The Washington herald., 1907-10-04
WALL STREET NOTES
Canadian Pacific Declines in
Both World Markets.
HARTMAN STOCK ALSO DROPS
Rebate Charges investigation In san
Francisco Causes sharp Fall In
Southern Pacihc-One Traders Ac-
tivity Starts the Guessing Contest
War scare Proves Failure.

New York. Oct 5.-For the third sue
cessive day "a substantial decline was
suffered 10y Canadian Pacific in the Lon
don market as compared with the New
York final quotations Of the preceding
day
The opening here was well under the
price level reported from abroad, bring
ing the stock back 10 within point or
Two Of the level from which its sensa-
tional rise on Monday afternoon had
started. The decline was helped by the
report of President Shaughnessy at the
annual meeting Of stockholders, in which
there was AN intimatiou that the SIS 0lo,
600 stock unissued in the treasury would
some time in the future be sold TO provide
the means of carrying On the company
scheme of improvement in which there
viii be no Iot-Up.
Southern Pacific. d stock which, on the
whole has shown notable strength for
weeks past. reacted sharply iu the first
hour, and continued relatively heavy
throughout the session on the report from
San Francisco Of the progress of the in
vestsation into the alleged granting of
rebates by the road. According 20 these
reports. the charges concerned alleged
offences said 10 have been committed the
past year and a half. which could not.
therefore, be regarded as ancient history.
If the charges could Doe proved, it would
come as a severe shock to Wall street,
which for d considerable time has found
consolation in the belief that although
the rebate evil existed 60 a very great
extent a few years ago. il was now as
dead as Julius Caesar
War tax circulated freely on the stock
exchange in the early afternoon, but in
the highest quarters the view expressed
on the subject was that while the ques-
tons raised by the Presidents purpose
20 send the fleet TO the Pacific contained
very serious possibilities. these were still
so remote that Wall street was not Yet
justified in considering them as factor
in speculation That London accorded
them a greater degree Of importance
than was attached 20 them here might
be Inferred from the selling OF stocks
for foreign account fully 10000 shares
being sold on orders from the other side.
In banking circles the prediction is
made thar the present season viii De
no exception 20 the general rule. and
that money viii DE tight as a result of
the fan demand. Already time rates
have begun 10 show d hardening ten
denCy. but I'M some quarters il is said
that this may not 60 very far without
inducing flow OF gold from abroad
There is suu a disrncllnauon on the
American finance bills. but il is regarded
as quite probable taat this might not be
modified If the only alternative was
gold movement To this center One O..
the other. some international bankers
predict must occur sooner than most
people In Wall street expect
When the war talk failed 20 bring ont
stock. and the bears could rot find any
new argument I'm support Of their posi-
tion, they resolved on a retreat. and this
on the part of some of them became
rather precipitate before the market
closed.
One of the most active of the floor
traders was heavy buyer Of stock. TAX
ing large amounts Of AmaIeamatod Cop
Per, American Smelling and Refining. and
Union Pacific. There was good deal Of
guessing as 10 the source of the orders
executed by this broker. for nowhere was
II supposed that his buying was for his
own account. and while iu some circles
the belief was entertained that ne repre-
sented iudueutiau buying. the more gem
eral supposiJion was that his trausac-
tions signihed nothing more than cover
ing of shorts by some of the most highly
speculative houses in Wall street.
As an Indication Of the sort of senti-
ment that prevailed in speculative circles
during the forenoon. IL was significant
that dealers IN privileges refused TO sell
puts on the active stocks. although they
were more than willing to write calls
Almost everybody in the reighborhood of
the exchange seemed TO DE baarish. and
the condition Of sentiment abroad was not
calculated 20 improve tits feeling. for not
only was London depressed. but there au-
peared TO be liquidation there for Paris
account. while rumors of trouble on the
continent were I'm circulation.
II was after the close of business
abroad when our market could cut loose
from the depressing Influences Of the SEN
timent on the other side. that our market
began to improve. and il was doubtful If
any improvement presented anything
more than movement on the part OF one
set of large traders TO compel another
set 10 cover short contracts.