The Washington herald., 1907-07-10
ALL STOCKS SLUMP
News of Day UnfaYOrable for
Bull Operators.
OPENING PRICES FALL OFF
Quotations Show Decline of from "A
Half to a Full Point Below Clos
ing OF SfOnday-Right at Close, Up
ward Tendency Reduces Losses
slIgktIy-BanlSs to Lose Money.

New York, July 9.-As not infrequently
happens in the security market, a time
when a recession in prices was justified,
Il not absolutely necessitated. by techni-
cal conditions, came to-day with the pub
lcation Of definitely unfavorable news
from a speculative point Of view.
For somewhat more than two weeks.
prices OF stocks have been advanced by
main force and largely at the expense OF
outstanding commitments for the decline,
with little or no warrant for the move
ment in the state of intrinsic financial
affairs.
Had 1t not been, indeed, for the low
prevailing level of security prices, actual
developments regarding the prospective
money situation, not to speak Of other
matters during this period, would have
been such as 10 make for a further de-
cline IN market valuations. As II was,
the thoroughly sold-out state of the mar
ket rendered 1t relatively easy for specu-
iators TO advance prices. and IN this
movement, they undoubtedly received a
certain measure Of banking support FOR
reasons that have not ceased 70 be oper-
that movements for the rise had reached
point where its conduct was becoming
difficult; and there is little reason to
doubt that, even if the news to-day had
been Of no especial Importance, the drain
In prices Of yesterday would have been
continued at an increased rate Of progress.
Selling OF Stocks Started.
But in the morning papers there were
several announcements that of them
selves were sufficient TO bring about a
selling of stocks. 1t was made known
that the Federal government, in some, at
least, OF its prosecutions hereafter, under
the Sherman antitrust law. proposed to
ask for the appointment of a receiver for
the companies whose acts were com
planned Of. and that a request of this
character would be particularly made in
the proceedings TO be brought within a
day or two against the American Tobacco
Company.
All this suffced to-day to bring about a
continuously weak stock market. Open
ing quotations for stocks were from half
point to a point lower than the declines
at which they closed yesterday, and
although the market rose on various oc-
casions, it quickly sold off each time. and
in the last hour of business developed ex-
treme weakness.
Right at the close Of the stock exchange
session prices advanced briskly under
what was obviously a taking Of profits by
bear operators so that final net losses FOR
the day were reduced.
Other Adverse Factors.
In addition 70 the budget of adverse fac
tors with which the market had to con
tend from the outset, the days happen
ings We're not Of a hopeful nature. or at
least were not commonly so regarded. A
transfer of s600O00 was made through the
subtreasury by the local banks in San
Francisco. and calculations showed that
payments Of S35.000,000 would have to be
made tomorrow by financial institutions
hereabouts upon syndicate subscriptions
and through the return of public money Il
the treasury.
In the afternoon the long expected an
nouncement was made that several, al
least, Of the large copper companies had
reduced the price of electrolytic copper e
2 cents. and OF Lake copper to q cents
or slightly below this figure according e
the grade Of copper sold