Daily press. [volume] (Newport News, Va.) 1896-current, 1910-06-04
STOCKS BREAK AGAIN
WITH GREAT VIOLENCE
During Early Hours on the Exchange
Some Resistance is Shown, But in
Short While Values Take Tumble
Spirit Of Anxiety Spreads Rapidly
Over and About Wall Street.


stocks broke again today with yio-
lence almost unexampled outside OF
times of absolute panic. This was
after a show of resistance 10 the
forces OF depression during the early
hours. when the heaviest selling that
appeared seemed to be easily absorb
ed and prices rehounded repeatedly
from the declines.
The kind OF explanations offered 70
the recovery showed plainly how at
tention remained conferred upon the
dominant topic of the governments
policy towards ra!lrcld rate increases.
There was circulated for instance, an
expression of confidence from an
anonymous legal authority that the
Injunction against the western trunk
line rate advances, would be promptly
dissolved Another rumor alleged tina.
President Taft contemplated a state
ment in one Of his western speeches
calculated to 3llay the apprehension
which has found expression in the
stock market There was no attempt
to offer any authority for THESE as
sertions.
On the other hand there was 10
lack of authority for expressions o.
the glocmiest views by prominent ran
road officials of the DISASTROUS conse-
ounces they saw threatening from
the holding up of the intended rate
advances by the railroads. President
Brown. of the New York Central, Was
quoted in a published interview as
saying that the credit of the rail-
roads has been almost totally de-
stroyed by this action. (the rate IN
junction) and il would be almost I'M
possible in my opinion for any ran
road to secure a loan here or abroad.
The use made of the Brown inter-
view was very effective n spreading
the spirit of anxiety, in precipitatlns
liquidation and in breaking prices TO
the lowest level of the year. use
was also made of the fragmentary
extracts from President Taft's speech
at Ada. Ohio. especially the passage
cit is reasonable 10 suppose that %,
some time within the next decade
there will be some reaction of some
financial stringency or perhaps fl
nanoial panic" Also the passage: Il
think the Issue Of most importance
will be the crestiOn OF the pr serva-
ton of private property Of its des;ruc-
ton and the substitution OF a ceit3In
kind of cooperative joint enjoyment
of everything which is the ideal o.
socialism.
The mood CT the speculation oe
came fairly historical at times end
last prices were hot far from the
lOwe=t
Union Pacific was down, ami Read
ling. Nov York Central, the other
Pacifcs. United States Steel. Amalga
mated Copper and and the railroad
equipment stocks in the neIghbornooc
Of points.
Bonds were easier. Total sales. pa.
value. 1851 900. United states bonds
were unchanged on call
Total sales today. I,5O2.S0o shares
Including: Amalgamated Copper. 1871.
sac. American Smelling & Refining
30. 500: Sugar. 1880: A;chison. %. 100;
Atlantic Coast Line. zoo: Chesapeake
! & Ohio. 2o.10O: 81. Paul. $500.
/ cuisville & Nashville. S.7e0: Norfois
4 Western. 1890: Pennsylvania. 80.
500: Reading. 2S4.7o0: Slcss Sherieic
1000: Southern Pacific. 6e.500 South
ern Railway. f.7o0. pfd~ 1900. Ten
, nessee Copper. 1890: Union PacIf
-l3Is.f00: United States steel. $500
: Virginia Carolina Chemical. 500.
! Nr1sf,o -