The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-07-13
FEW SHARES SOLD
Stock Exchange Transactions
Again Fall Off.
.PLUNGERsn ARE IN CONTROL
Strength of Market Under Present
Conditions Regarded as Unusual,
as Small Dealings Reflect Dizziness.
short Interest Composed OF Men
Who Made eIxiIlings" Earlier.

New York, July 12-Transactions in
stocks to-day, which were but $4,000
shares, were only little more than half
OF yesterdays volume which was In turn
less than half of the day preceding. and
to-day's record Of the volume Of pur-
chases and sales has only been exceeded
in point Of diminished quantity on but
one or two occasions during the year.
If, however, dullness was as on yes
terday. the dominating feature Of the
security market the strength Of the mar
ket was hardly less noticeable and was,
indeed, more pronounced than. on
Thursday. There were no developments
CT note during the day, and it was com
monty held that the stregnth of the mar
ket proceeded mainly from the undoubted
creation during the decline in prices that
has taken place since the beginning Of
the week, or a speculative interest for
the fan in stocks fully as large as and
probably larger than that which was in
existence three weeks agO.
The party CT spectators involved in this
short interest Is composed Of individuals
who have only recently come into promi-
hence in Wall street, but who have, dur
ing the short time in which they have at
tanned fame, rather widely emphasized
themselves IS belonging to the ultra
''plunging" class Of market operators
PIungers Lose Money.
It is needless TO say that they are none
Of them men of any financial Importance
whatever. and that their sole resources
are understood TO be the profits that were
accumulated earlier in the year on ven
lures for the decline in the market; and
il is common gossip. which apepars to be
borne out By the course Of the market,
that q large share Of the profits Of the
killing" thus made has already been
absorbed in less lucky speculations.
The stock market to-day was firm
throughout, despite all its lack Of anima-
ton and the closing prices of many ac-
tive stocks were q full point above those
Of yesterday.
AS was the case on Thursday, transac-
items in the Union Pacific shares formed
nearly quarter of the days total deal
ings. and buying Of the stock appeared
to increase whenever there were tempo
airy recessions in its price. Particularly
weak quarters Of the market were the
American Tobacco and Interborough-
Metropolitan issues. for reasons natural
enough under the circumstances, although
transactions in these stocks were so few
as to deprive the fail that in them Oc-
CURED Of any real significance
Foreign Markets Torpid, Too.
There were some little purchases OF
stock here to-day for foreign account, but
the English and European markets Were
as torpid as was our own.
The consensus Of opinion was at the
close Of the day that the advance in the
stock market to-day would have been
larger than it was had it not been for the
doubt suggested as TO the character OF
to-morrow's bank statement by the
known movements" Of money in and out
Of the banks during the week.
The banks have, it seems, lost on net
balance between s5,5OO,00O and $5,5Oo.000
and on the face of things the small sur
plus Of $4,000 in the bank reserves that
existed at the close of last week has been
much more than wiped out
Curiously enough, however, the cal
money rate to-day ranged only between
AZ and per cent