The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-08-06
ATE features OF
The STOCK market
ollapse in Prices Near the
Closing.
ONE DECENTRALIZATION
meters, Union Pacific, St.
Paul and Copper Among
the Victims.

the Victims.
Late in the day a rally occurred but
market was fearfully dull on the
ly.
There was some skurrying about for
ore margins" in the stock market
ar the close yesterday
Prices which had been weak, took a
nble in the closing hours and the
lrket had a sad look.
rhe bears jumped on prices early in
day emboldened to do SO by the
smmoth fine inflicted on the Stand
b Oil Company.
later in the day a rally occurred
: the market was fearfully dull on
rally. L.
rhe immensely of the fine was re-
rded in Wall street as likely to
use a reaction in favor of the Oil
as 1t was regerded as enormous
ID likely to be moderated in the high
\ courts. Moreover, Wall street
smed to regard this and other at
bks on corporations as plays to- the
lleries and yielding to the clamor
8 the day. Political axes to grind
re mentioned in connection with
ny Of the attacks on railroad cor
rations.
Some good will come out Of the
" radical character Of the fine. 1t
inds the death knell to rebates in
= form. From fear, if from no high
motive, business will be done on
Ire circumspect lines This means
course, larger returns to stock and
4 nd holders.
rhe attacks on corporations encour-
ed the bears on the theory that such
I acks would deter large interests
m entering the market.
1 was reported that the Standard
company would raise the price of
to get even, but Charles M. Pratt,
rotary of the Standard Oil COM
ny, said yesterday afternoon that
81 company had no intention of adj
hcing the price Of oil Mr.. Pratt
"The statement attributed to Mr..
! am berlain of the National Petrole-
association Of Cleveland that such
advance is to be made is entirely
warranted and absolutely unfound-
Mr. Chamberlain, who represents
competitor of this company, is chal-
4 ged to reveal the source of his in
! nation"
ust ffty-four inches Of tape were
d to record the business done be-
zen l and 1870, which amounted to
20 shares of stock, and $4,000 in
DIS.
8 tandard Oil stock fell barely a
bit yesterday from the level Of 500
which it stood at Saturdays clos
and which, with the company's 40
cent annual dividend, gave an 8
cent. yield to shares bought at
tflgure; and no unusual activity oe-
red in its market. The price, in
!, had fallen from 700 in the period
e, at the opening of 1901, the gov
ment's proceedings were instituted.
he course of events suggested, not
idation by real holders, but pro-
m of professional attacks" ar
ged with professional precision.
rom speculative standpoint the
S. on of the court is not likely to
e permanent effect. The question
es, however, as to the attitude OF
investor toward securities when
e and federal authorities are TAX
such drastic steps to correct
SEES.
fter a time Of extreme dullness be-
EN- 1 and 2 o'clock with only about
0 shares from l to 1870 o'clock,
ng pressure was suddenly resum-
bt 2 o'clock, and the market broke
entity United States Steel led the
inc, running off from S5 to 81 in
it half an hour, with very large
sactions.
hicago and Alton preferred drop
s IL points to about so because
he exaggerated fear that the fine
INST the standard Oil would be du-
a ated when a decision is rendered
INST the Alton, which gave the re-
s.
break in wheat, with heavy liqui-
On by various operators, made
street feel more cheerful, since it
ed to confirm the impression that
government crop report would be
Br than predicted. Nevertheless
and oats held fairly well.
Eere was rather brisk demand for
ks IN the loan crowd, indicating
some Of the men on the short side
contented to hold their ground and
developments. Those who took
view argued that there was moth
In sight on which to put up stocks
laeonda sold yesterday under the