The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-08-11

HATuADAx, Aug. 70

SATURDAY, Aug. 10.
Under the influence Of q renewal Of ar
xrsssive operations for the decline and Of
lquidation by weakly mAreined holders Of
stocks the market to-day dropped 70 O
lower level thar 1t had before touched at
any time this week or this year. N In the
case OF n few important issues Ike New
York Central and 81. Paul prices declined
to a lower level thar at any previous time
since the break preceding IN war with
Spain. Various explanations were given
Of the renewal IN The selling movement.
many Of these associating it with the re-
marks Of Attorney-Genoral Bonaparte re-
gardins the Governments plans Of trust
prosecution, but hat these did not entirely
tt the case was evident from the fact that
the weakness in London was even greater
than here, consols declining to the unusual
extent Of nearly half a point and making
q new low record for this security as a 2S
per cent. issue. Part Of the selling Of con-
soils represented liquidation by Berlin. and
selling for the account OF the latter CITY
was also in good measure responsible Tor
the weakness in the American department
and in some other departments rs we'll.
This revived the rumor that n German
nnAncldl IntIlIutlOu Wht III ulIltSui1icop -
story which on this side became twisted
into an assertion that a London house
was in trouble. but for no phase OF which
was there any foundation whatever. The
situation abroad Is far from satisfactory.
but the testimony OF tho best informed
handing interests Iis that II not actually
better il is no worse than it WA weeks ago.
The opening here was active and weak
and from start to finish the tendency OF
prices was downward. the most consider
able rally being n OF q point or % In the
active issues on the covering OF traders
shorts Just before the close, but In spite
~ which heavy declines on the day were
shown by every prominent stock on the
list. Union Pacific n Southern Pacific
were among the heaviest sufferers. their
weakness being In a measure due to q
rumor that the trainmen might strike in
sympathy with the striking boilermakers.
and the Hill stocks were about equally
weak on selling said 70 represent hquida-
ton by foreign holders. Reading declined
20 a new low level for the year to the accom-
paniment Of a rumor that the Federal Gov
ernment intended to institute proceedings
against the hard coal roads. while h drop
In American Smelling and Refining TO q
considerably lower level than had previosuly
been touched in a long while was said to
be the result of fears regarding the alleged
intention Of the Department Of Justice
70 institute proceedings against the 30
called "smelters trust
The week was remarkable for the mani
festation to an unusua degree OF anti
corporation policies on the part not only OF
the Federal Administration but of the
Governments OF some OF the individual
States. The State Of Alabama forced tho
Southern Railway into a surrender OF It's
constitutional rights in the State and the
Governor Of the State his inten-
ton to whip the other railroads similarly
into submission. The victory won by tho
Standard Oil Company in Illinois in obtain
ing a writ Of error from Judge Grossoup
was Offset by the finding OF q number OF
new indictments against II at jamestown,
N. Y. No secret was made by the Federal
authorities Of the fact that they were busily
at work with their anti-~oorporation cru
sades or of their jubilation over the results
obtained. Notwithstanding that these r
more evident in the havoc wrought in the
depreciation of securities held by investors
than in any good conferred upon the COM
petitors OF companies which are alleged to
have profited by unlawful privileges. The
bank statement showed little or no improve
ment in the money market at the end Of the
week. Notwithstanding q large decrease in
the loan account, and as the demand for
funds for crop moving will soon begin TO
make itself felt little hope remained that
money rates would become substantially
easier in the near future.