Daily press. [volume] (Newport News, Va.) 1896-current, 1910-06-02
PRICES ARE PULLED
TO THE LOWEST LEVEL
Granted by Federal Cour'
Causes Values In Shares Of Princi
pal Railway Lines to Tumble-Turn
Of Corporation Bill In Congress Is
Another Factor.
fBy Associatea rress)

the rate OF SnrlnkdSe oi piiCcS, N"e
, stock market offers a strong impress
/, sion of the sinister purport given by
the speculation to the action OF the
federal government against the ad
vance in railroad freight rates. The
fall in prices today. added to yes
terdays declines, had carried st. Paul
and Reading down 9ss before effective
resistance was encountered. Many
other active stocks showed losses Tor
the two days movement OF between
5 and 8 points. The result was the
abrupt establishment o. prices at the
lowest level of the year for all the
principal railroads. The showing was
less striking in the case OF the in
dustrials. but the weakness In that
group was sufficiently acute to leave
no room for a presumption of stheir
exemption from the influence common
to the whole speculation.
Ifuch must be allowed 10 the ele-
ment OF unexpectedness in the gov
eminent action to explain adequately
the abrupt effect produced. Opposi-
ton to the proposed advance IN
freight rates possibly extending to
legal process. was looked for and the
railroads have been pursuing the
course to meet this opposition and
public agitation on the subject.
The appeal to the principle OF I'M
lawful concert and agreement In the
making of the chedules contained in
the government suit is what proved
the greatest shock 10 speculative SEN
sbilities. The Supreme Court decision
in the Missouri River and Denver rate
cases, ppholding the ruling of the In
terstate Commerce Commission, sup
piled an effective supplement to the
federal injunction suit as depressing
influence on stocks.
The shaping of the railroad bill In
congress received increased consid-
Grafton as indicating the tendencies
toward radical treatment OF the rail-
roads. II was considered not without
significance that the rally in the mar
Iket followed the news of the defeat
.of the amendment for physical valua-
ton OF railroads. Nothing else re-
ceived much consideration in the
days stock market
Private estimates of the large in
crease in cotton acreage awakened
Expectation OF favorable govern
ment report tomorrow. The weekly
bulletin of the weather bureau showed
favorable weather conditions for cot
ton. but reported the grain crops de-
'layed by. unreasonable conditions.
The holiness of the bears left a
large uncovered short interest which
had to advance bids TO secure stocks
when the liquidation had spent IT'S
force II was this demand which rat
lied the market and modified the ex-
ltreme declines very materially.
Bonds were weak. Total sales. par
valre ss.26e.Oe0. United States bonds
were unchanged on call
Total sales for the DAY, 1872, 500
shares, including: American Smelt-
ing & Smleting. 43.i0o: Sugar. 100:
Tobacco. 100: Atohison. $1,000: At.
lsntic Coast line 1,1o0: Chesapeake
& Ohio. 1890: st. Paul. 10000: Louis
vile 4 Nashville. $500: Norfolk Il
Western, 300: Pennsylvania. $500:
Reading 25i,100: Sloss Sheffield. 700:
Southern Pacific. Si.s00: Southern
Railway. 1890: pfd., LEO: Union Pa
cific. $4,000: United States Steel. %
leo; Virginia Carolina Chemical. H.
/ 100