The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-06-11
MARKET AFFECTED
BY RATE DECISION
Railroad Stocks Slump Badly
With Hill Issues Great
est Sufferers.

NEW YORK. June 10.-walI streets
Interpretation OF the effect on the rail-
roads OF the Minnesota rate decision was
shown at the opening OF the stock mar
ket today when railroad stocks slumped
badly. The Hill stocks. directly con-
cerned. were the heaviest sufferers, but
virtually all stocks fell to the lowest level
OF the year, with losses extending to
more than points
The opening OF the market WAS the
signal for excited selling. In the hrst
downward, rush, large blocks OF stock
4t points TO 105. Other railroad stocks
We're depressed sharply, losses ranging
from l 10 20
sympathetic depression throughout the
rest OF the market. Among the indus.
trials. the heaviest selling was in United
States Steel. which broke ia at the open
were sold.
Large supporting orders had been dis
trlbuted before the opening OF the mar
market grew steadier and recovered a
small part OF the early losses,
Severe decline OF American stocks In
London before the opening here gave
warning of what was TO be expected.
The market was nervous and unsettled
throughout the morning. Following the
rally shortly after the opening stocks
declines in Union Paclhc and Great
Northern preferred were increased to 4
points. and in Northern Pacific to nearly
.. Prices In many cases reached the low
Steady selling marked the remainder
OF the forenoon session, There were oc-
casional rallies, which prevented further
extended breaks, and the volume OF busi-
ness contracted toward noon,
The market broke with renewed Vio-
lonce during the noon hour and still low
er. prices were reached. Northern Pa
clic declined y TO 1919; Great Northern,
TO lisa Other transcontitnental stocks
increased their losses falling to points
below yesterday g close. Industrial stocks
some of the obscure issues sustained eX-
ceptonallE large losses, Among these
Was Texas company. which broke 9i.
Bonds also declined along with the spec
ulativc issues. United States Steel 5s gave
way points and Rock Island collateral
IS nearly rs much. New York citys new
AS sold at 9e2 There was heavy liqui-
dation also of tho recent new notations
including Baltimore & Ohio convertible A.
Brokerage Offices were crowded as they
had not been for many months. The Sc
we're 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
10 stay the decline. Throughout the finan n
cial district little was talked Of. but the
supreme courts decision. Railroad Off
clals and lawyers spent the day In study
ing the decree but We're reluctant to dis
cuss its bearing on the railroads or the
stock market, on account OF the complex
ity OF the questions involved.
Following the noon hour break there
was decided bctterment In the course Of
the market. The force of investment buy
ing coupled with speculative operations
OH the long side OF the market made it,
self felt and prices rose steadily. Before
the close some stocks had entirely recoy-
cred their losses and In other cases there
wre rallies Of two or more points,
Declines in Boston.
BOSTON. June 1O.-Local coppers and
railroad shares opened decidedly lower
on the Boston exchange today. The no
table declines from yesterdays close were
In North Butte, which opened at 234; off
II. Copper Range 3S off 4: Calumet e.