The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-08-11
STOCKS RUN STEADILY DOWN
IF ST tNDARD OIL MEN ARE NOT
SELLING THEY DON'T BUY.


A fresh outbreak of liquidation. induced
by new Developments in the Administra-
TONS anti-corporation propaganda. swept
away market value yesterday until the
average Of prices was below that Of the
silent panic on March II. Large numbers
4 investors in Europe a. well as this ooun-
Try took fright from the statements of
Attorney-General Bonaparte after his in
ierview with the President and from the
Indictments against the New York Central,
Pennsylvania and Standard Oil and turned
their securities into cash. The result was
a continuous decline In quotations Of every
security on the list, with losses ranging
from ? to spoints in the most active shares.
As on other days OF the week. important
financial interests Of Wall Street accorded
not the slightest support to prices. 1t was
Increasingly obvious that il they were not
cling stocks they were scquiescing COM
rlacently enough in the slump in prices.
Shsres with which the Standard Oil name
S connected broke most sharply. as they
have On previous breaks since the imposi-
ton Of the 500. 600, 900 fine. and the impression
that Stan dard Oil financiers were unloading.
rot simply sitting idly by, gained greater
currency than ever
The Hartman stocks were again the most
active. Union Pacific furnishing 20 per
cent. and Southern 5 per cent. OF the days
business. Mr.. Bonaparte's remark about
the ad~visability Of prosecuting men higher
up caused apprehension among holders
If the Hartman stocks, since IL was taken
in connection with What seemed a plain
intimation that MIR. Hartman was to be
prosecuted for his connection with the
Alton. The approximations were quickened
Nv the Attorney -General's vigorous corr
ments on the and frauds. many Of which
srp alleged to have been committed in
Union Pacific territory. and by rumors
~ forthcoming prosecutions OF the Hdrri-
man lines on several counts. More than
lOO.Oo shares Of Union changed hands
IN the two hour session. and the last
transaction showed a loss Of ~ points for
the day. For the week il showed a net
loss Of 10 points.
A large number Of stocks made new
low records for the year, and many Of these
we're records for the six years since the
Northern Pacific panic in May, 1901. Not
since then has the average 9 e as low
as the low prices Of yesterday. New York
Central was one stock which sold we'll
below its price in the May panic. Not since
1898. when il sold at one time at los, could
IL ~ha~e-eccn purchased so cheaply. IL
touched that figure yesterday and closed
hut half a point above it.
Pennsylvania. which had previously re-
sisted the declining tendency more stoutly
than most Of the others. also sold Oh sharply.
With New York Central it was adversely
Affected by the indictments at Jamestown.
Il do not myself feel alarmed over the
safety of American securities" said q well
known banker. but it is only natural hat
many should be alarmed. The apparent
satisfaction of both Attorney Genera Bona
parte and the President with the result of
anti-corporation proceedings and tho Ger
tainty that these are to be continued dras-
'ically and vigorously naturally causes
alarm Uncertainty over what corpora
ion Is next to be proceeded against or
What one, II n y 10 immune naturally in
creases fears
The markets OF Berlin and London were
disturbed before The opening here. In
London another drop in consoL carried
The price to a new low record. Partly in
Consequence Of unsettled conditions at
home, partly because of the same fears felt
by American investors. both London and
Berlin sold stocks heavily in this market.
Much of this selling was In Canadian Pacific,
which broke ~ points. It was also worry
much in evidence in the Hill stocks Great
Northern sold down to i2i15. as compared
with a low Of l28 on March IL. and lost az
points A loss Of the same amount was
sustained by Northern Pacific. For the
week closing prices showed losses Of 1917
and M points for Great Northern and
Northern Pacific respectively.
Other STANDARD Oil specialties besides
the Hartman stocks sold at new low prices.
81. Paul lost 80 points after selling below
It's price in the March panic and in the May,
1901. panic as well. A~malgamated and
Anaconda lost more than D points each.
and established new low at 73T and II
respectively. Neither sold within FIVE
POINTS Of these prices in the March decline.
Reading made the new low record Of 90
10 the accompaniment OF reports that the
antl-corporation policy contemplated Wig
"rous action against he hard coal roads.
some among many other new lows were
Established by Locomotive at san; Shelters.
winch lost ~ points. at ok; Smelters
referred, ss1s; Sugar. ll2s<; Atlantic Coast
Line. 20; Central LEATHER 1874; Colorado
Fuel and Iron. 2sk; Western Union. 1871;
ana United States Rubber, 80.
Trading was in the large volume of moro
han 200 900 shares for the two hour session,
out though the break in prices was limos
as sharp as Wednesday. at no time wa the
market so htful and feverish. The decline
vas a constant crumbling Of prices rather
man a sharp break.
The declines were the more impressive
because OF the decline in other days Of the
week. In the twenty statistical rails clos
ing prices showed an average loss Of nearly
% share in the sx days Of trading sincs
me imposition Of the Standard Oil fine.
10 the twelve statistical industrials the
Ioss Tor the same period is very nearly 90 a
snare. The following table compares the
low prices yesterday with the low In the
hsrch panic. and shows the loss in six in
INstrlals and twelve rails since the Standard
- and the loss yesterday:
a. Fan ~ -