New-York tribune., 1907-08-17
MARKET CHEERS or
But alleged Forecast Of Taft Speech
Makes Street Shrcr.

,rbere was a cheerful tone TO the stock market
in the early trading yesterday TN response 10
favorable advices from abroad the genera iS'
openIns at fractional advances and rising uuI
ing the morning hours despite the bad oreaA III
the lis-Chalmers issues and the sinister ou'
speedily denied rumors concerning 'he pOSi''oi'
OF that property
The best prices were made In the hrst houi'
hut the recovery was we'll sustained prices
rail,,ir- after recession due to profit taking and
short selling. until early afternoon when cir
,,,,,,,stantial alleged summary Of the speech 10
bo delivered BY Secretry Taft at Columbus.
Chic on Monday sent out by one or 'he
news bureaus This outline was OF character
60 ,,,oI,o tbe already nervous Wall Street pub
lie shiver and their state of mind was re-
fccted in declining prices for stocks inc throw
ing into the market of blocks bought on sup
,ort;re orders on Thursday and the circulation
If v,,n,ors that a Wall Street house was In trou-
bIa being also factors In causing the recession.
The close was irregular. with last prices as a
rula nearly the poorest OF the day and most OF
Tho active issues showing net losses.
Some OF the declines from the highest levels
or the session we're "a points in America"
Smelling and Refining. "a in Brooklyn RAPID
Transit 2 in Consolidated Gas. Az in Union
Pacific in Reading 29s in New York Central
IA in Southern Pacific. 3K in Great Northern
3tt in Northern Pacific, Pa in United states
Steel preferred and AZ in Amalgamated Copper
Interborough Metropolitan common was strong
making a net gain of l Z points. whiie the pre-
ferred declined 81 Of point.
The forecast of the speech of Secretary Tart
was as follows:
From, intimate friends OF the Secretary IL is
learned that in his remarks here Gin Columbus)
ne will explain, defend and unequivocaiiy in
dorse every action that has been taken by this
administration toward the control and regua-
ton of railroad corporations and trusts
lie will take issue with Senator Foraker on
his statement that the Elktns law or 1905 was
ample to insure federal control OF the railroads,
and will point out where the rate bill of last
year provides additional needed legislation 10
protect the people from fraud and impOsture.
while heartily commending this measure and
the way in which the Interstate Commerce Com
mission has been exercising the powers given 10
It, Secretary Taft VIII urge that the law neeus
strengthening.
He thinks the rate bill does not so far enough.
and will recommend that IL be amended so as
10 give the commission power to classify mer-
chandise for rate fixing; that in order TO pre-
vent overcapitazaton no railroad should be
permitted to issue stock or bonds without GER
tification from the commission that the proceeds
are TO be devoted to a legitimate railroad pur-
nose such as betterments of road and equip
ments and prohibiting railroads from purchas-
ing stock in competing lines
In the discussion of these amendments the
Secretary. It Is said. will not mince words in
his condemnation OF uiSctupuous sto|h HiaiiPu-
lators etc. In this connection he will pay his
respects to Hartman as exercising a dangerous
power through his consultations of roads and
issuance of securities.
He will oppose government ownership OF rail-
roads; favor rate agreements if approved by
the Interstate Commerce Commission and Will
declare that secret rebates have been most eff
fective in promoting unlawful trusts. He Will
favor n revision OF the tariff after the next
Presidential election. an Inheritance tax and
another effort to have the Supreme Court de-
clare an income tax constitutional
He will deny that Roosevelt is responsible for
the hostile attitude of states toward railroads
for the present slump in Wall Street. and
will charge that the railroads brought IT on
themselves as retaliation for their former Illegal