Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1913-06-10
RATE DECISION
BRINGS Low
PRICES
WALL STREET SECURITIES TAKE Al
TUMBLE AS The RESULT OF
SUPREME COURT VERDICT, BUT
RECOVER QUICKLY.
RAILROAD STOCKS
ARE AFFECTED most

New York, June 10.-Wall street S
Interpretation of the effect on the rail
roads of the Minnesota rate decision
was shown at the opening of the
stock market today when railroad
stocks slumped badly The Hill stocks
were the heaviest sufferers. but vir-
tually all stocks traded in fell to the
lowest levels of the year, with losses
extending to more than four points.
In the first downward rush when
large blocks of stock were marketed,
Northern Pacific broke IA points to
I105: Great Northern preferred, ano-
ther stock directly concerned in the
outcome of the case, declined three
points. Other railroad stocks were de-
pressed sharply, losses ranging from
1 to 2 SO.
The slump in ra lrcad shares caus.
ed sympathetic depression through
the rest of the market Among the
Iindustrials. the heaviest selling was
in United States Steel, which broke
Il is at the opening when single
block of 5000 shares were sold. Loss
es elsewhere among the industrial
stocks ran from to 8 points.
Alter ten minutes of trading the
market grew steader and recovered
a small part of the early losses. A
severe decline of American stocks in
London before the opening here gave
10
The market was nervous and I'M
steady throughout the morning. After
the rallying after the opening. stocks
sold off again to still lower prices.
The declines in Union Pacific and
Great Northern preferred were in
creased to points and others to near
ly 5. Others passed the lowest levels
since the panic of 1907,
Steady selling marks the remainder
of the forenoon. There were occasion
al rallies which prevented further eX-'
.enued Hreaks and He 7soiun.e OF Dasi
ness contracted toward noon.
Recovery made greater progress
when it became evident that drastic
liouida ton had been suspended. Trad
ers who had been plunging on the
short side fastened to cover and their |
tuving together with investment pur-
chases, carried up prices with rush.
Great Northern preferred rallied 8
POINTS, Lehigh 2 "a, st. Paul and
Northern Pacific. 2, 1,2.s and Canadian
Pacific 2 points.
The market broke with renewed vlo-
lence during the noon hour and still
lower prices were reached. Northern
Pacific declined IL to 131 3-4, Great |
Northern I to 101 12. Other trans
continental stocks increased their
losses falling to points below yes
terday's close. Industrial stocks sold
off with rest of the market, and
some obscure issues sustained excep- |
tionally large losses. Among these
was Texas company, which broke
8 1-2 .t
Bonds also declined along with the /
speculative issues. United States
Steel IS gave way two points and
Rock Island collateral As nearly as
much.
Brokerage Offices were crowded as
they had not been for many months. j
The severe losses of the day resulted
in some buying by investors, attract
ed the low prices, but the, amount of
this buying was comparatively small
and was not sufficient to stay the de-
cline. Throughout the financial dis
trict little was talked of but the SUI
preme courts decision. Railroad Off
cials and lawyers spent the day in
studying the decree but were reluct-
ant to discuss it's bearing on the rail
roads or the stock market. on account
of the complexity of the questions in
volved.