The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-06
STOCKS In A DECLINE
Market Weak at Opening and
Again at the Close.
WATCH THE OIL SITUATION
Spectators Believe Commissioner
smiths Report Was Timed TO Come
Immediately After Judge LandIs'
DeeiEiOn-CFOp News FavOra BILE.
Holiday in London Causes Dizziness.

New York. Aug. 5.-The market to-day
was weak at both ends Of the session and
exceedingly duh between. At the opening,
declines We're general, running TO a point
or more IN Reading. ST. Paul. and Brook
Ign Rapid Transit. and to only slightly
smaller extent in several OF the other
active issues.
During the first hour the course Of the
prices was downward in the main. al
though one or two issues succeeded in re
sisting the general tendency; but or the
decline very little stock came out, and
the traders became impressed with the
fact that. while the fine imposed upon the
Standard Oil Company, of Indiana, and
the report regarding the profits and bust
ness methods of the whole Standard Oil
organization, issued by the Commissioner
OF Corporations. were serious matters.
they produced no liquidation. and in the
absence OF this. proceeded TO cover shorts.
Buying TO cover short contracts gave
the market a fairly strong appearance
around noon and during the earlier part
Of the afternoon. It was at about the be
ginning of the last hour that the list
again began TO give way and that the
lack Of strong support made itself plainly
evident From that time on until the
close the market had only one side 10 it,
Activity increased as the weakness be
came more apparent, and nothing worthy
of being called a rally occurred until at
the end several OF the active issues were
down from two to three points or even
more on the day. final quotations being
little. if anything, above the lowest Of the
season.
Plays for a Decline.
It was said, and apparently with some
show of truth, that an outside operator,
who had much to do with bringing about
the break in prices last winter had again
begun operations on the side of a decline,
and that the latest instances of corpora
ton whacking had been seized on as
good preteXt for selling movement at
time when the public appears to have an
exaggerated idea OF the extent of bust
ness reaction in prospect. and when there
fore. they might be scared into parting
with stocks bought since the last break.
AS to whether there had been a mis-
carriage Of justice in the Standard OIL
suit opinions differed, but that the fine
iunposed was excessive all agree. 1t was
considered more than an accident that
the report Of the findings Of the commits
sioner Of corporations was published Just
at a time when il was most likely 10
heighten the effect marketWise and 9th
erwise of the decision rendered IN the
Circuit Court.
The street was filed with rumors Of
s-elrfHs 4s4a az
corporations, and it was said that pro-
ceedings would soon be brought against
the Chicago and Alton for the alleged
rate concessions which had furnished the
basis of the fines imposed upon the Stand
ard Oil Company. and many of the trad
ars were quite ready TO believe almost
anything Of the kind.
Crop News Favorable.
Crop news was generally favorable, the
Missouri State report for the month Of
August showed a condition Of SO for corn
against Il in July, while the yield. Of
wheat was well up to last months indi-
cations.
The holiday in London cut off the usual
factor of the speculative metal quota
tons, and in the absence Of those there
was little 10 keep interest alive IN the al
legged prospects of a reduction in copper
prices. although the statement made on
what was practically official authority
that although in the last twelve months
the amount of the Improvement work car
RED out TO the mines controlled by the
Amalgamated Copper Company, may ex-
coed any previous record, the output Of
the country for the present year would
not snow any increase was well worthy
of attention.
Without an increase in the output there
may be no surplus production, for il is
not clear that consumption is going 10
fall off 70 any considerable extent, and
therefore the fact that a good part of the
time of the sHaelters viii be taken up with
the smelling of low-grade ores may have
an important bearing on the future of the
metal market.
The time money market was decidedly
firm and the demand from commercial
interests for accommodations was quite
active. The exchange market opened at a
decline but soon recovered and closed
steady.