The Washington herald., 1907-05-16
MARKET Is LISTLESS
Dull Until Hartman Dis
closures Come to Light.
UNION PACIFIC IN A DECLINE
stocks as Whole Weaken After
Report Is MHde-American Smelt-
est-Wheat Market Declines, but
Less Excitement Than on Tuesday.

~
to-day transactions in the stock exchange
were not much in excess Of hundred
thousand shares, and the security mar
ket was utterly inert. The trend of the
market during this period was slightly If
anything. downward, owing, principally,
no doubt, TO a further sharp decline in
the price Of the Delaware and Hudson
shares. caused on the surface Of things
b.. more rumOrs regarding a prospective
bond issue by the Delaware and Hudson
Company, and by the charges banded
back and forth at the annual meeting
yesterday of the company's stockholders
IL was. however. not difficult for any one
at all cOnversant with Wall street meth
ods to discover. upon a careful reading
Of the reports in detail Of the Delaware
and Hudson meeting, as published in the
morning newspapers what the true
character Of the developments at the
meeting was. They attested plainly
enough that a speculative campaign for
the fall in the stock of the company is
now under way.
Just at the close of business to-day it
was announced that the Delaware and
Hudson Company had indeed made ar
rangements for an issue Of $lo,@O.o0 OF
equipment notes, but the fact that this
borrowing was meditated has long been
known. and suggests no good reason for a
decline in the stock.
Market Gets "a shock.
The apathy of the market was, how
ever. relieved shortly after midday by
the publication of what purported TO be the
report Of the commissions recent labors
in the investigation of the general con-
duct OF the Hartman system Of railways.
It was soon disclosed, of course, that this
report did not represent the conclusion
of the Interstate Commerce Commission,
but was merely a final brief upon the
evidence submitted TO the commission by
its own lawyers, in which the Hartman
management was handled without gloves,
and proper legal remedies for the alleged
violations of law that had occurred were
pointed out.
Nevertheless. the appearance OF the
document was sufficient TO cause a
straightaway decline Of over 8 points in
Union Pacific stock. and a lesser but
still considerable fall In the market as
a whole. Prices recovered after this. but
again declined under renewal Of selling
pressure, and the market rose and fell
during a succession of rallies and declines
until the close of the day. closing while
one of the rallies was ia progress. Net
declines for the day. however, were com
mon. and in most cases were larger than
they were Yesterday The strong features
of the market were the American Smelt-
ing and Refining and National Lead com
mon stocks.
Il was stated and generally believed
that an advance in the annual dividend
rate on the National Lead common stock
is near at hand, and talk was again re-
vived to-day of an increase in the divl-
dend distribution on the American Smelt-
ing and Refining common shares.
VIII Wait for Courts Verdict.
What gave weight In the consensus of
the financial district to-day to the publi-
cation Of the lawyers findings regarding
the facts Of the Union Pacific and South
ern Pacific although it was not officially
admitted that these findings We're authori-
tatively reported. was the belief that
sooner or later the grave questions in
volved therein must receive a judicial set
tlement. and that all present indications
are that it will be sooner rather than
later that such a settlement will be asked
for.
There are varying opinions entertained
I'm Wall street as 20 whether the control
exercised over the Southern Pacific Com
pany by the Union Pacific comes under
the ban Of the Federal antitrust law,
but there is little difference of opinion
in conservative circles there that tho
practice followed so long by the Union
Pacific Company Of issuing boHds TO buy
the stocks of other railroads represents
a hagitious misuse Of railway credit.
Il would be folly 20 deny that this
matter, fully as much as the earnings
present and prospective of the Union Pa
cific Company from the operation of its
lines. enters very deeply at present into
the determination from the point Of view
Of an investor, of the value of the Union
Pacific shares.
The wheat market to-day was less eX-
cited than il was yesterday, but, after
an opening exhibition of strength, de
elned rather steadily until its close upon
realizing sales by spectators, and also
upon "a somewhat better array of crop
news.
The foreign markets. almost without eX-
CeptIOn. were as heavy as ours, cOnsOls
and investment securities everywhere
abroad declining upon the continued lack
of public demand therefor or reports OF
railroad and industrial earnings received
to-day, the most important was that OF
Anaconda Copper Company, for 1906
showing an increase in net revenues for
the year Of 53,526,oG7