The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-10-02
WALL STREET NOTES
Bears in Attack, Using Pres
ident'S Speech as Basis.
OIL REPORTS CAUSE DOUBTS
Fear that President MORett, of the
Indiana Company, Might Make
pressing MHrket-YiOIent Decline
I'm Canadian Pacific shares.

New York Oct lon Monday the
traders felt pretty sure that nothing of a
nature disturbing to the market would be
said by the President ia the memorial adj
dress, but this morning they ventured to
predict that the address to be delivered at
Keokuk about noon would be such as the
market could hardly disregard.
1t was probably the uncertainty rather
than the possession Of any definite infor-
nation regarding the speech that affected
prices this morning. but uncertainty
would have been sufficient to halt an ND
ward movement even i'm a market
stronger than any that Wall street has
enjoyed recently. and under the circum-
stances the reaction that occurred before
this speech was actually delivered was
not greater than might have been ex-
pected.
The Keokuk speech was published in
Wall street before ] o'clock. and brought
no consolation 10 the bulls.
il holders Of stock were so unreason-
able as TO sacrifice their holdings after
reading the Presidents message. Of course
they could not blame sMr. Roosevelt.
One of the most disturbing rumors
heard in the first hour came from Chi
cage. and told, or professed to tell. the
attitude Of the ST. adard oil interests to-
ward the Investigation to be conducted
by Judge Lands into the statement made
by PRESIDENT Moffett, of the Standard OF
company OF Indiana, at the time this
concern was sentenced to pay 500 00o COO
fine. that If his company was guilty there
was hardly corporation in the country
that was not guilty also.
The Chicago report said that Mr.. Mof-
lett, when called to the stand. would give
evidence which would cause the govern
ment 10 proceed against several other
corporations, but the feeling in the best
quarters was that MI MOfett had made
a reckless statement.
That the street regarded the matter as
serious only showed the lack Of conf
dence and the fear that something might
happen that would accelerate the recess
sion IN business that has already begun
TO make Itself felt in almost every. section
or the country and in practically every
line Of trade.
As might have been expected after the
violent rise in Canadian Pacific In the
closing hours Of business on Monday.
that stock opened at a heavy decline to-
day and relapsed further In the course Of
the forenoon. The fluctuations In the
stock were violent. for whenever an at
tempt was made TO cover shorts the price
was advanced sharply. and when any OF
the insiders tried 10 take a profit there
was no support except what came from
covering. and that was not OF the kind
that could be called aggressive.
No doubt was anywhere left as to the
exact nature Of the operations that had
caused a violent rise on the preceding day
and the fact was demonstrated 10 be an
absolute certainty that the technical posi-
ton was weakened. just as it had been
weakened by similar coup earlier In the
year.
A reduction in the Anaconda dividend
had been everywhere expected, and in
nearly all quarters the belief was felt
that the directors did not find 1t neces-
sary to make a larger reduction in the
rate than from a Is per cent 20 a - per
cent basis. The announcement Of the
dividend had no effect whatever upon the
market although il was taken as fore
casting a reduction from s per cent 20 6
80 N'a- -iA e-H nav -NAtiLt FiA anna atiiattG
Copper
Announcement Of a receivership for the
Street Railway Company
the calendar Of bad news that
had been expected. and left the bears
practically without an unfayorable areu-
ment for the future.
All that was needed to send the shorts
in rush to cover the contracts was
some news or developments Of a favor
able kind, and this was supplied by VIII
lam Rockefeller. in "A categorical denial
Of the adverse rumors afloat concerning
St Paul. Mr. Rockefeller denied that st
Paul would have about $50 900 O10 left out
Of the new capital raised early in the
present year. after the line 10 the Pacific
,Oast was completed.
He gave assurances that the dividend
On the common stock would not be re- /
iuced within year. and said that the
crops gave the road a certainty OF a
heavy volume Of traffic, and expressed
he belief that there would be no sucb
arge falling of in the general business
lf the country as seemed to be antici- /
oated, This not only forced the shorts 4
10 cover in St Paul but started a COW
srlng movement in the wheat market 4
hat put prices at the close higher than
hpy had banr before a .r.- +i,,,- s-..-t.--