Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-08-11
LONDON AND BERLIN NERVOUS

Special Dispatch to The Star.
NEW YORK, August 1O.-A fresh out
| break of liquidation induced by new devel-
opments in the administrations anti-cor-
poration propaganda swept away market
values today until the average of prices
was below that of the silent panic on
March II. Large numbers of investors
in Europe. as well as this country, took
fright from the statements of Attorney Gen
eral Bonaparte, after his interview with the
President, and from the indictments against
the New York Central, Pennsylvania and
standard Oil. and turned their securities
into cash. The result was q continuous de-
cline in quotations of every security on the
list, with losses ranging from two to five
points in the most active shares
AS on other days of the week important
financial interests of Wall street accorded
not the slightest support to prizes. 1t was
increasingly obvious that if they were not
SEEMING STOCKS they were acQuieSCing COM
placentIy enough in the slump in prices.
SEar5s with which the Standard Oil name is
connected broke most sharply they have
on previous breaks since the imposition of
the $2oO0O,OOO fine, and the impression that
Standard Oil fnanciers were Unloading not
simply sitting idly by, gained greater cur
rency than ever.
The Hartman stocks were again the most
active, Union Pacific furnishing 20 per
cent and Southern . per cent of the days
business. Mr. Bonapartes remark about
the ACCESSIBILITY of prosecuting men higher
up carried apprehension among holders of
the Hartman stocks since it was taken in
connection with what seemed a plain init
nation that Mr.. Hartman was to be prose-
cuted for his connection with the Alton.
The apprehensions were quickened by the
Attorney Generals vigorous comments on
the land frauds, many of which are alleged
to have been committed in Union Pacific
territory, and by rumors of forthcoming
prosecutions of the Hartman lines on sew
eral counts. More than 100000 shares of
Union Pacific changed hands in the two
hours session, and the last transaction
showed loss of rs points for the day
For the week it showed a net loss of six
teen points
New Low Records.
large number of stocks made new low
records for the year, and many of these
were records for the six years since the
AVA 'AtSiii e'1AIiS panic III May, 1871. NOT
since then has the average been as low as
the low prices of yesterday. New York
Central was one stock which sold we'll be-
low its price in the May panic. Not since
1885, when it sod at one time at 1O5, could
it have been purchased SO cheaply. 1t
touched that figure today and closed but
half point below it.
Pennsylvania, which had previously re-
eli tod no
than most of the others, also sold off sharp
~ With New York Central it was adj
visedly affected by the indictments at
jamestown. The argument was often heard
that the possibility of fines III excess of
100000 was not encouraging to COM
panies which are engaged i'll the most ex-
pensive improvements ever undertaken by
any railroads.
Il do not myself feel alarmed over the
safety of American securities said a we'll
known banker, but it is only natural that
many should be alarmed. The apparent
satisfaction of both Attorney General Bona
parte and the President with the result of
ant-corporaton proceedings and the GER
tainty that these are to be continued dras-
ticaly and vigorously naturally cause
alarm. Uncertainty over what corporation
Is next to be proceeded against or what
one, If any, is immune naturally increases
fears. Various state and national authori-
ties seem rather intent on tanning rather
than subduins. the flame. Take, for in
stance, this remark of Acting Attorney
General Russell and stop wondering why
the alarm spreads: So far as the Standard
Oil fine is concerned 1t may be operated to
convince investors that such parts Of their
dividends as come from rebating and other
illegal practices will be less certain in the
future. "
Consols Drop Further.
The markets of Berlin and London were
disturbed before the opening hour. In Lon
don another drop in consols carried the
price to new low record. Partly In
consequence of unsettled conditions at
home, partly because of the same fears felt
by American investors. both London and
Berlin sold stocks heavily in this market.
Much of this selling was in Canadian price,
which broke AZ points. 1t was also very
much in evidence in the Hill stocks. Great
Northern sold down to 121k, as compared
with a low of 12S on March IA. and lost 3al
points. A loss of the same amount was
sustained by Northern Pacific. For the
week the closing prices showed losses of
10A and l17s points for Great Northern and
Northern Pacific. respectively.
Other Standard Oh specialties besides the
Ha -riman stocks sold at new low prices. 81
Paul lost 3&4 points after selling below its
price in the March panic and in the May
1901. panic as well. Amalgamated and
established new lows at 73N and Al re-
spectively. Neither sold within five points
OF the prices in the March decline.
Large Sales Recorded.
Reading made the new low record Of 90
to the accompaniment of reports that the
anti Incorporation policy contemplated vigor-
Gus action against the hardcoal roads.
Some among many other new lows were
established by Locomotive at 521z: Smelt
ers. which lost AS points, at 97b; Shelters
preferred. 997s; Sugar. 112A: Atlantic Coast
Line. 20; Central Leather, 1SA: Colorado
| Fuel and Iron. 2614; Western Union, 75k.
| and United States Rubber, 80.
| Trading was in the large volume OF more
| than 100000 shares for the two-h hour ses-
| sion, but though the break In price was
| almost as sharp as Wednos day, at no time
| was the market SO fitful and feyersb The
decline was constant crumbliny of nric.s
| rather than a sharp break. Every snccasS
| siye Offering of stock had to be taken nc .
| concession, but generally there were Ta-,
| few of the sharp fluctuations between sa,ns
| which made notable the more exciting IN,
| no more decisive trading of raid2:eek w.
| declines were the more impressive becsI-so
| of the declines in other days Of the yyeok
| The twenty statistical rails Closing prices
/ showed an average loss of nearly 81 a share
L In, nF Two CT h..