New-York tribune., 1908-08-08
TAKES OVER SHELTERS
STANDARD OIL GETS 1T.
Change of Control Starts HeaUy
Dag an Stock Dealing.

Nhange Of control of the American Smelling
and Refining Company from the Guggenhems
10 people identified with the Standard Oil Com
Pahy' through purchases of the Smelling COM
panys stock in the open market, according to
one or the largest houses in the Street prac-
ucaHy has been effected. It is understood that
In the course of the next week stock of the
American Smelling and Refining Company to
the amount of 100000 shares representing more
than one-third Of the capital stock of the COM
pany, will be transferred to Standard Oil inter
ests this stock standing in the of
various Wall Street brokerage houses. In yes
ferdays market Smelters stock advanced more
than seven points and lost good part of the
gam before The close. the movement being an
important factor in bringing about a reaction
and ordinary commission house followers show
ing enough uneasiness the speculation in
Smelters to liquidate some of their long stock
at profitable prices
Inc stock market made record in the
matter of gains and activity in the early deal
ings yesterday under the lead of the Hartman
issues, American Smelling and Refining the
copper shares, the steel stocks, National Lead
and st. Paul. but the pace set was entirely too
fast for the best interest of speculation and as
a. consequence the men who had the most at
stake worked for reaction, which resulted in
checking movement that at one time promised
to lead the market into trouble
The advertising campaign Of a Boston oner-
ator was not liked by the leading men In the
Street but there few people who were
willing to go on record as opposed to the logic
of his reasoning regarding the ultimate ten
dency of prices
The government crop report did not indicate
record breaking harvests, but August figures as
rule showed conditions better than those of
tnls time a year ago. These figures are Of
August l. while since that time many changes
have taken place in the agricultural sections of
the country, mostly in favor of the croDs as
that, for instance. in Kansas and Nebraska re-
ported yesterday, showing an amount Of moist
ure that meant in money value $50 600 to
the corn growers in that part of the country
The outlook is for average harvests Including
winter wheat yield Of 425,94O. 900 bushels. gov
ernment figures. and corn harvest large as
last years yield, but smaller than that of 1905
when all preceding records were broken
That the interior is beginning to find ~roa-
employment for money is reflected i" - voe'-i~
estimate of the movement of currency which
shows the smallest receipts at this centre from
out-of- town points for the year This tndf-
Gates the approach of the crop moving require
ments. In addition to the favorable money and
crop outlook. Wall Street found in orders
by the railroads for rails and equipment reason
for optimism over the future Of the stock
ket. 1t thought, however. at the close of
business yesterday that as result OF the big
advance In the current week stock values might
temporarily seek lower level
Operations in stocks yesterday were heavier
than on any preceding day this year, with the
exception of those of May 20. Street gossip
again connected Rockefeller interests with the
buying.