The Washington herald., 1907-08-14
PRICES HOLD FIRMER
Rockefeller Interview Fails
to DepreSS Stocks.
HIGHEST AT CLOSE OF DAY
Expectation Of Announcement from
Oyster Bay Not Realized, hut
D-OEers Look for Greater COnsid-
Grafton to Corporations in the Near
Fature-ImpFoveme Abroad.

New York, Aug. IS-The interview with
JOHN D. Rockefeller, In which the founder
Of the Standard oil Company expatiated
on the disturbance TO confidence from
the governments anti-ooTporation policy
was seized upon this morning by the in
terests working for a decline IN the
market as an excellent pretext for
further drive In the market and means
Of obtaining better opportunity than
they would otherwise have had Of cover
ing their short contracts to advantage.
Apart from this the news was generally
OF a favorable character. for q decided
Improvement in sentiment was noted
abroad.
american stocks were all quoted in
London at prices higher than last nights
clo9e. while the fortnlghtly Nsettlement at
this center was proceeding satisfactorily.
Tfs continental bouTses also displayed a
better tone and there were the most posi-
tive assurances from Berlin that no finan-
ciaI trouble OF any kind had occurred
there and that none was apprehended-
Advances Are General.
Advances running from a small frao-
ton to a point or SO were general at the
opening, the largest gains being shown
IL Baltimore and Ohio, Canadian Pacific.
Northern Pacific, Great Northern, and
Southern Pacific Reading was the only
no5Rble exception to the general strength
with the decline OF about 1-2 point from
last nights closing quotations. During
the first half hour prices advanced In an
irregular way from the opening quota
tions, but the rally lacked snap, being
apparently based on nothing more than
q leisurely covering movement to the
accompaniment OF a rumor that an i'm
po-tant announcement would be made at
Oyster Bay in the course Of the day.
This rally petered out about midday and
in the early afternoon a vigorous attack
was made on the market which sent
prices below their opening figures, a num-
Der Of leading issues Ike Great Northern
and ST. Paul making new records Tor the
downward movement II was on this
break that substantial support was en-
conuntered for the first time and Union
Pacific, Reading, and other prominent
stocks that have been subjected 10 the
most violent attacks recovered with a
considerable degree OF resiliency, which,
in the course of an hour or so. was com
municated TO the general list. Shorts
covered freely on the way up. and the
covering movement seemed 10 be still
under way at the close. with final prices
at about the highest Of the day.
At one time during the afternoon Il was
rumored that Secretary Root and his as
sistant. Mr.. Robert Bacon. had been IN
conference with the leading banking in
terests, and had given assurances of a
modification IN the administration atti-
tude toward the corporations. and later In
the day this story was modified into re-
port that Mr.. Root had decided 70 with
draw from the Cabinet as a protest
against policies which. if continued, must
inevitably lead TO a most serious disturb
ance OF general business conditions and
great loss TO the holders of investment
securities.
Both Stories Are Denied.
In both its versions the story was
unqualihedly denied. and It came TO be
regarded as not improbable that the
administration may realize what a tremen-
dous Injustice might be done TO the stock
holders Of a corporation by the imposi-
ton Of heavy fines. amounting, practic-
ally to the appropriation of q great part
u their property on account Of a viola
Ion OF law by some officials Of the com
2apy without the consent OF the real
5Wners, or even at a direct sacrifice OF
their interests.
There IS no doubt whatever that If the
President. or some one entitled TO speak
with authority, said that the Department
Of Justice, instead of proceeding against
corporations for alleged violations of the
law prohibiting the granting or payment
OF rebates, would hereafter direct its
energies toward locating the particular
official responsible for the violation Of
the law, and inflicting upon him exem-
piary punishment, the announcement
would be regarded as decidedly reassur-
ing, and would so long way toward re-
storing the confidence Of investors so
~ L..naIr liz. L