The Washington herald., 1907-07-11
STOCKS IN 4 DECLINE
Prices Off from Two to Six
Points in Many Issues.
MARKET RECEIVERS SOMEWHAT
Traders Believe that Advance Since
June - Is of Machine-made Char
aoter, and when Pressure Is Ex-
erted Few Come to the Rescue.
Reading Common Remains Weak.

New York July 10.-The support which
has been so actively extended 70 the Sc
surlty market during the last two and a
half weeks. but which gave visible signs
IF wavering yesterday, was to-day prac-
tically entirely withdrawn, causing a
break In the prices Of stocks in the morn
ing hours Of business in addition TO the
decline Of between one and two points
yesterday OF from two TO six points In
the leading issues.
Later in the day the tone of the market
was somewhat steadier and a portion
Of this fall was recovered. The closing
rally. however. seemed principally due to
4 buying IN Of contracts for the decline,
inevitable after such a violent drop in
prices as had occurred.
Market Remains Weak.
Despite the later frmness In the market
the character OF the trading did not in
dicate with any oonclusiveness that
speculative liquidation had run its course.
The factors underlying the weakness of
the market were Of the same character as
those which began to assume tangible
shape on Tuesday.
The conviction entertained throughout
the financial community that the advance
in prices that had been brought about
since June "a was OF an utterly machine
made character coupled with the immense
disgust generally felt over the promi-
nenCe assumed in the situation by the
blatant Boston adventuror, led TO a con-
ditiOn Of the market that made a heavy
fall in values inevitable upon the stimu-
lus Of such news as was yesterday af-
forded concerning the new and radical
form Of corporation batting adopted by
the President OF the United States. in his
decision 10 ask the courts for the ap-
pointment of receivers in the cases Of
companies prosecuted under the antitrust
law
All that can really be said about the
course eff the stock market to-day is, that
If confirmed the diagnosis of the situation
that has been commonly made recently
by all experienced observers. The ma
nipulatiOn behind the market has been OF
unusually cheap and flashy order. and
when 1t ceased the market was found 10
be hollow.
st. Paul in Sharp Break.
There was little of especial feature in
the days market. The st. Paul common
shares which held out more firmly yes
terday than any other against the declin-
ing tendencies Of the day were to-day
utterly abandoned by their supporters,
with the result that the price broke at
one time 51a points.
Particular pressure was eXerted against
the Reading common stock, and the stock
recovered less than any other in the rise
in the market toward the close Of the day.
The Interborough-MetTop and Amer
lean Tobacco shares We're weak, as might
naturally have been expected, in view of
current legal developments.
London was a large seller Of stocks here
to-day, the foreign markets being more
or less impressed, apparently by dis
patches printed in the English newspa-
peTs, emanating from the diplomatic con
ference at The Hague 10 the effect that
the relations between Japan and this
country We're IN a serious state. These
stories were on their face absurd, and met
with a prompt official denial