The Washington herald., 1907-05-21
WEAK At The CLOSE
Market RumOrS Cause De-
preston of Prices.
FOREIGN MARTS ALL CLOSED
Holiday in Europe Duiis Trading
Here, but Other Causes Contribute
10 the Sagging-NOtabIe Report on
Standard OIL and Fear of Hill
Lines PrObe-Consoiidated Gas Up.

Lines PrObe-Consoiidated Gas Up.
New York, May D-In that indefinable
way IN which such things become known.
It was very evident to-day before the
opening of the stock exchange that pes
simistic sentiment in the financial dis
trict regarding the immediate future OF
the stock market had decidedly increased
as a result Of over-Sunday reflection.
Throughout last week, with the excep-
ton of one day. prices of stocks steadily
declined The fall each day was not great.
but il went on so continuously as TO sug-
gest a general movement toward specula-
tive liquidations. The reason assigned
Tor this was the diversion Of speculative
interest from the stock market 10 the
produce exchange the announcement on
almost every day Of the Ntek Of new
railway or other corporation borrowing
fears Of gold exports. and the generally
unfavorable effect produced by the un-
certain outlook for the season crops.
Probably the coming Of these influences
quickly one after the other, gave to them
power FOR harm upon the stock market
that might not have been exerted if a
greater length Of time had elapsed be-
tween their development
There was no doubt. however. whether
by reason Of their presence or that Of
other factors as yet unanalyzed and de-
scribed, the buying OF stocks for either
speculation or investment in the market
by the public was diminishing. and the
entire market seemed pervaded by that
vague, yet very perceptible weakness
which characterized it in the early part
OF the present year.
Cold Wave I'm Northwest.
Neither could it be said that since the
close of the market last SATURDAY were
there any occurrences Of a nature to af-
iect security valuations more favorablv.
News from the western part Of the agri-
cultural section was rather noDcommitraI
this morning, but the telegrapuir DIS
patches told of another cold wave in the
Northwest. As result OF this. quota
tons for the wheat options opened at a
large advance, and although they raceded
later IN the day. were still such finally rs
10 be considerably higher than they were
at the end Of last week.
There was published i'm the morning
newspapers a further severe arraigurnant
OF the conduct OF the management Of the
Standard OIL Company by the United
States governments Commissioner Of
Corporations, this being the second bitter
denunclation Of the company from gov
r1-- --.f
was stated in newspaper articles that the
investigation which was begun and post
poned several weeks ago bv the Inter
state Commerce Commission into the af-
fairs Of the Great Northern and Northern
Pacific railroads, and having reference
especially 10 the control by these corpora
uons Of the Chicago Burlington and
Quincy property. was again about 10 De
vigorously proceeded with and lastly.
more or less anxiety was expressed hy
holders Of stocks regarding the character
OF the speech 20 be delivered by the
President Of the United States ou Decar5-
ton Day 10 indianapolis. which it was
said, would consist 0f severe "aTaigu-
ment' of railway interests.
Foreign Markets Closed.
All the foreign markets to-day were
closed I'm observance Of the Whit Monday
holiday, and there was Therefore no buy
ing or selling Of stocks here during the
day for European account. bat in our
own market, prices Of stocks were weak
from the outset and declined almost con-
tinuously up 10 midday.
There was little doubt that pressure was
applied to the market I'm a broader way
b. spectators for the fall than has been
the case for many weeks past. Neverthe-
less, the general declines that took place.
as well as many other features of the
trading, indicated that selling Of securities
for the account Of wearied and discoar-
aged spectators for the rise was also
present in no minor degree. and in the
first TWO hours Of dealing declines Of from
2 to points were recorded in the promi-
nent shares
4 little rally occurred in the noon hour. /
but after this the market again turned
weak and was heavy until the end of me
day, closing prices being only little above
the lowest made. The market reflected.
presumably. I'm The afternoon. the effect Of
an estimate put ont by "a wrH-known
wheat expert. that the winter wheat crop
this year would not be more than 3.2z500
bushels, as against a haTvest-of the grain
according TO the present prospect the
spring wheat crop cannot be more than it /
was last year. and will probably be less. /
the promise for the moment is for a total
wheat harvest less than the COuntry's
current needs for annual consumption .
The report had apparently, however. been /.
discounted in the grain market. as after
its publication wheat prices fell off.
Inter-Net. issues Notes.
statement made by the Wall street
news agencies in the late afternoon to-day /
that the Interborough Metropolitan Rail- F.
way Company had made an issue Of S15,- /
o00OOO six months per cent notes. was
disclosed after business hours as being
misleading as TO the amount Of money (
borrowed
There was one very notable exception (.
10 the declining tendency in tO-dav's stock
market. and that was the course of the
Consolidated Gas shares. which rose AZ
points upon the circulation Of a rumor
that the master appointed by the Federal /
courts TO hear and determine the claim /
made by the Consolidated Gas Company /
that the law passed in this State reducing
the price Of gas to so cents was condsca- /
tory, had decided in favor Of the COM +
pany.
The impression appeared 10 be, in legal /
circles, that the report Of the master in /
the case would be final as regards points .
of fact. despite whatever appeals might /
be taken from IT, This was. for one I
thing. because the testimony Is so volu-
minoUs as 10 be practically unreviewable. /
except on questions Of law by judicial au-