed unless railroads are per-
mltted to raise rates.
President Ripley, of the Atchison,
said that his road has already begun
a campaign of retrenchment which Will
affect every department. and Will re-
suit in holding up orders for several
million dollars worth of equipment.
double tracking and general improve
ment as wei az In throwing thous|nds
of men out of employment and cut
ting down the hours of those re-
tained.
Wherever possible.'' he said, 1--WE
have cancelled orders for equipment or
had them held off waiting develop
ments. We stopped work on the double
tracking of the Atchison from Chicago
to the coast about ten days ago. We
have cut down the working hours in
some Of our shops to half time. and II
necessary we will later lay Off many
of our men. 1t is absolutely necessary
that we in some way meet the in
creased cost of maintenance and the
decreased net earnings"