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Show - Financial Currents of the Week . . MONDAY Decora lion day. No markets, mar-kets, TUESDAY The volume of dealings In tlie stock market expanded again on a descending rango of values. The decline became preclpltato when It was announced an-nounced that tho department of justice was to apply for an Injunction to restrain tho proposed Incrcaso in freight rates by western railroads which was to go Into effect Wednesday. Prices had sagged from the outset, but on a much less active ac-tive market than after this news becamo known. This topic was under consideration, considera-tion, however, by reason of tho request made by wcHleni shippers in Washington yesterday for this action by the government govern-ment and tho resolution on the subject Introduced in tho senate. Prices closed at about the lowest figure of tho day. A retrospect of the market for May showed the prospect of Increased rates by the railroads played an Important part In tho comprehensive advance In prices. The week after notices had been filed with tho interstate commerce commission of tho intended Increase prices started upward up-ward from tho low levels of the year. .WEDNESDAY Measured by the rate of shrinkage In prices, the stock market offered a strong Impression of the sinister sin-ister purport given by tho speculators to tho action of tho federal government against the advance in railroad freight ratcs.H Tho fall In prices todav added to Tuesday's declines carried St. Paul and Reading down 9fi boforo effective resistance resist-ance was encountered. Many other active ac-tive stocks showed losses for tho two days' movement of betweeen 5 and 8 points. The result was tho abrupt cs- tahllshment of prices at the lowest level of the year for all principal railroad stocks. The showing was less striking in tho case of tho industrials, but the weakness weak-ness In that group was sufficiently acute to leave room for a presumption of t.holr exemption from the Influence common to the whole speculation. THURSDAY The speculation in securities secur-ities showed a disposition to pauso and take stock of tho situation created by the Injunction against raising western trunk line freight rates. The new measure meas-ure Inaugurated by the department of justice remained tho central topic of discussion, dis-cussion, but that discussion showed a groping lack of clear conception of the proper significance to attach lo the matter. mat-ter. On the pari, of tho stock market operators op-erators and to some extent of railroad officials, there was heard some criticism of the western trunk line, committeo for the methods they have pursued In seeking seek-ing tho rate advances which have been enjoyed. Tho fact that ono agent was used by all the railroads in filing notices of the advance la olted as almost a challenge chal-lenge to the government authorities lo test tho prohibition of rate agreements in the anti-trust, law. Bonds wore Irregular, wit light sales. FRIDAY Prlcos of stocks broke again with a violence almost unexampled outside out-side of times of absolute panic. This was lifter a show of resistance to tho forces of depression during the early hours, when tho heaviest selling that appeared ap-peared seemed to be easily absorbed and prices rebounded repeatedly from tho declines. de-clines. Tlie action of the market at that time gave rise to an Impression that the worst ofthc shock had been absorbed and that conditions wore ripe for a recovery. re-covery. Uncovered shorts wero made nervous by this action of the market and helped on tho tendency by their buying to cover. The kind of explanations offered of-fered for the recovery showed plainly how attention remained centered on tho dominant topic of tho government's policy pol-icy toward railroad rate increases. There was circulated an expression of confidence confi-dence from an anonymous legal authority authori-ty that the Injunction against tho western west-ern trunk lino advances would bo promptly dissolved. Another rumor alleged al-leged that President Taft contemplated a statement In one of his western speeches calculated to allay apprehension. SATURDAY The stock market showed further nervousness and excitement, with a largo volume of business. A. strong opening was followed by feverish fluctuations fluctu-ations and then a. break in prices. Tho demand from uncovered shorts made an opening robound in prices of a large fraction frac-tion lo more than two points in various speculative stocks. In half an hour Union Un-ion Paciflo had fallon to throo points bo-low bo-low Friday night's close; Reading, 2; Amalgamated Copper, 15, and the general list varying fractions to a point. An urgent ur-gent demand from tho shorts caused feverish rallies from these low levels. The resistance manifested by the mar-kot mar-kot to raiding- tactics by the bears prompted an active covering demand from thut element and induced a vigorous vigor-ous rebound in prices. Tho level of quotations quo-tations was lifted again abovo Friday night's closing, and a quieter tone ensued. |