The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-05
1TNASeIlL avn eowMERr'AL.


haa nften pfJved fguslwufthg. fhNf ufas1t
ituidstlSp In ths maste' hsd been cum
plesei tai ths, fpiiswtaa ths vlelrnt bfsss
W. pfir@s . sharp ftiivine movement Fas
~ lr lurkei ~. n wss cgnnHetv kn~wn
'hH NE scroun, rfsa ~ tbr ria- ~ nors
thaa aas isfas speculative y unast nd
haen eirssd Waits eirsfd Investigation
disrina~i that commission hp,fsrs w fhs
financial distflr' Wete IN uniformly a'frns
condition surh n their r~tiafuins+s ~ rhuss
~ stHi eontinns ih~if srssp ~ sarufiilrs
heli fos thr fi@r hN inF tcspoH,tsi promptly
~ calls fof Adiitiunai rtraina m
mpney sisuntlon apt@trad N auvthtnt
~ 10 imprpved 4 largo sirrt int~r~s'
IN The mn,he, had manifes,iy bcpn created.
aud N wts clear that prirrs had fallen 10
. print that attracted invest nant buying
4 tentative movement inwari re,ptrfy
waa nrticrtl 80 "Wednesday and this va
aaiin beginning 10 ASSERT it@rlf Yesterday
when tho M irket was chilled by tho N
that the Prs-ident would to-day @rnd 10
ConRrra- the repor, n the Commissioner ~
the Hurrau ~ Corporstions In the Depart
ment ~ labor and statistics an the sub
Jet ~ tho relations ~ tho standard ul
Company with the railroads. accompanying
" "fNa y uNN-NAA' w W V"h HgANNNoNI
d~snunciaiory Of tho Standard OIL corpora
ton, This pncs more cast down ths more
hopeful feeling concerning the market hat
had been shown and clu~ed specutatorA
for the decline tn renew their raids Under
this influence the mIrke, for tho third
a,lccessive day touched "a new low record
level in the present year, he average price
" tho principal railway stocks being At the
cln-e nearly thirteen points lower than
they were in the first week of April
What happened to-day In tho market
was. apparently. hat this delayed rally
in prices took place, n with additional
violence because Of the damming up proc
ess 10 which the impulse toward recovery
yesterday had been subjected. The Gar
field report on the Standard Oil Company
and the Presidents messqg GO were mlde
public. and. upon the well known theory
that the bad news was all out. those
who had sold stock in the last few days
that they did not own began to buy IL back.
IL deve.op ed, as common sense observers
Of the market had expected. that thsre
had been in the last fortnight relatively
as much plunging on the short side OF
the market a., for a long time back. IN
speculation for the rise. There were, III
otker words, many spectators who in the
course OF the last week put out thousands
of shares Of stock for the decline on slender
margins and who to-day, as the market
began to move upward. not only saw their
profits on these ventures rapidly disappear
ing but in good part, no doubt. converted
into losses. Their haste to retire their
short cont IA cts drove the market toward
the close of the day into a practical bear
panic and resulted in gains in the Leading
shares almost as violent a.. and in some ca ses
more so than, last Tuesday, losses. Anal
gamatei Copper. which had in the earlier
part OF the day been under especial pres
sure upon the idea that the stock should
reflect moro than any other active security
tie presumable Indignation and annoy
ance Of the Standard Oil party at the on
slaught Upon them, made a recovery from
it's lowest price Of over Q points, So. too.
such gains were made as l2H points in
Anaconda, az in Brooklyn Rapid Transit,
81 in st. Paul, 0n in New York Central.
81. In Northern Pacific, 81 in Union Pacific
and a. in Reading, and nearly all the
leading stocks retained their full advance
up TO the close OF I g market. Although
1t was admitted that the complications
attending the movement Of money in and
out Of the banks and the Sub-Treasury
were such as to render any forecast
of the weekly bank stateme t exceed
ingly ditf cult, the ! dications were that
the banks had made q net cash gain during
the week Of between S., 900 600 and $8, 900 900,
and az 1t WAS thought altogether likely
that bank loans had been reduced through
stock market liquidation, expectations OF a
pleasing bank statement tomorrow were
at least plausible, Further engagements OF
81, 800, 900 in gold for import were made in
Europe. Shipments Of money through the
Sub-Treasury to San Francisco only reached
a small total, and IL was said that one bank
in Oakland, Cal, had returned $500 ,0O0
Of the money recently sent 10 II, having
discovered that II was In possession OF
more money than II could find use for.
Bankers here to-day "a a rule stror ely
expressed themselves as believing that the
San Francisco banks had In their anxiety
TO fortify themselves made much larger
acquisitions upon lenders in the East than
were necessary and would be large ship
pers Of money here in n few weeks time.
Whether IA a result OF these factors or
not time money rates to-day wcro easier,
loans being put out in some instances for
short periods at 81 per cent. A comment
frequently heard in Wall Street to-day con-
corning the promulgations at Washington
regarding the Standard Oil Company was
that these were more moderate than had
been looked for; hut 1t must be said that
characterizations Of this sort did moi pro-
coed from those who in the hurry OF the
days business took the time to carefully
read through the documents in question.
Whether the Commissioners Of Corpora
tion's report or the Presidents message
was drastic and sensational or not depends
upon the varying interpretations which
may be placed upon such adjectives; but
the outgiving Of the President and his SUBJ
ordinate constituted in fact, whether or not
on justinable grounds, the most severe and
bitter attack upon a corporate enterprise
ever made by the Chief Executive Of the
nation. II declared hat the corporation In
question had largely by unfair or un-
lawful methods crushed out home COM
petition" that it had long secretly and
oriminally received rebates on freight rates
from some Of the leading railway systems
OF the country by which IL had profitod