The Washington herald., 1907-05-16

arily.T
G. Bowie Chlpman. of Z. r. Chapman
& CO.-"Until shortly after noon the mar
ket was uninterestiug, the sales for the
first two hours falling considerably short
OF 1000 shares Shortly after that time
there was announced on the tickers the
report of the Interstate Commerce Com
mission inquiry on the Hartman lines,
most sweeping IN its character. findings
and recommendations. Washington dis
patches and semi-ofiicial announcements
on the part Of Interstate Commerce Com
mission members Immediately raised a
doubt as to the genuineness Of the re
port. although a New York evening paper
shortly appeared with what was claimed
10 be "A full text Of the report At any
rate, the publicity given the matter caused
q great increase in activity and rapid
decline in Union Pacific, as well as the
general list At 3 o'clock IL was an
nOunced that the directors Of the Della
ware and Hudson had authorized an is
sue Of $l0tE,gyJ equipment trust notes
when necessary. With the market very
largely professional and the public show
ing a decided disposition to hold alooi, the
crop situation yet an unknown quantity
the Hartman situation an open question,
and the continued and increasing demand
for funds on the part Of railway and in
dustrial corporations, there seems no
particular item Of sufficient weight to
cause lasting advance
J. B. Weed, Of Dick Bros. & Co.-"The
market opened fracu0ually lower, but
again there was little activity during The
forenoon outside Of such stocks as Read
ing, Union Pacific. Smelters, and Anal
gdmated Prices hgctuated in an irregu-
lar manner but generally the undertoue
was strong until the publishing of q re-
port which was az frs, said 20 be that
Of the Interstate Commerce Commission
on the Hartman investigation. This news
was responsible Tor a break Of about 4
points in Union Pacific, in which bear
selling and EaUmeriug seemed 20 be
rather prominent This caused q general
reaction through the general list. Trading
became stsgnant until the last hour,
when a rally took place, in which many
stocks recovered most Of their early
losses. Strohg features In the afternoon s
trading were National Lead and Smelt-
ing. The close showed a strong tone.
with trading moderately active
Benjamin Woodruff of Post e. Flagg.-
Trading up to u o'clock to-day was no.
tably dun Then came the rumor that
the Interstate Commerce Commission had
issued a drastic report as the result of
the Union Pacific Investigation This
caused a furry In the market, when all the
traders jumped in 20 sell stocks. Later
the market rallied and the general list
closed somewhat above last night. with
decided advances in Lead and Copper.
The Tgm0r OF the Union Pacific reports
comes down 60 the premature publication
of "a report submitted 10 the Interstate
/ Commerce Commission boy its attorneys,
Messrs. Kellogg and Severance, and does
7 not represent at all the final findings of
the commission. There is no doubt that
the ultimate report viii condemn many
Of the methods pursued by the Union Pa
cifC management IN the last few years.
for this was clearly fOreshad0wed In the
Investigation and would surprise no one.
/ The improvement in prices I'm the after
noon once more illustrates the fact that
the market seems pretty well sold out.
indeed, its chief strength rests in the
I large short interest outstanding. This
makes many people cautious in the eXpec-
tation Of further decline from the pres