The Minneapolis journal., 1906-07-08
ST TANDARD OIL A BEAR
IN FEAR OF REVISION
Unloading in Face Of Bullish Ore
Deal Attributed to Tariff
Agitation.
Special to Tho Journal.

New York, July 7.-Disappointed and
much disturbed over the increasing evil
dence of a powerful adverse influence
working in the stock market, Wall
street closed a gloomy. week There
fortnight. A slow wearing away bear
market has been on. Not only the big
industrials, affected by trust investiga-
tion-like American Tobacco which
dropped rs points one day-but the
more widely held and active specula-
tive stocks were affected.
The best investment issues, sure divi-
dend payers, dragged lower: Attempts
to rally met with but faint success.
The truth came out today when, in the
| face of the bullish announcement of
the completion of the Great Northern
ore land deal, it's covering of short
lines Of $4,000 and 10000 shares Of
stocks by operators. identified with the
count by Independent traders of wealth
and Importance, the Standard Oil houses
were openly bearish. Orders to sell.
that bore every indication of their or
igin at 26 Broadway, were placed with
out the usual circumspection. Some
three. Standard Oh houses sold stocks
openly and directly.
) Situation Contradictory.
! The street has never presented a sit
+ uation more contradictory than now ap
! pears. The crops are good new build
ing. bank clearings, railroad earnings
v Industrial aetivity-all are favorable
t Congress. after a session marked BY
antitrust aggressiveness:. has adjourned q
Following it all, the Hill ore;land deal
a bullish factor long delayed, is agai1
J. announced as finally complete. In or
e dinary effect those things should max!
f stocks advance. Instead, they fall
Theoretically, there is too much money
|. in use in commerce and more will b'
g needed for the crops. \, :,
= New stocks and bonds to the valu,
f were foated during the first six month
k of the year, and street theory has beell
that the market was therefore techni
n cally depressed in the face OF bulls
= fundamentals and that the situation
e could not last. O.
4, Politics in Movement.
wrong. A consideration greater tha
all-greater indeed than any that hs
been before the street for years..
at the bottom. Affairs are shapin
- for great political campaign. Ths
Il mighty question will come up that
the past has torn the country from en-
- to end. Tariff revisionists are activ
- Unless the republican party itself tax tax
" edly I viii lead off into agitation for r
= Ropers. the cool, calculating ar
ra far-seeing head of the Standard q
eer forces, believes it is coming. It is
of question 80 great that before II otn
ch considerations become but as minor a
%. fairs. The country has been stirred
~. ~ and the people are thinking more abo
ar am the trusts and great financial combin
al an tions. There is a growing feeling tn
~ ~ the most effective way to correct tru
80. abuses and corporate aggrandizeme
,nt is by tariff reform.
to Standard OIL All-wise.
Should the democrats lay hold
Wn the nnest;on thew would have to ga
'or .fftv-eight seats In the house to
ng tain majority Of one-a thing see
M inply impossible. Yet great and une
Der pected things have happened in t
TO politics Of the country. The standa
Oil headquarters knows everythi1
an. There is no political change or SHIFT =
ima 1m sentiment. however slight, thar IT., IL
in agitation the most disturbing fac
lin. for wears. 1t scents danger and is r,
ess. ning first.
the Fear Of tariff agitation and its eff
ele- upon the steel shares is one reason, it
Of said, why Rockefeller interests oppot
tor. the deal for the acquisition Of
e." Great Northern's ore lands. Rog
Tsp was once quoted as saying that he
not approve Of it, and moreover wo
hat not work for Hill s road or against
ian. Chicago, Milwaukee q st. fanl re
Hill pars.aamsl paarasaamnlished snehn fact lac lacking
official announcement to that effect.
y. . | 7 * - 3 &.