Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-08-14
MARKED REACTION SHOWN
Expectation of Serious Insolvencies
Proves True.
VOLUME OF BUSINESS SMALL
Apprehension of Spread of Telegraph
Strike Initiated Against
Greater Activity.

NEW YORK. August 14-There was
much disappointment in Wall street specu-
lstive circles. and perhaps in more serious
quarters. that this mornings news COM
prised no confirmation whatever of yester-
DAYS sanguine expectations that the oyster
BAY conference would be productive or
some reassuring declarations as TO the pol
,cies and intentions Of the administration
toward corporations and the business sltua-
ton at large
These views were unquestionably instru-
mental to no small extent in yesterday
sharp rally in prices, although beyond any
doubt such an upward reaction might have
resulted from nothing more than merely
mechanical market condition. In the place
OF the expected and hoped-for averments
from Oyster Bay. Wall street was told that
in the addresses which he is to make next
week the Secretary of War would clearly
and defiantly set forth the policies of the
administration in the pOted direction.
Hopes Dashed, Market Irregular.
This suggestion did not serve to en-
ts,r.. ,pa financial community 20 any,
marked degree inasInuch a. ihs fscsns
famous utterances by the Attorney Cen
eral have gone uncontradcted and unre-
buked Consequently. the conclusion was
reached that Mr.. Taft would be very apt
TO put in more suaVe and pohte lorih
the same ideas which We're so crudeiy
and in the Wall street opinion, so prutally
expressed by Mr.. Bonaparte
Wall streets hopes with regard TO OEs-
ter Bay having been dashed, II was natural
that the stock market should have opened
showing irregular and reactlonary tehueh-
aFa which became emphasized WIN the
course of the business session.
During the morning rumors were cur
rent that serious insolvencies were threat
ened in the industrial and business world,
and these stories We're confirmed IN part
before the middle of the business session;
The stock market, while. generally speak
ing heavy. did not, as a matter or fact,
show any such conditions of demoraliza-
ton as prevailed on Monday, and genuine
liquidation was conducted upon a sredtly
reduced scale. The volume of business
also during the greater part of the day
showed a marked contraction in contrast
with recent totals. There was little in the
mornings news, except of more or less
political character, calculated to influence
speculative operations in one direction or
another.
Effect Of Telegraph Strike.
The London stock market was quite
buoyant in the early part of the day,
and. while it reacted later, operations
here for foreign account again showed a
preponderance of purchases
Money on call continued very easy, the
renewal rates on standing loans being
fixed at 81 per cent while most of the
new borrowing was arranged below that
figure. Sterling exchange rates were
somewhat harder.
The strike OF the telegraph operators and
the apprehension that ii would extend fur
Their undoubtedly initiated against greater
activity In both the stock and commodity
markets. There was little OF interest to be
deduced from the transactions of the stock
market in detail other than technical de-
scription.
Renewal of weakness in the PETERBOROUGH
Metropolitan securities created disagree
able impression. as did the downward course
of the United States Steel issues and the in
dustrial quarter of the market in general.