Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-06-10
STOCKS
SLUMP SHARPLY
AS RESULT OF
RATE DECISION
Industrialx Decline in sympa-
thy and Wall Street Expert
ences Conditions Unknown
Since Panic of 1907.
HILL LINES HEAVIEST
HIT BY DEPRESSION


New York. June Wall streets
interpretation OF the enc 4 Dm iha
railroads OF the Minnesota deiuslon was
shewn Ht the opening OF iha stock
marker today when railroad stocks
slumped badly. The HIN stocks worc
the heaviest sufferers but virtually an
stocks traded In fell 10 tho lowest
level OF the year, with losses extond-
Ing to more than four points. In tho
nrst downward rush large blocks OF
stocks were marketed. Union Paclnc
broke IA 10 i05. Great Northern.
another stock concerned la the out
come OF the case declined three points.
other railroad stocks were depressed
sharply. losses ranging from 1 40 2 5-S.
The slump In railroad shares caused
sympathetic depression through the
rest Of the market. Among the in
dustrials. the heaviest selling was Ia
United states Steel. which broke is
at the opening when a single block OF
$3.50 shares we're sold. Losses else
where among the Industrial stocks ran
from one 20 three points. After ten
minutes OF trading tho market grew
steadler and recovered a small part OF
early losses.
severe decline o. American stocks In
London before the opening here gave
warning Of what 20 expect.
The market was nervous throughout
the morning. Following tho rally
shortly after the opening. stocks sold
OF again TO still lower prices. The
declines In Union Pacific and Great
Northern were increased 10 four points
and ia Northern Pacific TO nearly i've
points In many cases they reached
tho lowest level since the panic OF
1907. steady selling marked the re-
mainder Of tho forenoon session
! session though there were occasional
rallies which prevented extended
breaks and the volume of business
contracted toward noon.
Following the noon hour break
there was a decided betterment IN the
course Of the market The force OF
investment buying. coupled with spec
ulatlve operations on the long Side OF
market made itself felt and prices
rose steadily. Before the close soEre
stocks had entirely recovered their
losss and In other cases there we're
rallies OF points or more.
The market broke with renewed
violence during the noon hour ana
stili lower prices were reached.
/ Northern Pacific declined Ia 10
| iOf "a. Great Northern 10 115 1-s.
other transcontlnental stocks In
creased their losses falling TO s
points below Yesterdays close. In
| dustrial stocks sold off with the cost
OF the market and some OF the OBJ
scure issues sustained exceptionally
large losses. Among these was Tex
az company. which broke . q.
Bonds also declined along with the
| speculative issues. u. s. Steel flves
| gave way two points and Rock Isiand
| collateral a. nearly as much. Brok-
crage offices were crowded as they
had not been for many months The
severe losses of the day resulted In
some buying by investors. attracge bv
the low prices. hut the amount ~ this
buying was comparatively aeal and
was not sufficient Ia stay tho dcclIne
Throughout the financial district iit-
! tie WAS talked OF hut the supreme
courts decision. Railroai officials
and lawyers spent the daY In study
ing the decree hut were reluctant "a
discuss Its hearing on the relleoads ~
the stock market. on account of the
complexity Of the questions Involved