The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-07
STOCK SALES HEAVY
Unloading in Wall Street
Largest in Weeks,
PENNSYLVANIA IS STRONGEST
Drop in Southern Preferred Due to
Political STANDARDIZATION Taken
by Alabama Causes Concern to In
vestors-TFOubIe Not Permanently
Settled by Possible Compromise.

New York. Aug. 6-Transactions in the
stock market to-day footed up much
larger total than the average OF the past
week or so, and while a great part Of the
seeming transactions represented opera
lions for the decline. there was evidence
that the new disturbing elements in the
situation had given rise 10 a considerable
volume OF liquidation.
At the start prices We're generally low
er than last nights close. the only not
able exception being In the case of Penn
sylvania. which opened ar & good frac-
tional advance, and maintained some sem
blance Of hrmness throughout the ses-
sion. From the opening level prices fell
of rapidly during the first hour and
half. under the influence of heavy. selling
orders. and FOR the first time it became
evident that commission houses were let
ting out stocks, probably representing
liquidation of the accounts of customers
who had failed TO respond 10 calls for ad-
Gitioual margin.
Final Prices Show Declines,
The lowest prices of the day were made
by most Of the active issues a little be-
fore noon. At about midday some sup
porting orders We're encountered, but the
resultant rally was only feeble. and by
O'Clock the market was weak again.
Another rally occurred about one hour
later, but failed TO hold. and final prices.
while in all cases above the lowest. were
almost without exception at substantial
declines on the day. Among the weakest
features were HilT stocks. St Paul. Union
Pacific, SHELTERS. and Amalgamated. while
next TO Pennsylvania. New York Central.
and Erie showed the greatest power Of
resistance 10 pressure.
Although not active. Delaware and Hud-
son lost more than three points on a re-
vival Of familiar Tumors about the fnan-
cling Of the cOmpany's trolley aCQuisi-
lions, while Minneapolis. St Paul and
Saulte Ste. Marie lost 5I-2 points: but
for this decline there was no special cx-
PLANTATION.
Drop in Southern Preferred.
The drop in Southern Railway preferred
could be easily traced 70 the political de-
velopments in the South. while the de-
cline in Interborough Metropolitan COM
mon and preferred 10 new low figures was
ascribed TO fears that the public service
commission might force the company into
making expensive improvements. under
adverse conditions in the money market.
The exchange market was firm, and
shipment of S500010 was made 10 Holland.
The continent was an active bidder for
gold in the London market and took the
greater part OF a consignment received
from Capetown.
Surprising in interest even The Stand
ard Oil matter and the possibility Of
other prosecutions 10 follow against this
company and against RAILROAD interests
accused of granting special rates. the new
phase of the conflict between State and
Federal authority IN some sections Of the
South received earnest discussion in every
quarter of the street and exerted a great /
CT influence in depressing prices than any
other factor whatever.
Alabama Case Causes Concern.
The drastic action taken by the state
of Alabama in making an outlaw Of the
Southern Railway because the company /
had exercised what everybody in WaH 1
street regarded as its constitutional right. /
following interference with constitutional !.
rights elsewhere. naturally gave rise TO /
fears that new and Weighty elements /
would be forced into the next Presi- /
dental campaign tending to make il the I
most disturbing from The standpoint OF 4
the company's business in q generation /
An uncOuhrmed report from Birmingham 1
70 the effect that the railroad might /
consent TO a compromise was for the /
moment regarded as reassuring, but. on I
consideration OF the whole question, il /
was seen thar while the road might stave
of conflict between the State and the
nation by yielding and improve the APP
peaance OF the political situation, there
could be nothing really reassuring in q /
compromise where the corporation was
obliged for the privilege of doing business
10 relinQuish rights granted TO il under
the Constitution OF the United States
II the roads should decide 10 fight, there
can be no doubt that they would win the
points at present forming the subject Of
controversy, but there is no telling how
FAR the anti-corpOTation feeling might
lead 10 attack from other directions The
time-money market was in the control
Of the lenders, but there were indications
that the high rates for over the end
Of the year were attracting funds from
foreign banking houses and from institu-
tons which had not before been lenders
FOR some time past