Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-08
DUE TECHNICAL CONDITIONS
Commission Houses Were Buyers on
Large Scale.
MARKET WAS VERY IRREGULAR
London Sellers in Local Mart-Boston
Influence No Factor on Change.
Increased Dealings.
snscInl pisnatch to The Star.

Special Dispatch to The Star.
NEW YORK, July S.-There were reasons
enough for the reactionary tendencies which
characterized today's stock market during
the greater part of the business session.
Some of these were what is called technical
and others might be named In the resump-
ton on large scale of gold exports to
Paris, the continuing frmness in the money
market. and the greater amount of atten-
ton which was accorded here and abroad
to the so-styled Japanese question, Perhaps.
after all. the technical conditions mentioned
would furnish the most correct ideas with
regard to the general drift of prices.
AT the outset of the market commission
houses were buyers upon a large scale In
practically all departments This was nat
ural enough development in view of the
well-sustained rise In prices during the past
fortnight. 1t was also natural enough that
the appearance of buying of this description
should have been answered by heavy profit
taking sales for the account of the manipu-
lative CllQueS which has been largely in
strumental in the recent advance in the
market. Otherwise, the day S dealings COM
pTiSed quite heavy and seemingly belated
covering of short contracts, while other op-
orators appeared to be disposed to enter
upon fresh commitments for the short ac-
count.
These shifting and conflicting currents
impaired very irregular appearance to the
days market as whole, although as
noted the reactonary note was more clear
~ sounded than at any time during the
past fortnight.
London houses were also sellers in the
local market upon a fairly large scale. Ac-
cording to the cabled advices from that
point, the rise In the New York market
was regarded there as having been unduly
extensive and not warranted by American
money market circumstances or the inter-
national political situation. Almost for the
: ir1n tn foo of fha
called Japanese controversy was referred
to In the London dispatches as factor In
the dealings there In American securities.
The days dealings showed large in
: crease in volume over the average trans
actions of the latter part of last week,
and a wild distribution of interest was
again apparent. While the approaching div
adend declarations of Amalgamated Cop
per and United States Steel common i'm
parted particular interest to the dealings
IN those stocks. II was still the that
the transactions in other directions were
commented upon mainly in the terms of
the chief buyers and sellers.
Foreign banking houses active in the ex-
port movement of gold were emphatic In
declaring that the diplomatic situation had
nothing to do with the gold shipments. In
explanation of the latter. they pointed to
the recent unfavorable turn in our foreign
trade balances. to this years exceptionally
heavy requirements of American tourists In
Europe, and to the failure up to this time
of the local money market to develop more
permanently active and strained conditions
than have been displayed.
No Factor in Trading.
In view of the general course of the mar
ket at large 1t could scarcely be said with
truth that this mornings further pro-
nouncements from Boston were a factor in
the trading.
Wall street is disposed to accord full
credit for what has occurred In the stock
market to the initiative from Boston, but
on the other hand. a greater degree of con-
ndence would be felt if the present vague
and general assertions and predictions
Forthcoming from that point were supple
mented by few statements of actual fact