The Birmingham age-herald., 1907-05-16
STOCKS BREAK ON INTERSTATE REPORT Severe StrictureS on Condi- tionS in Hartman Lines U. P. LEADS RAPID DECLINE Persistent Liquidation in Wheat Mar ket Has Its Influence, Causing
 Comprehensive Recoveries.
 Professional Market.
U. P. LEADS RAPID DECLINE

New York, May 15.-There was a short. lived period of animation in the stock market today. This followed the appear anee of published abstract purporting to give the substance of the forthcoming re- port of the interstate commerce commits sion on the result of the inquiry into the Hartman railroad combinations. The character of this alleged document was severe in its strictures on conditions re- vealed- by the investigation and some drastic recommendat tions were included looking to the correction of existing abuses.
 The substance of the report and the na- lure of the alleged recommendations con tained nothing that has not been the sub Ject of stock market discussion, and of professed apprehension ever since the sen- sation created by the testimony before the commission, the feeling reaching it's most acute stage in the height of the March panic in stocks. Stock market gossip since that time has arrived at a comprehensive solution of the problems to be presented by the measures for the dissolution of relationship in the Harri- man combination which was to. result in the distribution of valuable rights to stockholders to share In the assets, thus prohibited to the corporations.
 This alleged settlement resulted in vigorous rally in Union Pacific In tha March panic. Nevertheless professionals seized with avidity on the revival of the original factors contained in today's pub lication and forced a rapid decline in prices, led by Union Pacific itself The appearance of anything like sensation came as a welcome relief to the traders who have found the greatest difficulty in making stocks move in either direction many being led to abandon the market entirely Both the wheat and cotton mar kets absorbed still a large share of the speculative activity usually expended in the stock market.
 The sensitiveness of the wheat market as to the news from the spring wheat re- gions was suggestive of the large specu- lative element in the present operations, in view of the fact that the principal seeding of the spring crop remains to be done. Forecasts of warmer weather in the spring wheat belt seemed to have a conclusive influence in forcing back the prices of wheat.
 The persistent liquidation in the wheat market had its influence on the stock market, and there were comprehensive re- coveres from the early declines before the market broke on the interstate com merce report The effect of that factor was modified to some extent when the recommendations described were said to be those of the counsel to the commis- sion, and not yet adopted by that body itself, but the late recovery in the mar l<et was due principally to covering of shorts, and was significant of the highly professional character of the selling on the decline.
 The same influence kept Canadian Pa cifc comparatively firm all day after the sharp decline of recent days. Delaware and Hudson were subjected to some fur ther severe pressure. as an outgrowth of the dispute at the stockholders meeting yesterday, and of intimations of a coming bond issue by the company. National Lead was marked up briskly to the ac- compartment of humors of an intended