New-York tribune., 1906-06-24
STANDARD OIL DROPS.
RIG SLUMP IN STOCKS.
Attorney Generals announcement
Causes Weakness -4u Round.

A good bank statement yesterday was with
,r. any vivifying influence upon the stock mar
ne. which. throughout the short session was
ssoidedly weak and declining. The principal
cause OF the weakness was the announcement
wv the Attorney General OF the United States
:, his intention TO begin legal proceedings
sesinst the Standard OH Company; and among
che other contributing influences were the 90
,sr cent cali made on the Interborough-M Metro
,oltan syndicate participants and the fact that
fhe syndicate formed II 1904 10 market S24 4ooO-
600 Burlington bonds would be dissolved on Julv
! with the greater part OF the issue still un-
sold and. therefore necessarily to be taken by
the individual members Of the syndicate.
On the curb Standard Oh fell ten points. TO
600. and closed at 596 bid and COS asked. its
lowest quotation in a long time The so-called
Standard oil issues or the Stock Exchange were
oorrespondingly weak Amalgalnated Copper
dropped SIS points. TO par. and closed there.
Anaconda lost 5ss points. ST. Paul 1a and Union
Pacific l%. Other serious declines of the day
were 2ss points in American Smelling and Re-
fning. 2S. IN Brooklyn Rapid Transit and 21L
IN Reading. The Interborough METROPOLITAN n
issues and the common and preferred stocks Of
the United States Steel Corporation suffered
each q net decline Of one point
Reports that the 'Inter-Met'' syndicate was
excellent
quarters. but Il was admitted that a notice had
beer issued by August Belmont & Co. request
ing the syndicate members. in pursuance Of a
call from Kuhn. Loeb & Co. TO pay in cash to-
morrow about 90 per cent OF their allotments.
This Is understood 20 be about S53 a share.
which fixes the figure al viii the allotments
were made al around $50 share: so that there
Is shown a serious loss unless the market shall
improve sufficiently 10 enable the pool managers
70 work out OF the present slough
i is understood that the reason for the call
e the tremendous expense involved in the effort
10 keep the stock 'pegged" at so an effort which
vas abandoned last Tuesday. when the price
dropped 10 427s: the pool managers naturally
desiring the subscribers to make payment in
cash for their proportionate amounts of the mass
Of stock which was pressed upon the pool and
had 10 be taken at 80 IL the peg was to con-
tinue IN place
The weakness in the Standard Oil stocks dupli-
Gated that experienced several weeks ago. on the
publication OF the Garfield report and the mes
sage Of President Roosevelt transmitting 1t "a
Congress. The STANDARD OH interests are not al
present disposed TO discuss the situation consid-
erlng that IL viii be time enough for formal
statement from them when action shall be taken
by the Attorney General in line with his ex-
pressed purpose. one OF the Standard Oil mer
said yesterday:
Il is the evident endeavor Of the administra-
ton TO create feeling against the Standard oil
Company before starting any prosecutions. 1t is
really intimidation by proclamation. The en-
deavor seems TO be 10 make the atmosphere SC
hostile 10 the Standard Oil that trial would
he almost a superluity. Nevertheless. the Stand
ara OIL men are not worrying.