The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-08-08
UNCHECKED RAID ON STOCKS
SENDS SEVERAL or THEM DOWN
BELOW MARCH PRICES.


NnthsN 0rpUtmUuu FOMr0m -WM1y Nuet
crippled. hut not a Report or Failure
The decline in the stock market which
began on the first market day after the i'm
position Of the s2s. COO. 900 Standard Oil fine
was furthered yesterday by the sharpest
break in prices since the days Of the silent
ranic in March. IL was a million share
session Of the stock market for the fret
time in many weeks. with the greatest
activity in the periods Of the sharpest de-
clines. The scores OF weak holders whose
accounts were sscrihced accordingly got
the lower prices OF the day. Upon them
and upon other holders of securities the
effect of the break was the more disas-
trous because it followed declines averag-
ing three points on Monday and Tuesday.
The fact that stood out above all others
in the days trading was the absence OF
support from the big holders OF securities.
1t was even reported constantly through
out the day that the hnanciers belonging
to the Standard Oil party or associated
with II in various enterpr ises we're throw
ing oNCi tucn cctoi iticc VI hio6ucb WIZ
recent developments. The opinion Of men
closely connected with these financiers
supplied no corrobor alton for these reports.
On the other hand there was an abundance
Of expressions TO the effect hat both these
fnarciers and others of prominence we're
in no mood to increase their security hold
lngs. These men. l. was stated on the
highest authority. gave not the slightest
support to any security on this list. They
did not cause the break. but acquiesced
cor placently enough in the operations for
A decline conducted by others.
There was no doubt, however, that the
break was due entirely to the anti-corpora-
ton developments. giving more acute ex-
preston than on Monday and Tuesday TO
the pessimistic feeling in the financial dis
trict. In all quarters of the Street dis
Clission af market factors was conce rned
with these developments alone. The Stand
ard Oil fine was but one Of them. Equal or
greater concern was manifest over the pro-
ceedings against the Southern Railway in
Alabama, the trouble " the Arkansas
State authorities and the Rock Island, the
concerted action Of Western Attorneys
General against the railroads and rumors
Of further prosecutions for rebating.
There is no encouragement to holders
of securities" said a financier connected
with the Standard Oil party, so long as
the only celebrity attsinable by politicians
is the display Of m~alignity against corpora
tons. | am not referring to the Standard
Oil fine, though, Of course, | have my opin-
ions about that. The principal disagreeable
development is the lack Of respect for
writs of Federal courts. In Alabama we
have the imposition Of a penalty for appeal
10 the protection Of the United States Con-
stitution and the courts. In Arkansas a
sir lar situation is threatened. Hereto
fore investors have felt reliance on the
Federal courts and the Constitution as a
protection against confiscation. Happen
ings in three States force US to modify this
conclusion"
Professional traders, headed. it was be-
lisve1. bya powerful party OF bear opera
Tors. took full advantage OF the pessimistic
ceiling prevailing in higher quarters. With
every assurance that they would not be
opposed by the leaders Of finance, these
operators exerted selling pressure on the
market confidently and sggressively. Offer
lngs Of large blocks Of stock. made con
,ertedly at two distinct periods Of the day.
forced the throwing On the market OF many
margined accounts. and the dissolution Of
weak pools caused a large amount Of gen
,rsl speculative liquidation.
The market opened firm with many frac-
rlonal advances over the previous closing.
Subsequently. in the morning trading.
there was a brisk rally on buying in by
operators for the decline. These bears
reported that they got their stocks back
easily enough" and the fact tempted a
continuance of short selling. The greatest
If the pressure was exerted in the half
hour about / o'clock and again an hour
later.
At the elimination Of the second attack
there we're heavy losses in the general list
and trading was feverish and unsettled.
Not since the three big days OF the March
decline had the fluctuations been 30 irregular
and 80 large between sales. Price changes
ranging from 4 to z Of a point were fire.
quent. Little support was manifest and
The general market was badly demoralized.
Several new low records for the year
Tere made in this break. Declines from
the high price Of the morning trading
ranged from 2 TO g points. Union Pacific
led the active stocks downward. with a
decline Of y points. There was a break
a 5 points in 81. Paul, 6X in Northern
Pacific, S in Great Northern. 81 in Read
ing, So in Copper. and 50 In Sugar.
Prominent anbng those which sold at
low records for the year were b copper
shares, Amalgamated and Anaconda. Sugar.
New York Central. American Locomotive.
81. Paul and the lnter-Mct shares.
The break in Union Pacific carried IL
very nearly IS points below lss. the price
at which it sold ten days G There
we're transactions in more than 100000
shares in this stock. and by far the heaviest
losses Of the day were incurred In IL. Scores
Of traders who bought Union Pacific Inc
Southern Pacific two weeks and more ago
IN the speculation induced by the large
earnings Of the companies were forced
10 throw over their holdings. II was
rumored that some Of these were members
Of a pool which in July operated heavily
in the Hartman stocks. The insiders,
II was said. had disposed Of many Of their
holdings and we're content to let the move
mpnt rim. |