The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-07-24
RAID ON STEEL FAILS
Attack Follows Outbreak of
Strike in Minnesota.
MARKET POSSESSES STRENGTH
Talk of Distribution of Stocks Turns
Out to BE Based on Early KnOTI-
edge OF Trouble with Ore Work
ers-CODper Stocks Heavy without
Cause-LOndon Sells Short.

New York, July 29.-Opening quotations
We're quite generally at recessions from
last nights close, the heaviest decline be
ing in Southern Pacific. which opened off
a point, while St Paul. Union Pacific. and
Reading started with declines Of about
half that extent
United States Steel, notwithstanding the
announcement Of the outbreak of a strike
at the iron mines in Minnesota. opened
unchanged, and opposed a strong front
TO later attempts TO depress it. During
the first two hours the market stood
about the opening level. with a small
volume Of business, but IN the afternoon
the traders attempted to force down
prices OF few of the leading stocks,
failing, however. to accomplish much in
that direction. What they really made
clear was that the market possessed Il
degree Of inherent strength greater than
had been suspected.
For days there had been talk Of dis
tribution of stocks by large interests. 1t
turned out, however. that what had been
spoken Of as distribution OF steel was
merely short selling, based on early
knowledge Of the situation at the mines.
and when those who had sold on this in
formation tried to cover, they found that
they could not do so at a profit.
No Pacific Distribution.
There had also been much talk Of dis
tribution of Union Pacific, under cover Of
the strength in Southern Pacific; but
what had actually gone forward in that
stock was a probably successful attempt
TO shake off some Of the weak feeling on
the side of the advance and TO encourage
the growth of a short interest
Nothing was added 10 the rumors of an
increase in the Southern Pacific dividend.
Nevertheless. this stock made a new high
record for the present movement as did
also Atchison, of which it was said there
had been buying by enc Of the wealthiest
capitalists in the country within the past
couple of days.
Early in the day the Copper stocks were
heavy without any special reason that
could be found In the days news. unless
the heauncss could be accounted Tor by
the depressed feeling in London, where a
good deal of to-day's selling Of United
States Steel had originated.
London Market Dull.
The general market in the British capt
tai was duh. where 1t was not entirely
weak, the money situation again causing
some concern, which was accentuated in
the partial failure of the Japanese-A1an-
chTian loan.
The foreigners sold considerable stock
here, but their offerings We're freely alb
sorbed and in the last hour prices gen
orally advanced TO about the best OF the
day. In this respect the markets action
was a reversal of yesterdays, which The
traders had found fault with as indicating
an attempt 10 make the final prices as
E!gh as possible for effect on sentiment
over night.
The decision rendered by Judge Prich.
ard. Of the United States Circuit Court
holding that the penalty clause Of tht
new passenger rate law Of the State OF
North Carolina is unconstitutional and
void. was regarded with satisfaction q:
further evidence of the judicial feeling.
toward the anti-corpOration spirit