The Washington times., 1908-07-24
MARKET BREAKS
AND TURNS WEAK
Presidents Statement Gives
Wall Street a Bad
Scare.

NEW YORK, July 24.-WaH Street Is
in an angry mood today over the state
ment given out on behalf Of President
Roosevelt that there is no question Of
the guilt of the Standard Oh Company.
Wall Street is specially solicitous about
the President directing the Attorney
General to take immediate steps for
securing a retrial of the case
The effect Of the Presidents state
Inent Is an Immediate fan in the prices
of stock induced by selling for profits
Wall Street takes the view that the
attitude Of the Administration has ull-
dergone no change toward corporations
and that there is 20 be a vigorous prose-
CutiOn of the Oil trust.
Prices OF stocks which had been boil
stored up nightly by the announce
ment Of the decision Of the Chicago
court lacked support today. Wall Street
IS too timid to hold to the courage Of
its convictions regarding good crop
prospects and the general revival Of
business, both of which have been
worked 10 the limit by the bull con-
tlngent in the market, and the an
uoUncement Of the President Of his be-
lief in the cUlpability OF the Standard
Oil magndtes started a fresh selling
pressure on the market that ii could
not withstand.
Profit taking, which started In London.
resulting IN a lower range of prices Tor
American securities abroad made its lp-
pSarance at the opening Of the stock
market here. Declines Of about half
point were recorded throughout the list
with Union Pacific showing a loss or
one point Northern Pacific lost =;
Baltimore and Ohio Anaconda AJcht-
son. and St. Paul. each Il; Copper and
Southern Pacific, Y; Reading, 4; Great
Northern, preferred. and Canadian Paci-
nc, Is. Brooklyn opened i higher ROCK
Island and Car Foundry were I'M
changed. Smelling Steel common, and
G-nI0Tlnn
Island preferred and Pennsy lvanla open
cd Is lower.
The stocks were we'll absorbed al first.
and some of the leading issues recov-
/ered about half Of their losses. Another
wave of profit taking, however. caused
prices &c decline until at the end or
the first hour of trading the leading is
sues showed losses Of a point and more.
SpeCialties were again active, but
mostly at lower quotations
Consolidated Gas was an exception,
rising q Of a point while General EIec-
trio lost 2 points. and Illinois Central.
Is. Brooklyn Rapid Transit showed
strength.
Tips on the various stocks were in
circulation in the ring during the morn
ing. Chief among the stocks said 70
be aimed for higher prices was Union
Pacific. and its goal was said 10 be 80.
bankers believed this morning that
Union would 20 to 15l52 because II must
be remembered that the public sub
bonds at 90. As the bonds are cOnvCrtl-
bic into stock at is this would mean
that bond holders could get out even az
1F1Z The difference between 15Iiz and
$50 probably represents the rewards Mr.
Hartman is giving 10 bond holders for
sticking
The weakening OF the leading stocks
OF the early trading has been maint ain
ed up 10 midafterneOn- Reading, Union
Pacific St. Paul. and the Steels have
suffered materially in the declines. An
unexpected development OF the 9sATket
Is that the lower priced shares haze not
met with any large losses For the past
two or three days there has been a good
deal Of buying OF such shares as Ais
Chalmers, American Beet Sugar. and
many OF the minor Industriais and
smaller railroads.
These stocks have been unaccountably
strong today. and ii is surmised that
many spectators have unloaded the
higher priced leaders and bought into
the low priced stocks believing that
the reaction from the Presidents state
ment would be only temporary IN its
effects. and that they would still stand
TO win, with not so much at stake IN
the lesser Quotations Of the cheaper
stocks.
This Is a convenient form Of hedging
on a break, often practiced by shrewd
Spectators, and Il is believed that K
accounts for the support given the
weaklings today in the face Of the drop
in the leaders of the market.
Business today is much narrower in
volume than other days during the
week, being confined chiefly TO taking
care OF the stock that comes out on
the frightened selling, with no ad-
vances on the part Of the bulls to force
up the market. The tendency seems TO
be TO let the market drift for a time
the bull leaders GU city accommodating
the stock thrown over. for use a few
days hence when the effect Of the Presi-
dents words have worn of and the
market turns upward again.
The market during the afternoon
strengthened perceptibly at the lower
level after the slump of the morning;
most stock closed on the basis Of one
half to a point and One-haf lower than
the opening.
The situation is practically unchanged
tonight, except that the Presidents
statement has stopped the rise and
knocked of a maximum of two points
from yesterdays highest. The market
during the late trading was very firm
and active at the lower level