The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-24

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tcrsroisiv s,s'st me dlsrusstuN ftsrtvri
'srlf intD NO ]ffUuustlun whether w not len.
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Wufte' aNd bUalNeHa cWpdltinbs va sum
rirhilr attractive ~ U0uHisfFti The ehrtt
~ ~ eh1fara NJ corruption AMI lllreal Meth
ols Wy mehsssfs ~ lnfae corporations The
hlsrtasioh ,pnt np aur1uui N aDluHl vHlWcr
whether W not The nuflin rtHn, fpf lnsitnrr
would make iuufe money fuf Ne stoukhnhlrfs
w compliance vita the anti frbate Law ~ nut
enter intI N Tho whnir question wsa 1hs
~ market values iot The iurm~ila'e fttute
fhdsr who took n ]despou,icnt ylrw ot tho
matter approved the f]rtuafta NJ the bear
operator 1uo,sd In iva SIX Yesterday
They ufHed that the puhliu Would musl cef.
talNlv not lnyesi money IN properties ron.
'follsl wh0iciy ~ In pnti ~ meh condsmhed
bv the hiahtsi Governmental aUthotltN IN
tho United S'atra. aud tina, accusations
against the STANDARD ull group In tho public
mind covered and Affected many more lssues
than Tho standard on specialtlea Tho pub.
He. these men said, looked upon the whole
street No n ~ stcm aud tho STANDARD OIL Rroup
"a tho head Of the Hrstcm. n the Standard
oil group II ,cnnl, ~ intimatcd nv Attorney
General Moody, the i1iblIc would be inclined
"a look on the whole Street In tho same HIGHT
and keep away, These men also prophesled
n heavy loss In our credits abroad from u
probable heavy decrease In exports Of meats
and ment products, and added to all those
arguments the asa ttion that II appears GER
tain that the agitation IL TO continue,
on the other hand. there wero many who
insisted that the public was more discerning.
The great issue In the market, thoy said. Ia
meg mud olVara lna hpnn tina t,rnsparsty Df
the country. and it IL on that feature that
the public will hypothecRte its purchases.
The general prosperity. they commended, had
not been affected la the least by law enforce
ment at Washington. Proceedings against
the STANDARD OH Company under tho Sher-
man law or the Elkins law. or both. might
impair the value of Standard Oil stock. which
Is. OF course. held very little by the general
public: but these same proceedings would
give an impetus to Independent producers.
The loss of foreign money from a decrease
in meat exports was admitted: but this loss.
II was insisted. would be much moro than
compensated by an increase Of Pennsylvania
earnings from the certain obliteration Of the
graft system In that company and by the
increase in earnings from other roads by the
discontinuance OF rebates. On the whole.
the bulls contended, the public would not be
long in discerning the true effect on values
Of the action by the law department at Wash
ington. and would invest its money more
confidently than in the past In the belief that
its interests would be honestly and legally
protected.
In most Of the railro ad offices there was
unqualified approval of the sent ences i'm
posed by the United States court In the Bur
lington rebate cases. Men in these offices
quoted the presidents of half a dozen roa ds
in emphatic Endorsement. especially Of the
prison penalties imposed. "Rebating Is a
crime" one railroad president was quoted
as saying, and the only way to stop 1t is by
sen ling the rebaters to jail. l hope that's
where every BANKED one OF them lands.
The practice has been the curse Of the rail-
road business in this country. Once it's
stopped the railroads will make money as
never before"
The recently established publicity bureau
Of the Standard Oil Company. which gave
out voluminous statements after the Garfield
report and the Presidents comments upon
1t. had no staten ents ready yesterday.
Whatever the merits or the arguments
on the live question before the Street, those
who took the bear view made more money
yesterday than the others. At the opening
they went after Amalgamated Copper and
pounded II 20 successfully that 1t dropped
10 par, u Htt lOSs VI ~ pOiHtSs SDhlto q " lHt
stock we're &C. 900 shares. the largest OF the
day. and something more than 500 shares a
minute. Sellers told the Street that the Stand
ard Oil group was selling the stock and
would soon be selling other stocks just to let
the public sec what a crash In values would
follow a criminal prosecution Of officers or
employees OF their company. The bears
made these statements glihly and Cheerfully
and endeavored 10 act as II they believed
them.
Baltimore and Ohio. in sales Of 20, 800 shares,
never fell a fraction Of a point below Fridays
closing and got through the day with neither
gain nor loss. A purchase of 5000 shares
was for Wasserman account, and there were
! current reports that the pool which bulled
Reading had switched and was short Of Penn
s~ylvanla as well. The Baltimore and Ohio
buying, accordingly, was said to be largely
for the purposes of affording protection
against the chances OF loss in Reading and
Pennsylvania. 1t was either that or else
the beginning Of a bull movement that many
brokers have expected to set in as soon as
the interests which bouR ht large blocks be-
tween los and ITO finished realization Of their
profits.
The morning mail brou ght notices to all
banking houses in the Inter-Met pool that
they we're expected at the captains office
Monday with about SIS for every share OF
stock they had taken. In return for this.
the notice assured the bankers. they could
have neatly EN- graved certificates Of Inter-Met
common, but the certificates were not trans
ferable, and they mustn't sell them under
any -circum Instances In other words. the
pool would remain in existence, and though
nothing was said about the peg. the intima-
ton was that 1t was still In existence to pre-
vent, at any rate, any disposal OF stock by
members OF the pool. At yesterdays clos
Ing no better than ~ could have been secured
In any event. but bankers remarked that 1t was
very doubtful II a big block could have been
sold even at that figure.
The pool was as improbable, bankers gen.
orally admitted, al any that has been formed
on the Street in years. Many bankers who
went into 1t we're sceptical at the time. but
participated more to accommodate parties
who often have good underwritines to pass
around than anything else. The event justi-
fled the gloomiest forebodings. for the effort
TO interest the public at a price above so was
not successful enough to permit the unload
Ing Of any appreCiable amount of the pool
stock, and the withdrawal of the peg on
Tuesday gave the stock a complexion which