The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-06
WALL STREET NOTES
Standard Oil Interests Come
to Support Of Market.
DECLINES IN MOST ISSUES
st. Paul Is Down 3 Ia Points. While
Reading and Union Pacific Also
show Weakness-TaIk of Tariff Re
duction Causes Fear that Steel In
tereSts VIII BE Affected.


tereSts viii BE Affected.
New York, Aug. 5.-After a reactionary
opening to-day, with price declines In the
STANDARD Oil specialties particularly note
worthy, some traders got the idea that
the Standard Oil party was coming to the
support Of the market. The men at %
Broadway ii was argued, could not afford
to have go forth the impression that they
took the fine imposed by Judge Lands
seriously.
Men affiliated with the Standard Oil
party were reported as unanimously Of
the opinion that the fine would be modi-
fed or set aside by the higher court:
therefore. traders argued they could not
display confidence in the opinion If they
We're to let prices go of under it. The
argument sounded like hot weather rea-
soning, but while it was rife in the morn
ing the market scored the best rally Of
the day. In the afternoon, and especially
in the late trading, little was heard OF Il
except on occasional sarcastic reference.
On the curb. Standard Oil stock closed
unchanged from Saturday at so. Trading
in it was a bit more active than usual, but
the price fluctuations, ranging only be
tween 499 and 5Ol indicated that little
alarm was felt as to the value of the
stock even if the company were forced 10
pay two years from now the heavy fine
imposed
The commission business was dull and
featureless. If it was affected at all by
the penalty. it appeared the effect was
to deter purchases rather than 20 induce
selling. A different influence might be felt
subsequently, it was said, but as far as
the days business was concerned com
mission house orders were practically
without effect on prices.
With no perceptible liquidation on the
part of the outside public. the stories as
10 the source Of the liquidation ranged
from purely professional operations for
the decline 10 unloading Of stock by the
Standard OH party and other prominent
hnaucicrs. There was a report that the
financial contingent. reputed to have been
most influential in the big decline, was
again on top of the market. Others nat
urally heard much of the selling for the
account of Henry c. Prick. in town for
the first business days in many months
A house that sometimes is supposed to
do business for Mr.. Frick was prominent
among the sellers: but apart from this,
ordinarily a deceptive indication, there
was little 20 suhstantate any OF the
guesses except the declines themselves
The tape told a story of a market with
little support and with sharp declines in
the stocks in which most Of the big men
OF the street are accustomed TO operate.
Declines Of rs points in Copper. 31-4
in St Paul. 11-2 In Southern Pacific. and
31-2 in Union Pacific showed q lack Of
support for the specialties of the Stand
ard On-Harriman party. With is points
off Shelters. the same story was told OF
the Guggenheims Declines of rs in
Great Northern and 27-S in Northern Pa
cifc showed a lack of endeavor 30 uphold
prices by the Hill following
Up and down the list ii was the same
story Of lack OF inside support. Read
ing. conspicuous in its decline OF IS
points. because the decline carried IL
through par. may have been sold by Mr.
Prick, though he was not in his Office all
day To most traders the fact that he was
not supporting # was significant enough.
as the kick of support in all the others
was significant enough Of the feelings of
the other leading men in the street.
Incidental TO the general depression, In
ter-AIet. common sold down to Il, its pre-
vious low record. and the preferred to a
new low record. at Fla In each the
closing price was the low price Of the
day.
The decline Of 2-S points in Steel COM
mon was accompanied by considerable
talk Of tariff reduction. operators engag-
ed In selling the stock were also engaged
in discussing the tariff views of Secretary
Taft. The assertion Of his opponents IN
Ohio that his low-tariff views are as pro-
nounced as were Grover Cleveland was
considered by these operators as a strong
argument against Steel shares. More
strongly than on any previous day of late
that tariff reform is 10 be an important
issue in the next Presidential election.
Followers OF the Hartman stocks were
much depressed over the possibility of a
prosecution of Mr.. Hartman in eonnec-
ton with Chicago and Alton rebating. for
the immunity bath in which he was sub
merged by the Interstate Commerce Com
. =
was immune from all Federal prosecution
and rehabnitated the Hartman stocks ac-
cordingly. Mr. Hartman, as every one
knew. was chairman of the executive com
mission Of the Alton while the rebating
between that company and the Standard
Oil Company is alleged TO hase been in
progress, and it was disheartening 70 hear
that the Alton deal still pursued him
The suggestion that the Alton might also
be fined $40, 100000 as a result of the pros
ecution instituted by Judge Lands was
not received with pleasure in either Har-
riman or Rock Island circles. Two small
blocks Of Alton preferred were put on the
market. with the net result of a loss Of
ia points.
There was a further decline in demand
sterling. but very little attention was
paid to it for the reason that the street
became convinced last week of a cessa-
ton of the gold export movement II was
considered of little consequence in com
parison with further hardening of time
money rates The hrmness in the latter
was most noticeable in the longer ma
turtles, and more business was trans
acted in over the year money than on any
other recent day. One such lean was re-
ported at per cent. but this was Sc
cured by all Industrial collateral and was
exceptional.