The Washington herald., 1907-08-11
PRICES STILL LOWER
Stocks at Level Not Reached
Since War of 1898.
CORPORATION CRUSADE CAUSE
Situation Abroad Far from Satisfac-
tOry-Bank Statement shows No
York Central Hard Hit-FOrefgn
Houses Not in Trouble as Reported.

New York, Aug. I0.-Under the in
fuonce Of a renewal OF aggressive
operations for the decline, and Of liqui-
dation by weekly margined holders
Of stocks. the market to-day dropped
TO lower level than had been before
touched at any time this week, or this
year. and IN the case OF few i'm
portant issues like New York Central
and st. Paul, prices declined TO q lower
level than at any previous time since
the break preceding the war with
Spain
Various explanations were given OF
the renewal Of the selling movement
many Of these assOciating It with the
remarks Of Attorney General Bona
parte regarding the governments plan
o. trust prosecution, but that these did
not entirely fit the case was evident
from the fact that the weakness IN
London was even greater than here,
consuls declining TO the unusual extent
OF nearly half a point and making a
new low record fer the security at q
2I5 per cent issue. Part Of the selling
Of the account Of the latter city was
also in good measure responsible for
the weakness in the American depart
ment. and in some other departments
as well.
RumOr OF Trouble UnfOunded.
This revived the rumor that a Ger
man financial institution was in diff
culties. a story which on this side be
came twisted into an assertion that q
London house was in trouble. but for
no phase of which was there any foun-
dation whatever.
The situation abroad is far from sat
isfactory. but the testimony Of the
best-informed banking interests is
that. if not actually better. it is no
worse than il was some weeks ago.
The opening here was active and weak,
and from start to finish the tendency
Of prices was downward. the most con-
siderable rally being one OF a point Of
so In the active issues, on the cover
ing OF shorts just before the close but
in spite of which heavy declines on the
day were shown by every prominent
stock on the list. Union Pacific and
Southern Pacific were among the heav-
lest sufferers. their weakness being in
a measure due TO d 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
liquidation by foreign accompaniment
Of a rumor that the Federal govern
ment intended TO institute proceedings
against the hard coal roads. while the
drop in American Smelling and Refin-
ing 10 a considerably lower level than
had previously been touched in a long
while was said TO be the result of fears
regarding the alleged intention Of the
Department Of Justice 10 institute pro
ceedings against the so-called smelter
trust.
States Continue Attacks.
The week was remarkable for the
manifestation 10 an unusual degree of
anu-corporation policies on the part,
not only OF the Federal administration.
but Of the governments of some Of the
individual States. The State of Ala
bama forced the Southern Railway into
a surrender Of its constitutional rights
in the State, and the governor Of the
State announced his intention TO whip
the other railroads similarly into sub
mission
The victory won by the Standard Oil
Company in Illinois in obtaining a writ
of error from Judge Grosscup was off,
set by the finding Of a number OF in
dictments against it at jamestown, n.
y. No secret was made by the Fed
eral authorities Of the fact that they
were busily at work with their anti
corporation cTusades. or Of their jubila-
ton over the results obtained, not.
withstanding that these are more eyi-
dent in the havoc wrought in the de-
probation Of securities held by inves-
tors than in any good conferred upon
the competitors of companies which are
alleged TO have profited by unlawful
privileges.
The bank statement showed little or
no improvement in the money market
at the end Of the week, notwithstand-
ing a large decrease in the loan ac-
count, and as the demand for funds
for crop moving will soon begin 10
make itself felt, little hope remained
that money rates would become sub
etanttally easier in the near future