Salt Lake Tribune | 1910-06-02 | Page 8 | Washington News is Cutting Market Open

I;! WASHINGTON NEWS IS I , CUTTING MARKET OPEN 1 .lames A. Pollock & Co.. bankers and l broker, furnish the following, received over their private wire yesterday afternoon: after-noon: Paine, Webber & Co. letter. Boston ' The Injunction of the government against 'I higher freight rates had a serious effect J. on the market this morning and llqulda- ' tlon was heavy all through the session. Short covering caused a sharp rally at the close, but the net result for tho day showed a discouraging situation. In tho i local market few stocks came out and prices held comparatively well. The local lo-cal holders of copper stocks had their investments in-vestments cither well margined or fully f paid for and will not sell at present level. Tho buying power is very small and short selling Is gradually depressing prices. We , still advise sale of stocks on all rallies ' and the carrying of light accounts. Lo?an & Bryan stock letter. New York , Considerable nnxlcty was apparent dur- h ing today's session and heavy liquidation H was again the feature with a noticeable I absence of support In a great many Is sues. Holders of stocks as a rule were 1 much disturbed by yesterday's develop- I ments and in addition, sentiment was ag-' gravatcd by the numerous reports In clr-t clr-t rulatlon Indicating probable adverse ef fects of both the decision In the Missouri I, river rate case and the government's at- j tltudo. The recent drastic liquidation may ,J be followed by a temporary recovery but A we cannot as yet discern anything In the ' situation to warrant (he bollof that an ad- vance will be moro than temporary,