New-York tribune., 1906-05-04
BREAKS AGAIN.
Threatened attack on Standard Oil
By President Strong Influence.

Arter day Of comparative lack Of excitement
and well sustained prices the stock market
broke sharply late in the afternoon yesterday,
the leader Of the decline being Amalgamated
Copper. which forced down to $685. new
low level on the current movement, and which
closed only y above that figure.
For several days one of the most depressing
influences in the market has been the knowledge
that the report Of the Commissioner of Cor
porations. on his investigation into the Standard
Oil Company's operations was about to be trans
mitted to Congress by the President. accom-
panied by a message which. according to more
or less accurate forecasts sent to houses in this
city by correspondents in Washington. will be
sharply denuncatory of Standard Oil methods
and will recommend sweeping measures for
curling and correcting the abuses alleged TO
have been brought to light by the inquiry.
It was on the probability that the report and
message would be sent to Congress to-day that
the late drive was made Amalgamated being
selected as the central object Of attack because
Of its control by Standard Oil interests The
rally Of Wednesday afternoon was continued for
a time yesterday morning, prices advancing
little. despite extensive profit taking and heavy
short selling but in the second hour sudden
onslaught upon Reading forced that stock down
to 112A, only u of a point above Wednesdays
low record, and caused the general list also to
decline to some extent In the early afternoon
a promising rally occurred, to be followed by
the break which carried stocks down to about
the low point of the day at the close Money
was easy during the session IN comparison with
the preceding day. the call money rate not ris-
ing above 615 per cent. and the possibility of
strike in the anthracite regions, as a result OF
the deliberations of the convention OF hard coal
miners now in session. had little disturb
ing influence. Nor was the resumption by Law
son Of bombardng the newspapers and the
brokerage houses with telegraphic bulletins OF
bear prediction the cause Of any worry.
Although sentiment in the first part or the
day much more cheerful than 1t had been
on the previous days of this week it was far
from being confident The market was nervous
crediting the stories of big individual operat tors
being still in a vulnerable position and therefore
the target for fresh bear attacks. and lending
a keeny attentive ear to reports concerning the
prospective chastisement OF the Standard Oil
Company by the federal authorities. On the
curb Standard Oil weakened to 595 bid. 600
asked, at the close In some quarters II is in
sisted that the Standard Oil interests themselves
have been chiefly instrumental in forcing down
the prices of stocks this week. with the object
of giving the national Legislature object
lesson as to the shrinkage of values. suffered
by small investors we'll great capital
lists, resulting from the likelihood Of determined
government dealing with great corporations; but
this view is not generally held.
Whether not the decline has already dis
counted the recommendation by the President Of
severe measures against the Standard Oil Com
pany is still an open question.