The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-06-10
Stocks Drop Following Mime
sofa Rate Case Decision.
Some Shares Reach Lowest
Point in Twelve Months.
SLUMP INCLUDED ALL STOCKS
American Securities in London
Also Take Big Tumble.
First Decline Stopped by Stimu-
Iating Buying Orders.

New York, June 10.-The effect of the
Minnesota rate decision was heightened
TODAY in the stock market by several
other bearish factors, which combined
+o give the market the severist shock
IT had had in many months. One was
a report that the attorney general
would oppose both of the plans for dis
solution of the Hartman roads, and
another was a large failure in London
counIed with foreign selling here.
with support showing on4y tempor-
srilv at critical perids prices broke still
further.
Largest losses were in the transcon-
tinentaI stocks. The Hill stocks fen
five points below yesterdays close ana
ST. Paul and U. P. four. Declines al
i to points were scattered all through
the list Bonds were weak.
Wall streets Interpretation or the
effect on the railroads of the Minnesota
rate decision was shown at the open
ing of the stock market today Wheh
railroad stocks slumped badly. Inc
Hill stocks, which were directly con-
cerned in the Minnesota case, were al
ready the heaviest sufferers, but Vlr-
tualIy all stocks traded in fell to the
lowest level of the year with losses
extending to more than four points.
Brokers were clustered about the
trading posts on the floor of the ex-
change long before the opening of the
market which was the signal for ex-
cited selling. In the first downward
rush large blocks of stock were mar
keted. Northern Pacific broke A
points to los. Great Northern per-
ferred, another stock directly concern
of he a
3 points. Other railroad stocks were
depressed sharply, losses ranging from
l to 25s. The slump in railroad shares
causes sympathetic depression through
the rest OF the market. Among the
industrials, the heaviest selling was
in United States steel, which broke Us
at the opening when a single block of
5000 shares was sold Losses else
wnere among the Industrial stocks ran
from l to points. Large supporting
orders had been distributed before the
opening of the market and their execu-
ton checked the break after the first
sharp decline. After ten minutes of
trading the market grew steadier and
recovered a small part of early losses.
Severe declines of American stocks in
London before the opening here gave
warning to what was to be expected.
On account of the support of this mar
ket, however. the opening declines here
were smaller than the losses in the
London market.
The market broke with renewed vio-
lence during the noon hour and still
lower prices were reached. Northern
Pacific declined ia to 1O1A; Great
Northern Z, to lis u. Other transcon-
tinental stocks increased their losses,
falling to points below yesterdays
close. Industrial stocks sold off with
the rest of the market and some Of
the obscure issues sustained exception
losses. Among these
Texas company, which broke 91A.
Bonds also declined along with the
speculative issues. United States
steel fiveS gave way 2 points, and
Rock Island collateral As nearly as
much. New York City s sold at
99%.
There was heavy liquidation also of
the recent new flotations including
Baltimore and Ohio convertible As.
Brokerage offices were crowded as
they had not been for many months.
The severe losses of the day resulted
in some buying by investors attracted
by 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 su-
preme courts decision. Railroad of
ficials and lawyers spent the day in
studying the decree, but were reluc-
tant to discuss its bearing upon the
railroads or the stock market, on ac-
count of the complexity of the ques-
tionS involved.
when it became evident that drastic
liquidation had been suspended
Traders, who had been plunging on
the short side, hastened to cover and
their buying together with investment
purchasers carried up prices with a
rush. Great Northern preferred ral-
lied 3 points, Lehigh 2 q, st. Paul and
Northern Pacific Y and Canadian
Pacific points.
Decline on Boston Exchange.
Boston, June 10.-Local copper and
railroad shares opened decid edly lower
on the Boston exchange today. The
notable decline from yesterdays close
were in North Butte, which opened
at % Il, off Il; Copper Range So, off
"a; Calumet and Arizona S. off
one, Boston and Maine 55A off /;
United Shoe machinery opened at A.
off 1. Trading was active and in
thousand share lots and after the first
twenty minutes there was a slight
rally from the opening.
Old London Firm Fails
London, June 10.-There was an
other slump in American securities on
the London stock exchange today. The
attempts of operators to cut their
losses caused a decline of to dol
lars below parity in Amalgamated
Coppers, Union Pacific and Canadian
Pacific and 1 y in steel shares. At
first the market was not certain how
to take the Minnesota rate decision
while the expectation of a poor steel
statement tended to produce weak
ness.
The failure was announced on the
London stock exchange today of the
old established brokerage firm of En-
gelbert and Schloesser. The liabilities
could not be ascertained this morning
The failure of the firm was due to