The Washington herald., 1907-08-15
At new LOW LEVELS
Almost Every Active Stock
Shows A Decline.
TIGHTNEss OF MONEY IS FELT
Failure of Pope Concern Attributed
10 Inability IA Obtain Working
Capital - No Statement Expected
from oyster Bay Relative to the
Financial and Industrial situation.

New York, Aug. 14-Under the influ-
ence of a renewed outburst of liquidation
and Of aggressive operations for the de-
cline the market broke sharply this aft
ernoon until most every active issue
reached a new low level for the present
movement, and some individual stocks fell
below their lowest records of recent
years.
Indications were not wanting at any
.ime during the session that the high
level made IN yesterdays rally would not
be maintained, for, although the situation
abroad showed considerable improvement,
and American stocks were all quoted at
advances in London the opening did not
come TO the foreign quotations, and IN a
number of issues like Smelters, Analga-
mated Copper. and Anaconda, there We're
fairly large declines.
All through the list there was evidence
If heavy selling. while there was a
notable absence Of any strong demand,
she result being that during the first hour
rrices generally declined. In explanation
Of the early weakness of the mark et dur
.ng that period It was rumoVed that
large industrial company would be placed
n the hands OF a receiver during the day,
md disappointment was expressed because
no representative Of the administration
made any kind Of reassuring statement
regarding a change in the anti-corporation
policy of the government
Dine TO TightneSs Of Money.
That there was ground for the stories
relating to an industrial comany was
made. clear when at noon q receiver was
appointed for the Pope Manufacturing
Company. successor 10 the American BIZ
cycle Company. which failed several
years ago. Although the Pope concern
failed it has been doing a considerable
business in automobile manufacturing,
it has found itself unable to continue,
the tightness in the money market max
.ng It Impossible 70 obtain working capital
It a time when it was necessary to carry
q large stock on hand
Disappointment over the absence Of q
re-assuring statement from oyster Bay,
Il seemed surprising that any expectation
Of the kind should have been entertained
in view of the frequency with which SINH
lar disappointments have been met with
in the past
The severe decline in the afternoon,
which perhaps more nearly approximated
the decentralization than anything that
has been witnessed since the panic of
last March, was accompanied by rumors
that a financial Institution was In diff
culties, but these We're positively denied
In the best quarters. Denial was also
given TO the rumor that a certain house
of no great prominence IN the financial
district might as "a result of certain re-
cent developments be obliged TO suspend.
Rally just Before Close.
II these rumors were the only reason
for the decline. and there was no men
ion of any other. the effect was out OF
all proportion TO the cause, and there we're
substantial grounds for the covering
movement that. just before the close
brought about d fair rally from the low
est prices. All other stories Of forced
liquidation by brokerage houses, as a re-
suit Of calling loans by banks or failure
to put up additional margin, and the al
legged financial difficulties Of brokerage
houses might have been the result merely
Of guesses of the source Of the selling.
There was no change OF consequence, ir
the money market except that the rates
on call fnuds were somewhat lower thar
yesterday. but transfer of S2O0,00O was
made TO New Orleans indicating that
the demand for crop moving had set in.
II was announced at the close of the
market that the Consolidated Gas Com
pany had sold S5.0O0.00l notes to a Local
banker, but the stock Of this company
was relatively stronger than that Of the
ether local utility companies. Inter-Met
and Brooklyn Rapid Transit declined rap
idly on liquidation said to arise from fear
that improvement ordered by the public
utilities commission would not only be ex-
pensive but unproductive OF en- increase
ln income