Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-26
DEALINGS ON LARGE SCALE
Reactionary Tendencies Followed First
Hour.
SMALL BULL POOL OPERATIONS
Money Market Was Somewhat More
Active-Big Cash Loss to Banks.
Currency Transfer.

NEW YORK, June 26-For a short time
after the opening Of business upon the
stock exchange this morning the dealings
were characterized by the same tendencies
which set in so suddenly late on Monday
afternoon, and which were continued
throughout yesterdays business. Prices
rose rapidly and extensively in all quarters
of the market, the transactions were upon
a large scale and a greater number OF
stocks were dealt in than has been the case
for a very long time past. Before the
close of the first hour. however. the trad
ing assumed irregular and generally speak
ing reactionary tendencies
The machine-made character of the rise
In prices since Monday Is quite commonly
recognized. but the movement has at least
demonstrated one thing. namely. that very
little power is required to give a decided
impetus to the market in one direction or
the other. In other words. the operations
of the small bull pool which began on Mon
day were sufficient to move pronounced
upward swing to the stock market fairly
conclusive illustration of the thoroughly
nQuidated speculative account.
Pool After Profits.
1t was apparently the case today that
the pool in question, or some Of the men,
bers, were willing to realize some part of
their paper profits. and in addition the rise
1n a number Of stocks has been sufficiently
extensive to induce selling from other di-
rections.
AS indicating the temper of the public 1t
Is worthy of note that a considerable in
crease in the business Of commission houses
developed in connection with the rises in
prices and the sudden burst of animation In
a number of the lower-priced stocks seemed
to suggest that the success of the Lawson
pool had suggested to other manipulators
the feasibility of making a better market
for their wares.
There was little or nothing in the days
situation apart from technical market con-
siderations to be named in connection either
with the further rise in prices at the OPEN
Ing of the market Or the subsequent irregu-
lar movement. 49,
There was good deal of discussion with
regard to the comparative degree of sue
cess with which the offering of New York
city stock and bonds will meet on Friday,
and it was apparently the case that some
misgvings in this direction served to re-
strict further aggressive bullish manipula-
ton.
=; The money market was somewhat more
active, and this mornings figures Of the
transactions between the banks and the
, subtreasury showed that the former have
suffered cash loss of 100000 since the
compilation of last Saturdays bank state
meut.
Currency to the amount of $4,000 was
transferred to San Francisco. but there
for export. Large foreign banking houses
asserted. however. that the question of ad-
ditional exports of the metal still hung
delicately in the balance, and declared that
would be unwiSe to conclude that the
outflow of gold was over for the season.
The foreign stock exchanges were again
cheerful, although, as with the local deal
1ngs, the London stock market reacted with
the course of the business session on profit
taking sales. Foreign houses were buyers
here of upward of 5000 shares Trans
actions In one stock or another were differ
entiated only In respect of comparative
activity and extent of fluctuations and
were unaccompanied by any novel gossip or
actual news except of a routine character.